Basic HTML Version
41
Ethical Leadership and Corporate Citizenship
Apply Partially apply
Under review/
do not apply
The board delegates the process of risk management to management.
√
The board ensures that risk assessments and monitoring is performed
on a continual basis
√
7
Frameworks and methodologies are implemented to increase the
probability of anticipating unpredictable risks
√
7
Management implements appropriate risk responses
√
Theboardreceivesassuranceontheeffectivenessof the riskmanagement
process
√
7
Sufficient risk disclosure to stakeholders
√
INTEGRATED REPORTING AND DISCLOSURE
Ensures the integrity of the company’s integrated annual report
√
Sustainability reporting and disclosure is integrated with the company’s
financial reporting
√
Sustainability reporting and disclosure is independently assured
√
√
1 This will be considered by the board as the Company continues to recover through the recapitalization phase and
continues to grow its operations.
√
2 The Group has implemented an informal framework for the delegation of authority.The board will consider the design
and implementation of a formalised framework once the Group’s operations reaches the critical mass to warrant a
formal delegation of authority framework.
√
3 Executive directors performance is regularly assess through the remuneration committee. The board will be consider-
ing the introduction of board, committee and individual evaluation during the forthcoming year.
√
4 The Group’s internal control environment is being re-evaluated and redesigned as part of the recapitalization project.
As a result managements’ focus has been on the design and implementation of controls and at year end no internal
audit function had been established. During the year management identified the need to review the working of cer-
tain implemented controls and identified suitable accounting staff to perform the compliance checks. The board will
be considering the introduction of internal during the forthcoming year.
√
5 The communication with stakeholders has complied with the minimum requirements, the board however, views this
as a key focus are to be improved. The communication to stakeholders will be significantly improved in the forthcom-
ing financial period.
√
6 Management implemented certain elements of an IT governance framework, such as disaster recovery controls.
The board will in the consider the need to augment the IT general controls implemented with a comprehensive frame-
work based on the results of an IT risk assessment.
√
7 During the 15 month period under review the board and risk committees were re-constituted and a group risk as-
sessment was performed. The most significant risk identified was the solvency and liquidity of the Group. The board
monitored the solvency and liquidity risk on a regular basis during the period and implemented corporate actions at
a group and subsidiary level to remedy the solvency and liquidity position.The board and risk committee will consider
improvements to the risk management process.