Corporate Governance

• Integrity, ethics and business are inseparable; and that
• Business objectives can be achieved only by following the highest integrity and ethical standards and complying with all the local and national laws and regulations.

The board sets "the tone at the top", through principles and policies, which ensure that integrity is engrained in all areas of the business and through their own behaviour. A key element of the "tone at the top" is the group's core values and the conduct of these core values by the board and senior management.

These principles cover all employees, managers and members of the board of directors. They are applicable to the group, all subsidiaries, affiliates, partnerships and other business organisations, over which the group has control. With regard to business ventures in which the group is involved, other than those over which it has control, the group shall exercise its power and authority as a shareholder or participant to attempt to cause these principles to be adopted and implemented.

The group has a formal and documented business Code of Conduct which stipulates individual compliance with all laws, regulations, external business codes and standards, as well as internal integrity requirements. Management must ensure that all personnel are conversant with the Code of Conduct and understand how it affects their activities.

Management is also responsible for ensuring that appropriate compliance structures, policies, processes, and controls are in place in order to monitor ongoing compliance. Compliance policies should require that any breaches are reported promptly, to an appropriate level of management, governance, risk and compliance, executive management committee and or to the respective board, where required. Management must ensure that prompt and appropriate measures are taken to rectify any breach as quickly as possible and to restore the situation to a state of compliance.