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Tiger Brands Limited integrated annual report
2015 3
Given the success of the feeding programme, the foundation
is expanding its activities to other schools across the country.
This has been funded by doubling the feeding programme’s
share of dividends received by the Tiger Brands Foundation
from 15% to 30%.
Governance
Tiger Brands is committed to maintaining governance
standards that reflect best practice. Throughout the group,
structures and controls are in place to ensure compliance as
a minimum standard. We were particularly disappointed by
the setback in the performance of our Kenyan business in
the first half due to prior year irregularities. Appropriate
corrective action has been implemented. Importantly, lessons
learned from this have been shared across the group.
Just before the year end our chief executive officer, Peter
Matlare, announced his decision to step down. Peter has
served Tiger Brands with distinction for more than seven
years – a period characterised by a turbulent external
environment, especially in the latter half of his tenure. He
has done well in steering the company through these
challenges to where it is today, Africa’s largest branded
foods company. Personally, I have found Peter to be a man
of huge intellect and dignity. We will miss him and wish
him well in his future endeavours. He has much to offer the
business landscape in South Africa. Hamba kahle bra Peter!
Other changes to the board during the year were:
❍❍
Richard Dunne retired after nine years on our board as
an independent non-executive director. We deeply
appreciate his valuable contributions as chair of both the
audit and risk and sustainability committees, and as a
member of the remuneration and investment committees
❍❍
Michael Ajukwu was appointed as an independent
non-executive director in March 2015. His financial and
business experience in Africa, particularly Nigeria, will
strengthen the breadth of experience on the risk and
sustainability committee
❍❍
Yunus Suleman was appointed as an independent
non-executive director in July 2015, bringing extensive
financial acumen to our audit, remuneration and
investment committees
❍❍
Noel Doyle was appointed as an executive director in
July 2015, bringing industry and operational experience
to the board.
Ian Isdale, our group company secretary and legal adviser,
retired after over 30 years’ service. We wish Ian a long
and healthy retirement and thank him for his many
contributions over the years. We welcomed Thiroshnee
(Rosh) Naidoo to the group in the capacity of group
company secretary and look forward to her contributions.
Outlook
The outlook for the year ahead remains challenging, with
low domestic economic growth, rising costs and job security
concerns weighing on the South African consumer. These
factors are exacerbated by the weak rand which is fuelling
inflationary pressures and intensifying the competitive trading
dynamics already evident. The macro-economic outlook for
the rest of sub-Saharan Africa is muted, with currency
weakness and foreign exchange liquidity presenting
additional risks.
We are confident that the right strategies are in place to
address these challenges, and that Tiger Brands has the
depth of management to execute effectively against its
plans. We will continue to focus relentlessly on cost savings
and efficiencies, as well as further investment in innovation,
customer engagement and brand development.
Appreciation
On behalf of the board, I thank our strategic partners in
Nigeria, Chile, Kenya, Cameroon, Ethiopia and
Zimbabwe, whose valued input supports our continued
operation in these countries.
I thank our loyal consumers and business partners for their
continued support. In return for your confidence, we will
continue striving to meet your needs.
These results bear testimony to the calibre of people across
our group. We thank our management teams and all our
people for their commitment and constant willingness to go
beyond the expected. In return, we will work with you to
realise your full potential.
André Parker
Chairman