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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
47
KING III
SUMMARY
CONTINUED
Chapter and principle
Comments on application
The induction and ongoing training and
development of directors should be
conducted through formal processes
Induction programmes for new directors are tailored
based on the knowledge and experience of the director
and focus on providing information on the Board
structure and the Group’s strategy and operations. Ad hoc
presentations are made to the Board by professional
advisers and senior management to ensure that the Board
is up to date with governance, regulatory and operational
developments.
The Board should be assisted by a
competent, suitably qualified and
experienced Company Secretary
The role and function of the Company Secretary is in line
with the requirements of the Act, governance principles
and Listings Requirements.
The evaluation of the Board, its
committees and the individual directors
should be performed every year
In line with business best practice and King III, an
appraisal of the performance of the Board, its committees
and individual directors was completed during May 2014.
The appraisal was undertaken by means of a self-
assessment questionnaire. There was 100% participation
by all the directors. In general, the appraisals revealed that
the Board and committees were performing well. Areas
identified as requiring development were acknowledged
and discussed at Board level. Board and committee
assessments are conducted annually in the form of written
responses and tabled at the Board for review and
implementation of follow-up actions to improve on
identified weaknesses.
The Board should delegate certain
functions to well-structured committees
but without abdicating its own
responsibilities
The Board has appointed the following committees to
assist it in its duties:
➔
➔
ARCC
➔
➔
Investment Committee
➔
➔
RNC
➔
➔
Social, Ethics and Transformation Committee
➔
➔
Exco