The board of directors of Kumba is committed to the highest standards of corporate governance. It is the board’s role to provide the leadership necessary to promote the application of the principles of good corporate governance set out in the King II Report’s Code of Corporate Practices and Conduct throughout the group. The group complied with all the material provisions of the King II Report and there are no instances of non-compliance to report.
The publication of the King Code of Governance Principles for South Africa 2009 (King III) in March 2010 provided the board with an opportunity to review its governance systems in line with the King III recommendations. The board commissioned a comprehensive gap analysis and considered independent advice on the group’s readiness to implement King III principles. Implementation of the recommendations made is continuing.
The board intends to report fully on the implementation of King III principles and to provide an explanation where there are instances of non-application in the 2011 corporate governance report. There are a few key recommendations that were implemented in 2010 and these are summarised in the table below.
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