King Compliance

Key:    

tickApplied

*Substantially applied

# Partially applied

~ Not applied

Notes

The board should act as the focal point for and custodian of corporate governance   tick   
The board should appreciate that strategy, risk, performance and sustainability are inseparable   tick   
The board should provide effective leadership based on an ethical foundation   tick   
The board should ensure that the company is and is seen to be a responsible corporate citizen   tick   
The board should ensure that the company’s ethics are managed effectively   tick   
The board should ensure that the company has an effective and independent audit committee   tick   
The board should be responsible for the governance of risk   tick   
The board should be responsible for information technology (IT) governance    
The board should ensure that the company complies with applicable laws and considers adherence to non-binding rules, codes and standards   tick   
The board should ensure that there is an effective risk-based internal audit   tick   
The board should appreciate that stakeholders’ perceptions affect the company’s reputation   tick   
The board should ensure the integrity of the company’s integrated report   tick   
The board should report on the effectiveness of the company’s system of internal controls   tick   
The board and its directors should act in the best interests of the company   tick   
The board should consider business rescue proceedings or other turnaround mechanisms as soon as the company is financially distressed as defined in the Act   tick   
The board should elect a chairman of the board who is an independent non-executive director. The CEO of the company should not also fulfil the role of chairman of the board   tick   
The board should appoint the chief executive officer and establish a framework for the delegation of authority   tick   
The board should comprise a balance of power, with a majority of non-executive directors. The majority of non- executive directors should be independent   tick   
Directors should be appointed through a formal process   tick   
The induction of and ongoing training and development of directors should be conducted through formal processes   tick   
The board should be assisted by a competent, suitably qualified and experienced company secretary   tick   
The evaluation of the board, its committees and the individual directors should be performed every year   tick   
The board should delegate certain functions to well-structured committees but without abdicating its own responsibilities   tick   
A governance framework should be agreed between the group and its subsidiary boards   tick   
Companies should remunerate directors and executives fairly and responsibly   tick   
Companies should disclose the remuneration of each individual director and certain senior executives   tick   
Shareholders should approve the company’s remuneration policy   tick   

 

Notes: 1.

The board has delegated the oversight of IT governance to the risk committee, which ensures that management gives the necessary attention to the implementation of an improved IT governance framework with the aim of better aligning IT to the group’s performance and sustainability targets.