The PA granted Standard Bank Group (SBG) and The Standard Bank of South Africa Limited (SBSA) an exemption from the above provisions of the Directive until May 2023. In order to implement the provisions of the Directive, the following changes to SBG and SBSA directors' responsibilities will take effect from 1 January 2023: gomotso Moroka will step down as the chairman of the Group Social and Ethics Committee and be succeeded by Geraldine Fraser-Moleketi. Myles Ruck will step down as the chairman of the Group and SBSA Risk and Capital Management Committees as well as the SBG and SBSA Large Exposure Credit Committees and be succeeded by Ben Kruger.

Kgomotso Moroka will remain a non-executive director of SBG and SBSA and a member of the Group Social and Ethics Committee until her planned retirement at the conclusion of each company's AGM in 2023. Myles Ruck will retire from the boards of SBG and SBSA effect.