King IVTM applied to the group from the 2018 financial year and this integrated governance section contains the majority of the disclosure requirements contained within King IVTM with references to other relevant sections of the report.
An assessment of King IVTM was completed during the year and the group substantially applies the 16 principles. The board charter and individual committee terms of reference documents have been updated and adopted to incorporate the required amendments.
Work is still required on a number of practices and this process is ongoing. These include board diversity targets, board and executive succession planning, formal and transparent process for the appointment of board members, board assurance of non-financial information in reports, formal letters of appointment for board members, independence of the Chairman of the remuneration committee and a formal stakeholder relationship policy.