Implats is committed to the highest corporate governance standards and this aspect remains a key focus area for both the Board and management team.  The company is cognisant of the important role corporate governance plays in the delivery of sustainable growth to our stakeholders and a healthy and ethical environment is actively promoted wherein every employee is expected to behave with integrity, honesty and fairness.

King III
During FY2011, the Board materially complied with King III recommendations as outlined in the Code of Corporate Practices and Conduct.  The Group’s practices have been benchmarked against King III principles using a detailed gap analysis.   The majority of King III principles have been materially entrenched into the company’s internal controls, policies, terms of reference and overall procedures and identified issues are being addressed. 

The Companies Act 71 of 2008, as amended by the Companies Amendment Act 3 of 2011, (“new Companies Act”) and other legislation
The new Companies Act came into effect on 1 May 2011.  The company is in the process of conducting a gap analysis to determine the requirements of the new act and related regulations against current practices.
The company continues to comply with all the Listing Requirements of both the Johannesburg Stock Exchange and the London Stock Exchange and also continues to maintain a sponsored Level 1 American Depositary Receipt Programme through Deutsche Bank, Americas.