The underlying premise of enterprise risk management is that
every entity exists to provide value for its stakeholders. All
entities face uncertainty and the challenge for management
is to determine how much uncertainty the entity is prepared
to accept as it strives to grow stakeholder value. Uncertainty
presents both risk and opportunity, with the potential to erode
or enhance value. Enterprise risk management provides a
framework for management to effectively deal with uncertainty
and associated risk and opportunity and thereby enhances its
capacity to build value.
COMPLIANCE WITH
LEGISLATION
The Board accepts total responsibility for compliance with all
applicable legislation and regulatory requirements. This is
reported via the internal Compliance Committee and then to
the Risk Committee as well as the Audit Committee. Focused
attention is afforded to compliance aspects throughout the
Company.
During the year under review, no material non-compliance
matters were reported. The Financial Intelligence Centre (FIC)
conducted an on-site routine audit which confirmed that the
Group’s compliance with money laundering legislation, known
as FICA, is sound.
The Board has officially adopted the Group Compliance Coverage
plan that adopts a group-wide approach to compliance. The
coverage plan is implemented with focus on:
• Identification of applicable and material legislation per
business unit
• Assessment of compliance with self-audit questionnaires
• Continuous follow-up and reporting against the provisions of
the particular legislative sections
• Collated dashboard reporting to the relevant board and
management Committees.
Read the full Corporate
Governance report
www.senwes.co/Governance2015
IT-CONTROL
The IT-control framework is actively managed by a team of IT-
management staff as an integral part of the risk management
framework reporting to, inter alia, the IT-Steering Committee.
These structures and systems are fully integrated and fully
aligned with Senwes’ strategy and performance. Extensive
financial aspects of the business and IT-disaster recovery
processes are in place and the IT-environment are subjected
to the annual year-end audit.
GOING CONCERN
The Board records the facts and assumptions used to determine
whether the business would continue as a going concern. The
directors have made an assessment of the ability of the Company
and its associated entities to continue as going concerns and
have no reason to believe that the business will not be a going
concern in the year ahead.
INVESTOR RELATIONS
Senwes provides and maintains an independent and active
over-the-counter share trading mechanism (“OTC–mechanism”).
Share trading is done electronically, in accordance with applicable
legislation.
The market price of the Senwes share is determined by means of
trading on the OTC, which provides a sound price determination
mechanism. Shareholders have electronic access to information
regarding their shares and can exercise their voting powers
electronically, via the internet platform.
During the year under review, the Financial Markets Act, 2012
was enacted and the Financial Services Board issued a directive
regarding OTC-markets. In terms of the said directive, OTC-trading
should be conducted through a licensed exchange. Senwes
has been temporarily exempted from these requirements and
is in the process of considering the most suitable share trading
mechanisms. Shareholders and users of the OTC shall be advised
in due course of the proposed plans.
View the Senwes shares
www.senwes.co/SenwesShares2015
SHAREHOLDER INFORMATION
AND MATTERS
Shareholders’ diary:
Financial year-end 30 April 2015
Announcement of results in media 02 July 2015
Submission of proxies 26 August 2015 before 11:00
Annual general meeting 28 August 2015 at 11:00
Senwes INTEGRATED REPORT 2015
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