The board and its committees
The ultimate responsibility for ensuring full and effective control of the group’s businesses rests with the board of KAP. The group has adopted
a decentralised approach to the management of its day-to-day divisional operations, subject to compliance by the divisions with the group control systems and governance policies set by the board. There are defined reporting lines from divisional management level to the board, to facilitate effective monitoring by the board of compliance by the divisions with group and divisional policies.
Save where pre-approved materiality levels apply, decisions on material matters are reserved for the board, including but not limited to decisions on the allocation of capital resources, the authorisation of procurement capital expenditure, property transactions, borrowings and investments. Decisions are made by the board taking into account the legitimate interests and expectations of stakeholders and the sustainability of the group’s operations.
Compliance with legal, best practice guidelines and regulatory requirements
The group has met the reporting requirements of the Companies Act No 71 of 2008, as amended, together with the Companies Regulations, and the Listings Requirements of the JSE Limited.
The group applies the corporate governance principles as recommended in the King report on Corporate Governance
An analysis of the group’s application of the 75 King III principles is available on this website.