Download - Mintek

CORPORATE GOVERNANCEMintek is committed to the principles of openness, integrity and accountability inits dealings with all stakeholders. It endorses the Code of Corporate Practices and Conduct as set out inthe King Report and the Public Finance Management Act, and believes that the primary objective of thecorporate governance system is to ensure that the Board and Management carry out their responsibilitiesfaithfully and effectively.BOARD OF DIRECTORSMintek’s Board of Directors consists of one executive member and eight non-executive members whoare independently appointed by the Minister of Minerals and Energy in terms of the Mineral Technologythree years, but are eligible for re-appointment. The Board members are chosen for their businessacumen and skills, and bring individual judgement to Board decisions. The Board Secretary isresponsible for ensuring that Board procedures are followed.The Board met twice to review Mintek’s operational performance and to address issues of strategicimportance.Table 1. Attendance of Board Members at Board MeetingsNameJul2006Dec2006Mr. Mzilikazi Godfrey Khumalo (Chairman) Y YMr. Morake Abiel Mngomezulu Y YDr. Frank Crundwell Y NProf. Phuti Esrom Ngoepe Y NDr. Nozibele Pauline Mjoli N NMs. Gugu Mthethwa Y YMr. Ralph Havenstein Y YMr. Vinogaren Pillay Y NNote: All the above are non-executive membersY: Attended meeting. N: Did not attend meeting. A: Alternate attended meeting.AUDIT COMMITTEEThe Audit Committee meets quarterly. It consists of one Board member and two independently appointednon-executive members. The Committee operates in terms of a formal charter, and assists the Board inappropriate accounting policies, internal controls and compliance with laws and regulations are in place. Boththe internal and external auditors have unrestricted access to the Audit Committee.During the past year, the Committee considered various reports from the internal auditor, as well as the audit reportof residual lives/values of assets, asset impairment and revenue recognition. For the year ended 31 March 2007, thethe South African Statements of Generally Accepted Accounting Practice (GAAP).Table 2. Attendance of Audit Committee Members at Audit Committee MeetingsName2006 2006 2006 2006Dr. Frank Crundwell (Chairperson) Y Y Y YMs. Gugu Mthethwa (alternate) Y Y Y YMr. Vinogaren Pillay (alternate) Y Y Y YMr. Pieter Taljaard Y Y Y YMr. Tofara Dube Y Y Y YY: Attended meeting. N: Did not attend meeting.AprJulSepNovannual report 2007 52