The applicant is an unlisted ring-fenced public company. It was registered on 11 February 2013. It is said to be a “special purpose vehicle to act as a listed ETF issuer that only issues debentures, fully backed by physical commodities”. The applicant is a wholly owned subsidiary of a trust entity called Africa Funds Issuer Owner Trust. The applicant submits that due to its public interest score of 8115 points in the “last financial year end” it is required by the provisions of section 72(4) of the Companies Act 71 of 2008 (the Act) and regulation 43(1) of the Companies Regulations, 2011 (the Regulations) to appoint a social and ethics committee. The public interest score is calculated in terms of regulation 26(2).