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King III Gap Analysis
| Principle number |
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Description |
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Exception where there is partial compliance |
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Mitigating factors and management plan where applicable |
| 2.18 |
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The Board should comprise a balance of power, with a majority of Non-Executive Directors. The majority of Non-Executive Directors should be independent. |
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The majority of Non-Executive Directors are not independent. |
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The Board is satisfied that each Non-Executive Director plays a key role in the functioning of the Group and has highly sought after insight of the industry in which the Group trades. On this basis, the Board is of the opinion that the collective knowledge, expertise and experience of these Non-Executive Directors is in the best interest of all stakeholders and that the Non-Executive Directors have the necessary skills and expertise to act in an independent manner that is in the best interests of the Company. |
| 2.22 |
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The evaluation of the Board, its committees and the individual Directors should be performed every year. |
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The evaluation has been done informally. |
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Formal Board evaluation has been scheduled to take place during the next financial year. |
| 3.6 |
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The Audit Committee should satisfy itself of the expertise, resources and experience of the Company’s finance function. |
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The evaluation has been done informally. |
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Formal Board evaluation has been scheduled to take place during the next financial year. |
| 5.1 |
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The Board should be responsible for information technology ("IT") governance. |
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Formal IT governance structures are in place but currently the Group is working on updating its policies and frameworks to formally include ethical IT governance and awareness in a common IT language. |
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Formal IT governance structures are in place but currently the Group is working on updating its policies and frameworks to formally include ethical IT governance and awareness in a common IT language. |
| 5.2 |
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IT should be aligned with the performance and sustainability objectives of the Company. |
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IT is informally aligned with the performance and sustainability objectives of the Company |
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The alignment of IT with the performance and sustainability objectives of the Company will be formalised. |
| 9.3 |
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Sustainability reporting and disclosure should be independently assured. |
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Sustainability reporting and disclosure is dealt with internally by management, the Social and Ethics Committee and the Board. |
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Independent assurance is planned for the next
financial year. |
Compliance
The Group has a dedicated Legal, Governance, Risk and Compliance department.
The Group is not aware of any material issues of non-compliance during the year under review.
Currently all Board and Committee Charters are being reviewed and updated for the next financial year.
Aspiration
“Good governance is essentially effective leadership. Leaders should rise to the challenge of modern governance. Such leadership is characterised by the ethical value of responsibility, accountability, fairness and transparency and based on moral duties that find expression in the concept of Ubuntu. Responsible leaders direct company strategies and operations with a view to achieving sustainable economic, social and environmental performance.”
King III |
