Commitment
statement

The board subscribes to sound values of good corporate governance, supporting the King Code of Governance for South Africa 2009 (King III) principles and practices.

King III became effective on 1 March 2010 and, in preparing to adopt this corporate governance code, the group undertook an externally-facilitated gap analysis exercise with PwC. Furthermore, the internal audit department extensively reviewed the group's current practice measured against both King III and the internal control model formulated by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). Areas requiring attention were identified and measures were taken to address the issues. The board will continue to focus on those areas where further improvements can be made.