Directors’ report

for the year ended 31 December 2010
Nature of business
The Sanlam Group is one of the largest established financial services groups in South Africa. Its core activities are set out elsewhere in the integrated annual report. 

Sanlam Limited is a public company incorporated in terms of the Companies Act, No 61 of 1973, as amended, in South Africa and listed on the JSE Limited and the Namibian Stock Exchange.
Corporate governance 
The board of Sanlam endorses the Code of Corporate Practice and Conduct recommended in the King Report on Corporate Governance. Disclosures with regard to compliance with the Code are provided in the Corporate Governance Report. 
Group results 
Profit attributable to shareholders increased from R4 388 million in 2009 to R5 523 million in 2010, mainly due to the recovery in the operating environment during 2010, which resulted in a significant improvement in the Group's net result from financial services. Further details regarding the Group's results and prospects are included in the Financial Review and the Business Reviews. The information in the Financial Review and Corporate Governance Report, requiring disclosure in the Directors' Report in terms of the Companies Act and JSE Listing Requirements, has been audited.

 The holding company's interest in the after tax profit of the Group subsidiaries, summarised per cluster, is set out in the Shareholder's fund income statement.
Share capital 
A total of 60 million ordinary shares were cancelled during the year, thereby reducing the issued ordinary share capital of the company to 2 100 million shares. Refer to note 11 for further information. 
The Board has declared a cash dividend of 115 cents per share (2009: 104 cents), payable on Tuesday, 10 May 2011, to shareholders registered on 29 April 2011. All payments through electronic bank transfer will take place on this date. Dividend cheques to be issued to shareholders who elected not to receive electronic payment, will be mailed on or about this date. 
View details of the company's principal subsidiaries
Directors' interest in contracts 
No material contracts involving directors' interests were entered into in the year under review. 
Interest of directors and officers in share capital 
Details of the shareholding by directors at the date of this report are provided in the Corporate Governance Report elsewhere in the integrated annual report. 
Directors and secretary 
Particulars of the directors and Company Secretary at the date of this report, as well as changes in directorships, are set out elsewhere in the integrated annual report. 
Post-balance sheet events 
No material facts or circumstances have arisen between the date of the balance sheets and this report which materially affects the financial position of the Sanlam Limited Group at 31 December 2010 as reflected in these financial statements.