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SUN INTERNATIONAL ANNUAL REPORT ’10
100
CORPORATE GOVERNANCE REPORT CONTINUED
In determining its approach to the adoption of the King III principles, the group has summarised certain of the key issues considered together with its
outcomes as presented below:
Principle Action Outcome
Maintaining and promoting
an ethical climate at
Sun International
Sun International’s positive
and negative impacts on society
The formation of a social
and ethics committee
The independence of
non-executive directors
Management has considered the group’s values
and the risks posed to such values.
A review of the group’s code of ethics and
potential ethical breaches were considered.
The board reviewed the positive impacts
of the group which encompass sustainable
employment; continuous development
and training; substantial tax contributions;
corporate social responsibility programmes;
capital formation; operating as an ethical
and responsible casino operator; and providing
a superior service (a million thrills) to
our customers.
In addition, the board reviewed the possible
negative impacts of the group which include
problem gambling and unattended children at
its casinos.
The board noted that the formation of the
committee whilst supported by King III is a
proposed requirement in terms of the new
Companies Act, 2008.
The board adopted an independence policy
which requires each non-executive director to
undergo an independence evaluation annually.
The code of ethics facilitates the maintenance
and promotion of an ethical climate at Sun
International.
The significant risks identified are addressed
in the group’s risk register and will continue
to be monitored and addressed in the risk
committee forum.
Supporting policies are in place to deal with
potential risk areas.
An internal task team has been appointed to
oversee a process of refreshing all group policies
– initially those that involve employee behaviour
and ethics.
The board is satisfied that various interventions
are in place to ameliorate such negative
impacts, i.e. the Responsible Gambling
Programme and child care procedures. The
group will continuously monitor such impacts.
The group will continuously monitor its
environmental impact.
As the regulations to the Companies Act, 2008,
are yet to be finalised and accordingly, has not
been implemented, the board resolved to await
the finalisation of the said regulations in order
to obtain clarity as to the requirements and
duties pertaining to the proposed committee. In
the interim, the risk committee will focus on
issues of an ethical nature.
The nomination committee will review and
assess the evaluation according to the agreed
independence criteria.
In particular the independence of directors that
have served on the board for longer than nine
years will be reported on in the annual report.
Board committees must comprise of a majority
of independent directors.