Corporate governance within the Company is managed and monitored by a unitary Board of Directors and various Board sub-committees. The key principles underpinning the governance of the Company are to ensure that the Company conducts its business as a responsible corporate citizen through the development and implementation of strategies and policies that are integrated into every area of its operations and to carry out the dictates of the Langa Commission agreement until a new board is elected and operates according to an amended Memorandum of Incorporation (MOI) without the transitional period arrangements in accordance with the Langa recommendations.
The corporate governance statement outlines the Company’s key principles and governance practices, as well as commitment to informing internal and external stakeholders through transparent and comprehensible disclosure.
The directors regard corporate governance as critical to the success of the Company’s business and stakeholders’ interests and fundamental in discharging their stewardship responsibilities.
The Board strives to provide strong leadership, strategic direction and control, and a productive environment that can sustain the delivery of value to the Company’s members.
The directors are committed to applying the principles necessary to ensure that the highest standards of governance and accountability are practiced in the conduct of the Company’s business.
These principles include honesty, transparency, integrity, discipline and accountability during business conduct.
Each director brings a depth of experience and independence of judgment in his or her role as a Board member.
The Company subscribes to the values expressed in the Code of Corporate Practices and Conduct as set out in King IV and has already implemented several aspects of the Code.