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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
OPERATING
PERFORMANCE
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
45
KING III
SUMMARY
SUMMARY OF THE APPLICATION OF KING III PRINCIPLES
It is the responsibility of the Board to ensure the application of the principles contained in the King III Code, without
diluting the Group’s focus on sustainable performance. Blue Label’s approach and application of King III is explained
in the table below, which also summarises chapter 2 of the principles of King III. The complete register is available
on the website at
www.bluelabeltelecoms.co.za.
Chapter and principle
Comments on application
Chapter 2 – Board and directors
The Board should act as the focal point for
and custodian of corporate governance
The Board Charter sets out the Board’s role, powers and
responsibilities both in terms of the latest governance
developments as well as the requirements for its
composition, meeting procedures and work plan. The
Board Charter has been reviewed to ensure alignment to
governance requirements.
The Board should appreciate that strategy,
risk, performance and sustainability are
inseparable
The Board is active in forming the strategy of the Group,
ensuring appropriate alignment with the purpose and
mandate of the Group. The Board appreciates that
strategy, risk, performance and sustainability are
inseparable.
The Board and its directors should act in
the best interests of the Company
The Board Charter requires the directors to act in the best
interest of the Company by ensuring that individual
directors:
➔
➔
adhere to the standard of directors’ conduct as set out
in the Companies Act;
➔
➔
recognise that his/her primary fiduciary duty is towards
the Company as an entity and to exercise such with the
best interests of the Company at heart;
➔
➔
are permitted to take independent advice necessary to
carry out their duties following an agreed procedure;
➔
➔
disclose real or perceived conflicts to the Board and
deal with them accordingly; and
➔
➔
deal in securities only in accordance with the policy
adopted by the Board.