Page 9 - SABN AR 2021

Matters of the Board
Mr Rob Barrow, who joined the SABN as a non-executive director with effect from 16 February 2012, had completed a maximum tenure of nine years on the SABN Board and was no longer eligible for reappointment. He is thanked for his contribution to the Board, and serving as Chairperson of the Audit and Risk Committee and as a member of the Human Resources Committee. We wish him well in this next phase of his life.
Dr Terence Nombembe joined the SABN as a non-executive director with effect from 16 February 2021 and will chair the Audit and Risk Committee. He is welcomed to the Board and I wish him well with this new and added responsibility.
The year ahead
Management has done extensive work in developing a long-term asset master plan that includes various scenarios which have been developed to meet the projected demand of banknotes over the next 10 years. The financial costing of the asset master plan is underway and will be submitted to the Board in the next six months. The asset master plan will take cognisance of the development of banknote security features and technological advancements.
The SABN is optimistic about the year ahead, even though COVID-19 will be ever-present for some time to come. The world of work as it was known has changed and will be influenced by the ability of information and technology to keep in step with those changes. Return-to-work plans are being considered but will be influenced by the potential threats posed by peaks in infection rates.
Words of appreciation
I would like to thank the SABN Board members; the Managing Director, Ms Liziwe Mda; the Group Executive: Currency Management, Mr Pradeep Maharaj, and the management team who have provided the necessary leadership during these challenging times; and the SABN employees for their ongoing commitment and service.
M Pillay
Non-executive Chairperson 20 May 2021
South African Bank Note Company (RF) Proprietary Limited
Annual Report 2021
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