The board and its committees

The ultimate responsibility for ensuring full and effective control of the group’s businesses rests with the KAP board.

The company 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 and approvals framework and the 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 the divisions’ compliance 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 capital expenditure, property transactions, borrowings and investments. Decisions made by the board take into account the legitimate interests and expectations of stakeholders and the sustainability of the group’s operations.

The detailed responsibilities and powers of the board are contained in a formal charter, which is available on the group’s website, together with the corporate governance report.

The board committees that support the board of directors include the audit and risk, human resources and remuneration, nomination, social and ethics and the investment committees. The robust committee and reporting structures in place across the group underpin the group’s commitment to sound corporate governance and afford stakeholders the assurance that the group’s businesses are managed responsibly.

Compliance with legal, best practice guidelines and
regulatory requirements

The group applies King IV™, which operates on an ‘apply and explain’ basis. The corporate governance report, which is available on the group’s website, provides a narrative explanation on how the group has applied the 16 King IV™ principles across its operations.

KAP has met its reporting requirements relating to King IV™, the Listings Requirements of the JSE (‘JSE Listings Requirements’) and the Companies Act, No. 71 of 2008, (as amended) together with the Companies Regulations, 2011 (jointly ‘the Act’).

new-decentralised-structure2-01

Document library

Start typing and press Enter to search