Corporate governance
The Board of Directors recognises the inextricable link between effective governance, sustainable organisational performance and creating long-term value for all stakeholders. The Board is therefore committed to transparency, accountability, integrity and ethical leadership.
Tongaat Hulett continues to apply the principles of 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. Tongaat Hulett’s King III compliance register is available on the website www.tongaat.com. It includes detail of how each principle has been applied and is reviewed on an annual basis to ensure that the disclosures are current and remain relevant.
Corporate governance initiatives during the year included the review of the effectiveness of the Board’s governance structures, a review of 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 partnership with surrounding communities on socio-economic development initiatives and programmes on successful rural living, Broad Based Black Economic Empowerment transactions and employment equity).
This corporate governance report has been aligned to King III, the Companies Act, the Listings Requirements of the JSE Limited (JSE) and other pertinent statutes and regulatory requirements guiding the Board’s and company’s conduct for the period under review.
