Principle 1: Lay solid foundations for management and review

The Board has established a framework within the Group that:

• enables it to provide strategic guidance and effective supervision of management;
• clarifies the respective roles and responsibilities of Board members and senior executives;
• ensures a balance of authority so that no single individual has unfettered powers; and
• identifies significant business risks and ensures that those risks are well managed.

To help manage these responsibilities, the Board has established an Audit Committee and a Remuneration, Nomination and Succession Committee.

The day-to-day management of the Group has been delegated to the Managing Director, Mr Mphahlele.

The Board has also adopted a Board Charter which details the functions and responsibilities of the Board and those delegated to management. In addition, letters of appointment have been signed by non-executive directors and each executive director has signed an employment agreement.

A copy of the Board Charter can be accessed on the link below.

Board Charter (39.29 Kb pdf)