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SHAREHOLDER INFORMATION
244
Tiger Brands Limited Integrated Annual Report
2014
Application of King III
continued
Principle
number
Description
Compliance
Chapter 2: Boards and directors continued
2.21
The board should be assisted by a competent,
suitably qualified and experienced company
secretary.
Ian Isdale BA, LLB, EDP is the Company Secretary
and the board deems him to be suitably qualified
and experienced.
2.22
The evaluation of the board, its committees and
the individual directors should be performed every
year.
The company performed a board assessment in 2014
using external assessors. An internal evaluation is
conducted annually, when an external evaluation does
not take place.
2.23
The board should delegate certain functions to
well-structured committees but without abdicating
its own responsibilities.
The board has delegated certain functions without
abdicating its own responsibilities to the following
committees:
Ϣ
Ϣ
Audit committee
Ϣ
Ϣ
Risk and sustainability committee
Ϣ
Ϣ
Remuneration and nomination committees
Ϣ
Ϣ
Social, ethics and transformation committee
Ϣ
Ϣ
Investment committee
2.24
A governance framework should be agreed
between the group and its subsidiary boards.
A governance framework is in place, in that
governance practices for Tiger Brands cover the
subsidiaries.
2.25
Companies should remunerate directors and
executives fairly and responsibly.
The group’s remuneration and nomination committee
determines the remuneration policy on executive
and senior remuneration in line with the group’s
remuneration philosophy and strategy. The total
remuneration packages of the executive directors
and senior management are subject to annual
review and benchmarked against external market
data taking into account the size of the company, its
market sector and business complexity. A detailed
remuneration report is contained in the Integrated
Annual Report on pages 80 to 105.
2.26
Companies should disclose the remuneration of
each individual director and certain senior
executives.
The remuneration of directors and prescribed officers
is disclosed in the Integrated Annual Report on
pages 80 to 105.
2.27
Shareholders should approve the company’s
remuneration policy.
Shareholders consider and endorse, by way of
a non-binding advisory vote, the company’s
remuneration policy at the annual general meeting.