SENWES Integrated Report 2020 | Page 63

CORPORATE GOVERNANCE Directors have unrestricted access to the company secretary, who provides guidance and advice in relevant circumstances. They may also seek independent advice regarding the business of the group, in terms of the protocol for the procurement of independent external advice, at the cost of the company. Share trading by directors and management takes place in terms of a formal Code of Conduct for Personal Trading of Shares and Positions in the group. Directors’ dealings are disclosed on ZAPS within 48 hours of a trade occurring. During the year under review, share trading was conducted during the open periods listed below, while trading during closed periods or after a cautionary announcement was prohibited: Date 2019/2020 Status of trading Reason 30 April Closed Preparation of the annual financial statements 27 June Open Publication of annual financial statements and dividend announcements 31 October Closed Preparation of the interim financial statements 28 February Open Announcement of pro forma-financial effects of the potential Suidwes transaction on the group 27 March Closed Details of amended offer to the Suidwes shareholders was disseminated to the board 2 April Open Announcement of pro forma-financial effects of the Suidwes transaction to the group’s shareholders 30 April Closed Preparation of the annual financial statements BOARD COMMITTEES Functions and mandates The board established a number of committees to facilitate effective decision-making and to assist the board in the execution of its duties and powers, whilst still reserving the material decisions for itself in terms of the “Reservation of Authority”. The powers and execution of the responsibilities of each committee are arranged by means of formal, written mandates, which are reviewed and approved by the board on an annual basis. Board committees serve a useful purpose by focusing on clearly defined issues in greater depth than the main board. The group makes use of these board committee structures to ensure that the onerous work of the board is being attended to properly. The current board committees are as follows: GOVERNANCE GOVERNANCE GOVERNANCE GOVERNANCE GOVERNANCE STRATEGIC AUDIT COMMITTEE (AGM appointed) SOCIAL AND ETHICS COMMITTEE (AGM appointed) REMUNERATION COMMITTEE RISK COMMITTEE NOMINATION COMMITTEE INVESTMENT COMMITTEE Required by the Companies Act and King IV TM Independent members Required by the Companies Act Members have to have appropriate skills Required by King IV TM Required by King IV TM Required by King IV TM Own mandate Mandate approved Mandate approved Mandate approved Mandate approved Mandate approved Mandate approved These committees meet on a regular basis in terms of the board’s annual work plan and annually review their mandates, after which such mandates are presented to the board for approval. After each meeting the chairmen of the board committees report on the activities of the committees to the main board, as the board is required to ensure that the committees act within their mandates and have done the work they are required to do. The main board will rely on these committees to provide certain safeguards as per the mandates of the committees, such as recognition of risks, fair remuneration of management, strong internal controls, sound investment decisions and good communication with stakeholders. The board will thus expect each governance committee to inform it of any risks or other issues of strategic importance, which it has discovered during the execution of its mandate. The board will also expect to be given the assurance that, apart from the risks or issues specifically reported on, the committee has carried out all the functions required of it in a satisfactory manner and that no additional issues have come to its attention, which the board needs to consider. Overall, the board has expressed satisfaction with the active role played by each board committee in ensuring that the onerous responsibilities of the board are properly executed and addressed. SENWES INTEGRATED REPORT 2020 61