Our strategy is supported by high standards of corporate governance. These are reviewed regularly to ensure robust reporting, strong relationships with our stakeholders and to align our businesses with global good practice.
Adhering to the highest standards of corporate governance is fundamental to the sustainability of our business. Our business practices are conducted in good faith, in the interests of the company and all its stakeholders, and with due regard for the principles of good corporate governance.
In line with the approach of our listed shareholder, our board of directors is the foundation of our corporate governance system and accountable for our performance. The board retains effective control of the business through a clear governance structure. It is assisted by established committees, in line with its charter. The board recognises that delegating authority does not reduce the responsibility of directors to discharge their statutory and common-law fiduciary duties.
We continue to review our governance structures to ensure they support effective decision-making, establish a corporate culture aligned with our purpose, foster sustainable growth and align to evolving best practice.
King IV and governance
We support the governance outcomes, principles and practices set out in King IV. We view developments and governance trends as opportunities to continuously improve and entrench our own standards. Practices affecting our operations are identified, assessed and addressed through action plans as well as regular monitoring and reporting to the appropriate governance structures. Ongoing progress reports are presented to the audit committee and social and ethics committee.
Governance during Covid-19
The pandemic continues to present global health, social and economic challenges. The board continually monitors risks as well as the different scenarios developed for Assmang, given the continuing impact on global markets for our commodities. One of the consequences of governing through this pandemic has been increased compliance obligations in a changing regulatory landscape. The company’s robust structures have been flexible enough to respond effectively.
Throughout the different lockdown levels, the board has maintained effective oversight and provided leadership as the medium to longer-term impacts of the pandemic become evident.