Corporate governance
Our focus in the year ahead is to
leverage
growth opportunities
within the existing
supply chain
and store network – this
will
demand intensified emphasis on
innovation, technology, training
and
service.
Overview
Italtile is committed to applying, in all material respects, with the principles contained in the King Report on Governance for South Africa (“King III Code”), which became effective on 1 March 2010, as well as to the additional requirements for good corporate governance stipulated in the JSE SRI index.
King III
The JSE Listings Requirements require all JSE-listed companies to provide a narrative of how they have applied the new recommendations contained in King III, in respect of financial years commencing on or after the effective date.
During the year, the Group continued to advance its progress made in respect of applying the King III Code and the principles of integrated reporting. Ongoing measurement and reviews were conducted comparing the Group’s governance practices with those recommended in King III, in order to ensure continued improvements were made related to complying with the implications of King III. The following areas were scrutinised:- The Board and Board committees’ structures;
- Key risk areas under intensive formal oversight;
- Strategic management of sustainability and stakeholder considerations, including the integrated annual report.
Overall application and compliance with King III
Italtile accepts the obligation to apply the practices prescribed by the King III report and has resolved as a business philosophy to adopt and pursue the same. It therefore strives to meet those objectives in accordance with the content of the table below:
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In reading the table below, the numbers 1 to 3 have the following meaning ascribed to them: 1 – Not applied/will not be applied. 2 – In process/partially applied. 3 – Full application. |