Corporate governance
APPROACH TO EFFECTIVE GOVERNANCE
The Board of Directors (the Board) 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 of 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 details of how each principle has been applied and is reviewed regularly to ensure that the disclosures are current and remain relevant. The company’s approach to corporate governance continues to reflect that governance is regarded by the Board, not as a mere compliance exercise that measures basic compliance with King III, but rather confirms that best practice principles are effectively utilised and embedded by the company in its day to day activities.
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, broadbased black economic empowerment transactions and employment equity).
This corporate governance report has been aligned with King III, the Companies Act, the Listings Requirements of the JSE Limited (JSE), including full compliance with paragraph 3.84 of the JSE requirements (available on the website www.tongaat.com), and other pertinent statutes and regulatory requirements guiding the Board’s and company’s conduct for the period under review.
