Our board is responsible for setting an ethical tone and culture of integrity and accountability throughout the organisation. Our governance approach is supported by our values of integrity, care, customer first and leadership. This ensures that the decisions made and executed are sound and designed to further the interest of the group and its diverse stakeholder universe in support of sustainability in the short, medium and long term.
The King IV Report on Corporate Governance (King IVTM) advocates an outcomes-based approach. The principles advocated in King IVTM are entrenched in many of the group’s internal controls, policies and procedures governing corporate conduct. These include our code of ethics, which is a key tenet of our governance efforts. Our application of the principles and practices enshrined in King IVTM is disclosed and explained in our 2022 Governance Report, which is available online. The governance disclosures in this report should also be read with our 2022 Governance Report.
Our board delegates authority to its relevant committees and the executive according to clearly defined terms of reference. This allows the board to allocate sufficient time and attention to matters reserved for decision-making. Each board committee has a clear mandate and terms of reference that the board reviews annually.
Our board is constituted in terms of the group’s memorandum of incorporation, the Companies Act and King IVTM. The board consists of 10 members: six independent non-executive directors, two non-executive directors and two executive directors. Our board remains confident that its composition contributes to the balance of skills, experience and diversity necessary to perform its duties.