This section is focused on shareholders’ direct investment in Phuthuma Nathi. Understanding Phuthuma Nathi 8 Letter from the Phuthuma Nathi chair 11 Group structure 12 Snapshot of our history 14 Understanding your return on investment 15 Our Phuthuma Nathi board of directors 17 Phuthuma Nathi audit committee report 19 Report of the independent auditor 20 Summary annual nancial statements Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 7
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