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BLUE LABEL INTEGRATED ANNUAL REPORT 2014
AIRTIME
KING III
SUMMARY
CONTINUED
Chapter and principle
Comments on application
The Board should consider business
rescue proceedings or other turnaround
mechanisms as soon as the Company is
financially distressed as defined in the Act
No business rescue proceedings were required.
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 Chairman of the Board is an experienced independent
non-executive director elected by the Board. See
Chairman’s curriculum vitae on page 21.
The Board should appoint the Chief
Executive Officer and establish a
framework for the delegation of authority
The Board approved the role of joint Chief Executive
Officers and has formalised the role and function of the
joint Chief Executive Officers including the adoption of
a Governance Guideline and Delegation of Authority
framework.
The Board should comprise a balance of
power, with a majority of non-executive
directors. The majority of non-executive
directors should be independent
The Board comprises:
➔
four executive directors;
➔
two non-executive directors; and
➔
four independent non-executive directors.
Directors should be appointed through
a formal process
The RNC is a committee of the Board and assists in
identifying and selecting suitable members who will meet
the Board’s requirements in terms of knowledge, skills and
resources. All appointments are made in compliance with
the Companies Act, Listings Requirements and the
Company’s MOI.