In accordance with the Group's ongoing board continuity planning, the boards of Nedbank Group Limited and Nedbank Limited (the Boards) announced the appointment of Terence Mncedisi Nombembe as an independent non-executive director and member of the Nedbank Group Audit Committee with effect from 1 January 2024. The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. Terence (CA(SA)) was the Chief Executive Officer of the South African Institute of Chartered Accountants (SAICA) from 2014 to 2019, and before that he was Auditor-General of South Africa from 2006 to 2013.

Terence was most recently a non-executive director of the South African Reserve Bank, having stepped down from that role earlier this year. Honorary awards received by Terence include The Jorg Kandutsch excellence award from the International Organisation of Supreme Audit Institutes (2010), Doctor of Accounting Science by the Walter Sisulu University (2014), UNISA's Chancellor's Calabash Award - Outstanding Alumunus (2014), and an Honorary Member of the Golden Key International Honour Society (2015).