- The board, assisted by the social and ethics committee, ensures the company is, and is seen to be, a responsible corporate citizen by considering not only the financial performance but also the impact business has on the environment and the society within which it operates. The group’s purpose, values and strategy are aligned with the principles of responsible corporate citizenship.
Responsible corporate citizenship
The group's businesses manage numerous corporate citizenship initiatives affecting the workplace, economy, society and environment. These include:
- BBBEE and employment equity performance for South African subsidiaries
- Local employment
- Health and safety laws
- Employee development opportunities
- Responsible tax policy
- Fraud and anti-bribery and anti-corruption initiatives
- Initiatives to minimise impact on the environment
- CSI initiatives
Ensuring compliance with laws and regulations
The group has a primary listing on the JSE and is subject to the JSE Listings Requirements, the guidelines in King IV and legislation applicable to publicly listed companies in South Africa. The board is responsible for ensuring the group complies with all of its statutory requirements. The directors took steps to ensure, to the best of their knowledge, the group's compliance with all these requirements.
The group has a legal compliance programme led by the group head of legal compliance and legal compliance teams with support from external consultants.
The legal compliance programme includes:
- Legal compliance framework and roadmap, which sets out the legal compliance strategy, goals and objectives. It addresses the requirements of an adequate and fit-for-purpose legal compliance programme and provides for key activities to mitigate the identified legal compliance risks
- Groupwide policies built on the principles in the code of ethics and conduct. The legal compliance, anti-bribery and anti-corruption, sanctions and export controls and competition compliance policies were approved by the board
Future focus areas include continuing to raise awareness of the compliance principles, improving the framework based on emerging risks, incorporating feedback from monitoring activities and focusing on the implementation of enhanced third-party screening.
Each segment is required to provide a quarterly legal compliance report to the group legal compliance function. This report includes an overview of key compliance risk areas and mitigating measures, key compliance regulatory developments and material compliance incidents and investigations.
The group legal compliance function uses these reports to compile a consolidated report provided to the risk committee. Reports on legal compliance from a social and ethics perspective will in future also be provided to the social and ethics committee. Assurance on the effectiveness of compliance management is received through a combined assurance model. These arrangements enable the risk committee and the board to oversee the group's legal compliance holistically in a way that supports good corporate citizenship.
Directors are satisfied that the company has complied with and operates in conformity with:
- The provisions of the Companies Act and any other applicable laws relating to its incorporation
- The company's MOI and other relevant constitutional documents