CORPORATE GOVERNANCE
The Board of directors recognises the inextricable link between effective governance, sustainable organisational performance and creating long-term value for all stakeholders. It is this understanding that has underpinned the board’s enduring commitment to lead the organisation in accordance with principles based on transparency, accountability, integrity and ethical leadership.
Tongaat Hulett continues to apply the principles embodied in The King Report on Governance for South Africa and the King Code on Governance Principles 2009 (King III), and the recommendations relevant to its business.
Throughout the period under review, the board evaluated its compliance with corporate governance principles and implemented appropriate changes and improvements, including the review of the effectiveness of the board’s governance structures and the company’s Corporate Governance Manual. One of the key changes included reconstituting the Risk and SHE committee as the Risk, SHE, Social and Ethics Committee, in compliance with the Companies Act, 2008 as amended. This was done to align Tongaat Hulett’s already well-established practices with codified policies and procedures. The Corporate Governance Manual, which includes the board charter, terms of reference of board committees, Code of Business Conduct and Ethics, and the company’s established policies and practices on matters such as safety, health and environment, the solidarity with surrounding communities on socio-economic development initiatives and programmes on successful rural living, broad based black economic empowerment transactions and a commitment to employment equity, together reflect and reinforce the governance framework upon which Tongaat Hulett’s business sustainability is anchored.
This corporate governance report depicts Tongaat Hulett’s commitment to sustainable governance and adherence to King III, the Companies Act, the related Listings Requirements of the JSE Limited (JSE) and other pertinent statutes and regulatory requirements guiding the board’s and company’s conduct throughout the period under review.
