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Social and Ethics Committee
The social and ethics committee as contemplated in
Section 72 (4) of the Companies Act, 2008 and regulation
43 (2), was constituted during the year under review and
the first meeting will be held in the first quarter of 2012.
Functions of the Social and Ethics Committee are defined
in Section 43 (5) of the Companies Regulations as follows:
(a) To monitor the company’s activities, having regard
to any relevant legislation, other legal requirements or
prevailing codes of best practice, with regard to matters
relating to:
(i) Social and economic development, including the
company’s standing in terms of the goals and
purposes of:
(aa) the 10 principles set out in the United Nations
Global Compact Principles; and
(bb) the OECD recommendations regarding corruption;
(cc) the Employment Equity Act; and
(dd) the Broad-Based Black Economic Empowerment
Act;
(ii) Good corporate citizenship, including the
company’s:
(aa) promotion of equality, prevention of unfair
discrimination, and reduction of corruption;
(bb) contribution to development of the communities
in which its activities are predominantly
conducted or within which its products or services
are predominantly marketed; and
(cc) record of sponsorship, donations and charitable
giving;
(iii) the environment, health and public safety,
including the impact of the company’s activities
and of its products or services;
(iv) consumer relationships, including the company’s
advertising, public relations and compliance with
consumer protection laws; and
(v) labour and employment, including:
(aa) the company’s standing in terms of the
International Labour Organization Protocol on
decent work and working conditions;
(bb) the company’s employment relationships, and its
contribution toward the educational development
of its employees;
(dd) to draw matters within its mandate to the
attention of the Board as occasion requires; and
(ee) to report, through one of its members, to
shareholders at the company’s annual general
meeting on the matters within its mandate.”
The Social and Ethics Committee will monitor the
company’s activities having regard for the relevant
legislation, legal and best practices broadly in the
following areas:
•
Ethics
•
Stakeholder management – specifically employees,
communities, consumers and the environment.
The Social and Ethics Committee supports the board by
highlighting deviations from best practice in respect of
thesematters andwill report there on to the shareholders
at the annual general meeting.
The respective legal responsibilities of the Audit
Committee and the Social and Ethics Committee in
terms of the Companies Act, has resulted in the board
adopting a meeting regime which accommodates all the
committees.
The committee will determine its modus operandi at the
first meeting and will advise the shareholder thereof in
due course.