Full annual report - African Bank - Investoreports

Ethical leadership and corporate citizenship
The board of directors and senior management are
committed to the highest standards of corporate governance
and strive to the highest moral and ethical business standards,
as well as sound and transparent business practices.
African Bank Investments Limited embraces the principles of
good corporate governance in order to ensure that an ethical
foundation exists which promotes, inter alia:
Responsibility – by assuming responsibility for the actions of
the company and being willing to take corrective actions to
keep the company on a strategic path, that is ethical and
sustainable;
Accountability – by being able to justify its actions and
decisions to shareholders and other stakeholders;
Fairness – by giving fair consideration to the legitimate
interests and expectations of all stakeholders of the
company; and
Transparency – by disclosing information in a manner that
enables stakeholders to make an informed analysis of the
company’s performance and sustainability.
84
Corporate
governance
report
Ethical leadership and corporate citizenship 84
Corporate governance structure 85
The board and directors 86
Audit committee 89
The governance of risk 89
The governance of information technology (IT) 90
Compliance with laws, codes, rules and standards 90
Internal audit 91
Governing stakeholder relationships 91
Integrated reporting and disclosure 92
King III principle ABIL
Effective leadership based on an ethical
foundation �
Responsible corporate citizen �
Effective management of
company’s ethics �
Application of King III
The board is committed to complying in all material
respects, with the principles contained in the King III Code,
as well as to the additional requirements for good corporate
governance stipulated in the JSE’s Socially Responsible
Investment Index. We have performed a thorough review of
the implications of King III and, where appropriate, the
corporate governance structure has been amended to
comply with the code.
For the period under review, the group has complied with
all aspects of the code except that non-executive directors’
fees are fixed. The fixed fee basis works more efficiently
for the group because we have a performance appraisal
system to deal with non-attendance at meetings.