We have long acknowledged that good corporate governance is an integral part of our business operations and that this is achieved as a result of collective responsibility and shared accountability. We fully support and are committed to complying with the JSE Limited (JSE) Listings Requirements and the King Code on Corporate Governance (King III), through which our shareholders and stakeholders are assured that the Company is being managed ethically and in compliance with legislation and best practices.
Day-to-day responsibility for corporate governance is overseen by management which regularly reports to the Board of Directors and the Board's various committees. The Chairman of the Board and the Chairman of the Audit Committee play an active role in corporate governance issues and regularly interact with Executive Directors, Executive Management and other interested parties where necessary.
King III is a set of guidelines on best practice for corporate governance and is aimed at promoting the highest standards of governance in South Africa. Companies are required to apply the guidelines set out in King III or, alternatively, explain the reason for non-application.
We are pleased to report that we have applied all material aspects of King III. During the year under review, the following matters were addressed:
As required by the JSE Listings Requirements, areas of non-application and the reasons therefore are set out below:
In terms of our code of ethics, we maintain an environment that is respectful of all employees and is free from all forms of discrimination and harassment. We believe that disclosure of personal information of some of our employees would render such employees vulnerable to unforeseen risks which could be to the detriment of the Company. We have therefore elected not to disclose the remuneration of the three most highly paid employees, although, in compliance with IFRS and the Companies Act, the remuneration of the Company's Prescribed Officers, namely our Chief Executive Officer and Chief Financial Officer, has been disclosed.