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INVESTEC LIMITED - Notification of change of auditor

Release Date: 05/08/2020 14:00
Code(s): INL INP     PDF:  
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Notification of change of auditor

Investec Limited                                     Investec plc
Incorporated in the Republic of South Africa         Incorporated in England and Wales
Registration number 1925/002833/06                   Registration number 3633621
JSE ordinary share code: INL                         LSE share code: INVP
NSX ordinary share code: IVD                         JSE share code: INP
BSE ordinary share code: INVESTEC                    ISIN: GB00B17BBQ50
ISIN: ZAE000081949                                   LEI No: 2138007Z3U5GWDN3MY22
LEI No: 213800CU7SM6O4UWOZ70



As part of the dual listed company structure, Investec plc and Investec Limited notify both
the London Stock Exchange and the JSE Limited of matters which are required to be
disclosed under the Disclosure Guidance, Transparency Rules and Listing Rules of the
United Kingdom Listing Authority (the “UKLA”) and/or the JSE Listing Requirements.


INVESTEC LIMITED


NOTIFICATION OF CHANGE OF AUDITOR IN TERMS OF PARAGRAPH 3.78 OF THE
JSE LISTINGS REQUIREMENTS

In June 2017, the Independent Regulatory Board of Auditors (IRBA) published a rule
prescribing that auditors of public interest entities in South Africa must comply with
mandatory audit firm rotation (MAFR), whereby audit firms shall not serve as the appointed
auditor of a public interest entity for more than 10 consecutive years, with effect from 01
April 2023.

In response to this rule, the Board of Investec Limited and the Audit Committee wish to
inform shareholders that,following a comprehensive tender process,
PricewaterhouseCoopers Incorporated (PwC) has been nominated as one of their joint
external auditors effective 01 April 2023. The appointment of the firm and the designated
audit partner is subject to regulatory approval from the South African Prudential Authority
and accordingly further announcements in this regard and the firm being replaced will be
made once the regulatory approval process has been concluded.

In accordance with section 61 of the Banks Act No. 94 of 1990, section 90 of the South
African Companies Act No. 71 of 2008, as well as paragraph 3.86 of the Listings
Requirements, the appointment of PwC will be recommended to the ordinary shareholders
at the annual general meeting to be held in August 2022 and will be submitted for regulatory
approval thereafter.

A formal transition process will commence from 01 April 2022 whereby the appointed firm
will observe the full audit cycle performed by the incumbent joint external auditors. The
appointment will be for the reporting period commencing 01 April 2023 and will be in
accordance with the requirements of s90 of the South African Companies Act No. 71 of
2008.

The second rotation of the joint external auditors will take place within two years from 01
April 2023, in accordance with the MAFR rules as published by IRBA.
By order of the board



N van Wyk
Company Secretary
Investec Limited

05 August 2020
Johannesburg

Sponsor:
Investec Bank Limited

Date: 05-08-2020 02:00:00
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