bold spirit - ArcelorMittal South Africa

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30 ArcelorMittal South Africa Annual Report 2010 Directing the company responsibly Governance report Our board is guided by the four principles of leadership detailed in the King Report on Governance for South Africa 2009 (“King III”) – Fairness, Responsibility, Accountability and Transparency. Sustainable development is a cornerstone of how we do business. This helps us retain our focus on our key goal of improving the company’s financial viability while ensuring social equity and protecting the environment in which we operate. The board aims to set the ethical tone for our company and to integrate our brand values of sustainability, quality and leadership into everything we do. This section of the report lays out how we govern our business in the best interests of our stakeholders. In addition to King II, our approach to integrated governance is guided by current legislation, the JSE Limited (JSE) Listings Requirements, the recommendations of King III and the Global Reporting Initiative (GRI) G3 guidelines. In our self-assessment against the GRI G3 requirements we have achieved a B level of compliance for this report. Fairness The concept of fairness in all we do guides our action as set out in our code of business conduct and code of ethics. Fairness to: Shareholders Employees Communities in which we operate Our environment Our customers Our suppliers means delivering on our strategic goal to deliver industry-leading value, thereby justifying their investment decision. means building a sustainable business to ensure their future, providing a safe workplace, helping them live healthy lives, offering the opportunity for continual personal development and remunerating them fairly. means considering our impact on their health and safety and offering upliftment where this is possible through our corporate social investment programmes. means taking responsibility for managing our environmental impact on the earth. means providing a reliable supply of steel at a fair price and of good quality. means responsible payment terms, preferential procurement and focused enterprise development.
31 ArcelorMittal South Africa Annual Report 2010 Code of business conduct We follow the global ArcelorMittal Group Code of Business Conduct and Anti-corruption Guidelines. Our core values of honesty, integrity and dignity are firmly entrenched in our code of business conduct, listed at the front of this report. The code was designed to help employees understand their ethical and legal obligations in handling the company’s business. All employees are required to undergo training to ensure that they fully understand and comply with the code. We have an anonymous fraud hotline which encourages employees, customers, suppliers and other interested parties to report incidents of unethical and corrupt behaviour. All reported incidents are investigated by Internal Assurance and outcomes of the investigations are communicated to employees. Code of ethics The group’s Code of Ethics lays down the values against which we judge our conduct. Specific ethical issues (corruption, anti-competitive behaviour, theft and fraud) are reported on in the business ethics section on page 86. The group Anti-corruption Guidelines establish procedures for managing concerns about possible corrupt practices and provide guidelines on how to fight and prevent corruption. All senior executives and employees in relevant sections of the business are required to be trained on these guidelines. Additional issues relating to fairness are detailed in the corporate governance appendix on page 88. Responsibility Responsibility for the leadership of the company rests with the board. We believe that the structures and systems we have put in place in respect of the board, its committees and subcommittees give us the necessary control and authority to ensure that we perform in an accountable manner and can stand behind our actions and decisions. ArcelorMittal South Africa Board of Directors Audit and Risk Committee Remuneration Committee Nomination Committee Transformation Committee SHE Committee B-BBEE Special Committee
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bold spirit - ArcelorMittal South Africa

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