Phuthuma Nathi IAR 2023

Overview	1
MultiChoice SA performance highlights	1
Introduction	4
About this report	4
Understanding Phuthuma Nathi	8
Letter from the Phuthuma Nathi chair	8
Group structure	11
Snapshot of our history	12
Understanding your return on investment	14
Our Phuthuma Nathi board of directors	15
Phuthuma Nathi audit committee report	17
Report of the independent auditor	19
Summary annual financial statements	20
Understanding MultiChoice SA	32
Joint leadership review from the MultiChoice SA chair and chief executive officer	32
How we create value – our business model	36
What we deliver – our products and services	37
Value created for our stakeholders	38
Socio-economic transformation	40
Our external environment	44
Opportunities and risks	45
Our strategic priorities	49
MultiChoice SA performance	54
MultiChoice SA performance review	54
General Entertainment	58
SuperSport	62
Financial review	66
Report of the independent auditor	66
Summary annual financial statements	67
Corporate governance review	82
Our board of directors	82
Summarised governance review	86
Entrenching an ethical culture	91
Delivering good performance	94
Maintaining our legitimacy	95
Ensuring effective control	96
Remuneration report	98
Shareholder information	132
MultiChoice SA	132
Notice of annual general meeting	132
Form of proxy	137
Notes to the form of proxy	138
PhuthumaNathi	140
Notice of annual general meeting	140
Form of proxy	145
Notes to the form of proxy	146
Administration and corporate information	148

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