Corporate Governance

Corporate governance as expounded by the King reports, sets out the fundamental principles to effective governance, by setting out the responsibilities of all stakeholders. It was intended to guide officials in public companies, as the company is integral to society, particularly as a creator of wealth and employment. In the world today, companies have the greatest pool of human and monetary capital.

These are applied enterprisingly in the expectation of a return greater than a risk-free investment. Surveys have shown that while the first priority of stakeholders of a company is the quality of the company‘s products or services, the second priority is the trust and confidence that the stakeholders have in the company,” King IV report. In the spirit of Corporate Governance, we have adopted principles that are relevant and universal to both private and public companies. These are: -

> Leadership
Good governance is essentially about effective leadership. Leaders should rise to the challenges of modern governance. Such leadership is characterised by the ethical values of responsibility, accountability, fairness and transparency and based on moral duties that find expression in the concept of Ubuntu. Responsible leaders direct company strategies and operations with a view to achieving sustainable economic, social and environmental performance.

> Social, environmental and economic issues because the company is so integral to society, it is considered as much a citizen of a country as is a natural person who has citizenship. It is expected that the company will be and will be seen to be a responsible citizen. This involves social, environmental and economic issues – the triple context in which companies in fact operate. Management should no longer make decisions based only on the needs of the present because this may compromise the ability of future generations to meet their own needs. We are very aware of environmental and sustainability issues.

> Innovation, fairness, and collaboration are key aspects of any transition to sustainability – innovation provides new ways of doing things, including profitable responses to sustainability; fairness is vital because social injustice is unsustainable; and collaboration is often a prerequisite for large scale change. Collaboration should not, however, amount to anti-competitiveness.

> Social transformation and redress from apartheid are important and should be integrated within the broader transition to sustainability. Integrating sustainability and social transformation in a strategic and coherent manner will give rise to greater opportunities, efficiencies, and benefits, for both the company and society.

> Ethics
Responsible leaders do business ethically rather than merely being satisfied with legal or regulatory compliance, uncritically aligning with peer standards, or limiting themselves to current social expectations. They value personal and institutional ethical fitness and practise corporate statesmanship.

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Gashan Naidoo
+27 11 826 4417
gashen@fcl-sa.co.za

Amsavanee Naidoo
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amsavanee@fcl-sa.co.za

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pregasen@fcl-sa.co.za

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