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