ABRIDGED CORPORATE
GOVERNANCE REPORT
COMPLIANCE WITH KING III SHAREHOLDER STRUCTURE
The Senwes Group (“the Group”) conducts business according
to the highest standards of corporate governance and in the
interest of all stakeholders. The Group’s corporate best practices as
contained in charters, policies and operating procedures and the
application of these are regularly tested against practical reality
and execution. The two major shareholders have a long-term strategic view of the
Group and therefore enjoy the major representation on the Board.
As indicated above, the shareholder structure dictates the
composition of the Board and is as follows:
SENWES SHARE INCENTIVE SCHEME TRUST
The Board has adopted the King III principles and is satisfied
that the Group complies substantially with the provisions
and recommendations thereof and the adopted governance
frameworks. The Group elected not to apply the following King III
principles, given the current shareholder structure:
•
The non-executive chairman of the Board is not an
independent director but is supported by a strong
independent non-executive vice-chairman;
• The Board does not comprise of a majority of independent
directors;
• The chairman of the Board is the chairman of the Nomination
Committee;
• The chairman of the Remuneration Committee is not
independent, but is a non-executive director.
PUBLIC SHAREHOLDERS
6.36%
SENWES CAPITAL (PTY) LTD
(HOUSING TREASURY
STOCK)
5.65%
0.93%
15.29%
51.58%
20.19%
GRINDROD TRADING HOLDINGS
(PTY) LTD (“GRINDROD”)
SENWESBEL LIMITED
PRODUCERS (PUBLIC
SHAREHOLDERS)
SENWES GROUP EXECUTIVE COMMITTEE (FROM LEFT TO RIGHT): ALF WHITE (Group Executive: Information Technology), PIETER MALAN
(Managing Executive: Grainlink), PIETER SWART (Managing Executive: Credit), CHRISTO BOOYENS (Managing Director: TradeVantage), JOHAN LE GRANGE
(Group Executive: Corporate Finance), ELMARIE JOYNT (Group Secretary & Chief Legal Counsel), JOE MASWANGANYI (Group Executive Director),
FRANCOIS STRYDOM (Group Managing Director), CORNÉ KRUGER (Group Financial Director), WIKUS GROBLER (Group Executive: Finance and Treasury),
FERDI PIETERSE (Managing Executive: Mechanisation), MARTIN VAN ZYL (Group Executive: Innovation and Integrated Solutions), FRANS DU PLESSIS
(Managing Director: Hinterland) and DIRK OPPERMAN (Group Executive: Internal Audit).
16
Senwes INTEGRATED REPORT 2015