Nu-World (ZA): Appoints Buhle Hanise Audit Committee Chair

• Nu-World Limited is undergoing significant board changes, including the retirement of chairman Michael Goldberg by September 30, 2026.
• Amos Mboweni will become the new chairman from October 1, stepping down as audit committee chair but remaining a member.
• Buhle Hanise, a chartered accountant with over 20 years of experience, has been appointed as an independent non-executive director and the new chairperson of the audit committee.
• Hanise will also serve on the social and ethics, risk management, and remuneration committees.
• Nu-World confirmed that Ms. Hanise successfully underwent a 'fit and proper assessment' as mandated by JSE Listings Requirements.

The appointment of Buhle Hanise as audit committee chair, alongside other board changes, underscores Nu-World's commitment to strong corporate governance and compliance with JSE regulations.

Nu-World Limited, a South African-based global entity specializing in the manufacturing, importing, and distribution of branded consumer electronics, is undergoing significant changes to its board leadership. These adjustments follow the impending retirement of non-executive chairman Michael Goldberg, who is set to conclude his tenure as a director on September 30, 2026. The company announced these developments via a JSE Sens statement issued on Wednesday.

Effective October 1, independent non-executive director Amos Mboweni will assume the role of chairman. Mboweni will transition from his current position as chairman of Nu-World's audit committee, though he will continue to serve as a member of that committee. This leadership reshuffle also includes the appointment of Buhle Hanise, a seasoned chartered accountant, to a dual role as an independent non-executive director and the new chairperson of the audit committee.

In addition to her primary responsibilities, Ms. Hanise will contribute her expertise across several other key committees. She is slated to join the social and ethics committee, the risk management committee, and the remuneration committee. This comprehensive involvement underscores her pivotal role in the company's future governance structure.

Buhle Hanise brings a wealth of experience to Nu-World's board, boasting more than two decades of professional engagement across finance, credit, and business restructuring. Her distinguished career includes a recent tenure as the national head of business restructuring at BDO South Africa, where she previously held the position of chief operating officer within the firm's business restructuring division.

Her earlier professional journey further highlights her diverse capabilities. Ms. Hanise served as the chief financial officer for Beijing Automotive Group Co SA and held a significant role as a senior business rescue specialist and team leader at the Industrial Development Corporation. Additionally, her foundational experience includes credit management positions at prominent financial institutions, Standard Bank and Nedbank.

Beyond her executive roles, Ms. Hanise maintains an active presence in the broader financial and investment community. She currently chairs Summit Africa Private Equity and is a member of the investment committee for Mahlako Financial Services. Her prior non-executive directorships include service on the boards of OUTsurance Holdings and Transaction Capital, further solidifying her extensive governance background.

A crucial aspect of Ms. Hanise's appointment, as confirmed by Nu-World, was the completion of a rigorous 'fit and proper assessment.' This evaluation is a mandatory requirement stipulated by the JSE Listings Requirements for all new directors and particularly for those assuming critical oversight roles such as an audit committee chair. This process ensures that individuals holding key positions within listed companies possess the necessary qualifications, integrity, and experience to fulfill their duties effectively.

This adherence to regulatory frameworks is central to maintaining robust corporate governance standards for all entities listed on the Johannesburg Stock Exchange. The board also acknowledged the substantial contributions of the outgoing chairman, Michael Goldberg, during his tenure, noting his valuable impact on the group. As part of the transition, Goldberg will also step down from his other committee responsibilities, including chairing the risk management committee and serving on the audit, social and ethics, and remuneration committees.

The appointment of Buhle Hanise as audit committee chair, alongside other board changes, underscores Nu-World's commitment to strong corporate governance and compliance with JSE regulations. Such leadership transitions are critical moments for listed companies to reinforce their oversight mechanisms and ensure that their boards reflect a diverse range of expertise and experience. The JSE's 'fit and proper' assessment plays a vital role in upholding these standards, providing assurance to investors and stakeholders regarding the competence and integrity of company leadership.

This development highlights the ongoing compliance requirements for JSE-listed companies regarding board composition and the rigorous 'fit and proper' assessment for new directors and committee chairs. The strategic placement of an individual with Hanise's extensive financial and restructuring background in a key oversight role like the audit committee chairmanship is indicative of a proactive approach to financial stewardship and risk management, which is paramount for any publicly traded entity.

This appointment highlights the ongoing compliance requirements for JSE-listed companies regarding board composition and the 'fit and proper' assessment for new directors and committee chairs. Legal and compliance professionals should note the specific regulatory checks involved in such leadership changes to ensure their clients meet all governance standards.

Source: Original reporting via JSE Sens announcement