The Implats board remains cognisant of and committed to the highest level of corporate governance and compliance.
This commitment forms the basis of the board’s intention to
provide effective leadership to the Company, which leadership
role includes guiding the strategic direction and development
of the Implats Group.
The board fully embraces the principle of ethical leadership in
setting and implementing the strategy of the Company, guided
by the principles of the King III Code on Corporate Governance
(King III), the Companies Act, 2008, the JSE Listings
Requirements and all other applicable laws, standards and
In addition, the board takes full responsibility for the
management, direction and performance of the Company by
exercising independent judgement on all issues reserved for its
review and approval while taking cognisance of the needs of all
stakeholders. The role and functions of the board are formally
and comprehensively documented in a board charter which,
among other things, defines the rights, obligations,
responsibilities and powers of the board. The board functions
as a unit and through its sub-committees and Exco. A formal
delegation of authority (approval framework), which further
defines the powers and authority of the board and those of its
sub-committees, is in place.
In order to ensure that the Company remains at the forefront of best corporate governance practices, compliance with King III and the Companies Act remains high on the board's agenda. The board has satisfied itself with the extent of the Company's compliance with King III and with the JSE Listings Requirements during the financial year ended 30 June 2014 and a table setting out how the Group has applied the principles of King III is contained on the Company's website, www.implats.co.za. The table also highlights any exceptions with the application of King III.