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Corporate Governance
Introduction
The Group endorses the principles contained in the
King reports on corporate governance and confirms its
commitment to the principles of fairness, accountability,
responsibility and transparency as advocated therein.
The board strives to ensure that the Group is being ethi-
cally managed according to prudently determined risk
parameters and in compliance with generally accepted
corporate practices and conduct.
The Board
Structure of the board
In terms of the Escalator Capital Limited funding agree-
ment the board would be re-constituted. This process
was initiated during September 2010 and culminated
in the appointment of the independent non-executive
chairman in February 2011. The re-constituted board
contains a majority of independent non-executive direc-
tors including the chairman and will conform to the King
III, JSE listing and Companies Act requirements with the
exception of the audit committee disclosure above.
In conjunction with the board changes the audit, risk
and remuneration committees have been re-constituted
with appropriate independent non-executive directors
and relevant co-opted skills were required.
The names of the directors in office are detailed below:
Name
Role
Nationality
Changes
TP Gregory
Chief executive officer
South African Appointed September 2010
DP van der Merwe Financial director
South African Appointed September 2010
B Topham
Independent Non-executive director
South African Appointed November 2010
K Rayner
Independent Non-executive director
South African Appointed January 2011
R Connellan
Independent Non-executive director (Chairman)
South African Appointed February 2011