Corporate Governance
A new era in corporate governance has been created with the promulgation of the Companies Act No.71 of 2008 and the release of the Report on Governance for South Africa and the Code of Governance Principles (King III). The group has done an in-depth evaluation of its readiness to comply fully with King III and has made good progress in areas that required further work to ensure full compliance.
The board
The board comprises two executive directors and six non-executive directors. An annual evaluation is conducted to assess the effectiveness of the board and the individual contributions of directors.
The board has five standing committees through which it operates. Each director is a member of one or more of these committees. Each committee has formally determined terms of reference in which the scope of authority and reporting procedures are clearly defined. The board committees are:
- Audit committee
- Risk committee
- Remuneration committee
- Socio-economic development committee
- Nominations committee
The board increased the number of audit committee meetings from three a year to quarterly meetings to be held before the formal board meetings. This is in line with the stringent measures imposed on the audit committee by recent developments in regulatory and statutory requirements.
For more information, go to the group’s annual report
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