On behalf of the Board, I’m pleased to share our corporate governance report for the 2024/25 financial year.

This report shares insights into how the Board and its committees have governed our business over the past year. It outlines our Board’s commitment to continuing with high standards of corporate governance, transparency, sustainability and stakeholder engagement.

We have a framework of governance in place to ensure accountability, fairness and integrity in all our operations – this is embedded throughout our strategic objectives and corporate culture. Our strong governance practices enable us to deliver on our strategy and create long-term value for our many stakeholders.

Evolving leadership

Sunil Taldar has been in place as CEO since July 2024, and it’s encouraging to see how his leadership and vision is guiding Airtel Africa into our next phase of growth.

Jaideep Paul will be stepping down as executive director and CFO after our AGM in July – moving to a new role in the wider Bharti Airtel Group. Jaideep is ensuring a smooth transition to our deputy CFO Kamal Dua, who will become CFO and an executive director at the end of the AGM.

In his time at Airtel Africa and before that at Airtel Nigeria and Bharti Airtel Group, Jaideep has brought discipline and focus to the finance function and been instrumental in driving strategic change and delivering results. He’s been an inspirational colleague, and I’d like to wish him well for the future on behalf of the Board. I’m looking forward to working with Kamal as the business moves into its next phase of development.

In November 2024, we also welcomed Gopal Vittal to the Board. Gopal brings strong telecoms and leadership expertise, and strategic guidance around digital transformation.

We’re also delighted that Cynthia Gordon joined the Board in April 2025. Cynthia will contribute great telecoms experience and a deep experience of working in Africa.

Our most recent externally facilitated board evaluation confirmed that our Board continues to function effectively. It’s well balanced and diverse, with a strong mix of relevant skills and experience. I’m grateful to all the members of the Board for their contributions, and particularly to the chairs of each committee for skilfully steering their committees during the year.

We continue to look to the future, working to build a strong pipeline of diverse talent for our Board and management. Over the year, we strengthened our succession planning strategies to ensure leadership continuity and organisational resilience. In line with our policies and culture, we recruited 40 senior women (grade B+ and above) during the reporting period, up from 19 in the previous year – an achievement we’re most proud of.

Strategic progress

Overseeing and implementing our strategy are key responsibilities of the Board, which was reflected in our activities throughout the year.

In November, the Board spent two days with the ExCo reviewing the Group’s refreshed strategy. This prioritises a great customer experience through sustained investment across the business, with a clear focus on capturing future growth opportunities. The customer-centric strategy is underpinned by our cost optimisation programme, a focus on investing in talent across the region and our sustainability strategy - designed to deliver long-term value for all our stakeholders.

Our strategy and business model have once again shown their strength during a challenging time in some of our markets. Staying focused on growth, strong operational execution and margin resilience enabled us to withstand market volatility driven by macroeconomic and geopolitical factors.

We continued to make sure that our resourcing – our capital, finance and people – is robust enough to achieve our strategy while improving performance and diversity. This positions Airtel Africa to meet the unique opportunities for telecoms and mobile money in sub-Saharan Africa, where customers and societies continue to be underserved by mobile, digital and banking services.

Our people

It is our people who power the progress of Airtel Africa. As a Board, we’re grateful for the commitment shown across all levels of the organisation, particularly in times of challenge and change.

I’m particularly pleased that, in response to the competitive talent market, we’re enhancing how we develop and retain our people. New initiatives include the Africa and India mobility programmes, job rotation opportunities, the Global Talent Accelerator (launched January 2025), and the Commercial Master Class (launched September 2024). Programmes like these help us to stay competitive, continue to advance our technologies, and maintain a culture of continuous learning and professional growth.

The Board endorses the Remuneration Committee’s work to attract and retain talent. Their efforts are crucial to maintaining a competitive edge in the market.

Working with confidence

Airtel Africa is dedicated to upholding the highest standards of corporate governance, transparency and stakeholder engagement. We believe our commitment to these principles is essential for building trust and achieving sustainable growth.

We also know that the long-term success of our business rests on how we work with our many stakeholders. To create and sustain value for all, we need to continue to engage effectively, create a productive working environment, and recognise various stakeholder views.

I remain confident that the Board is working effectively, ensuring the company continues to grow and meet the needs of people across Africa.

I very much look forward to meeting with shareholders at our AGM on Wednesday 9 July 2025. Along with all the directors attending the AGM, I’m available to respond to your questions, concerns and suggestions at any time.

Sunil Bharti Mittal
Chair

7 May 2025