Banking group Nedbank said its chief governance and compliance officer and company secretary Thabani Jali would retire at the end of the year. Supplied

JOHANNESBURG- Banking group Nedbank said on Tuesday its chief governance and compliance officer and company secretary Thabani Jali would retire at the end of the year.

Nedbank said Anna Isaac had been appointed to its group executive committee as group chief compliance officer reporting to chief executive Mike Brown from January 1.

Isaac has been the chief legal counsel for the Nedbank Group since March 2015 and a member of the group risk executive committee.

Nedbank says goodbye to KPMG

Nedbank also said at the end of October that it will sever ties with embattled audit firm KPMG. 

The bank said KPMG would cease to look after its books with effect from next year. 

Nedbank, which recently unshackled from Old Mutual, said it had appointed Ernst & Young as its new joint external auditors after a competitive bidding process. 

The company said the appointment of the firm would be given the green light at its annual general meeting (AGM) set for May. 

“As a consequence, KPMG will rotate off the companies’ audits on conclusion of its external audit responsibilities for the year ending December 31, 2018, expected to be at the conclusion of the relevant AGMs,” Nedbank said. 

The bank also uses the services of Deloitte & Touche as its joint auditors. 

The SA Reserve Bank required commercial banks to have two external auditors acting jointly. 

Nedbank in May gave KPMG a temporary reprieve when it proposed to its shareholders at its AGM to consider Deloitte and KPMG as its joint external auditors for the 2018 financial year. 

African News Agency (ANA)/ BUSINESS REPORT