Basic HTML Version
38
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INTEGRATED ANNUAL REPORT 2011
Code of Ethics
The board subscribes to the highest level of professional-
ism and integrity in conducting its business and dealing
with all of its stakeholders.
In adhering to its code of ethics, the board is guided by
the following broad principles:
•
Businesses should operate and compete in accor-
dance with the principles of free enterprise;
•
Free enterprise will be constrained by the obser-
vance of relevant legislation and generally accepted
principles regarding ethical behaviour in business;
•
Ethical behaviour is predicated on the concept of
utmost good faith and characterised by integrity,
reliability and a commitment to avoid harm;
•
Business activities will benefit all participants
through a fair exchange of value or satisfaction of
needs; and
•
Equivalent standards of ethical behaviour are
expected from individuals and companies with
whom business is conducted.
Sponsor
The company’s sponsor is Arcay Moela Sponsors (Pty) Ltd.
Sustainability Reporting
The Group is committed to high moral, ethical and legal
standards and expects all representatives of the Group to
act in accordance with the highest standards of personal
and professional integrity in all aspects of their activities
and to comply with all applicable laws, regulations and
the Group’s policies
The board believes that the Group has adhered to the
ethical standards during the year under review.
The overall well-being of employees is regarded as impor-
tant and the Company encourages its employees to raise
any issues with the executive directors as well as at sub-
sidiary level.
From a business perspective the group invests in busi-
nesses with long term sustainable product offerings that
have a sustainable positive impact on the environment, its
customers and the Group.
The Vinguard SO
2
sheet significantly reduces the export
table grape farmers’ carbon footprint by allowing them to
ship the produce to the major northern hemisphere mar-
kets using sea freight instead of making use of airfreight.
The Group intends to roll out the Vinguard SO
2
sheet to
other products in the next financial period and will con-
tinue to diversify the Vinguard product offering.
In addition, the biotechnology division of the group spe-
cialises in storage of infant stem cells. The technology is
deemed to have long term sustainable benefits for its cus-
tomers and the medical industry.
Furthermore, in the Company’s office environment, sys-
tems aimed at reducing resource consumption over time
are in place and the Company is continuously exploring
ways in which to reduce paper, energy and water usage.
King III
The group is committed to the principles of openness, in-
tegrity and accountability as contained in the King Code
of Corporate Practices and Conduct.
The Group has not been able to consistently complied
with all the King III recommendations during the period
under review, due to the on-going process of re-consti-
tuting the governance structures initiated in September
2010 as part of the group restructure.
The Group has however made significant progress in the
period to attain full compliance with the code. The most
significant area, that will be addressed in the new finan-
cial year, being the composition of the audit committee.
Below is a summary of the progress in implementing the
principles contained in the King III report, areas not fully
complied with and reasons for non-compliance:
Corporate Governance -
Continued