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247
Tiger Brands Limited Integrated Annual Report
2014
Shareholder information
Principle
number
Description
Compliance
Chapter 5: The governance of information technology
5.1
The board should be responsible for information
technology (IT) governance.
The board understands the importance, relevance
and inherent risks in IT and has delegated the
management thereof to management. The risk and
sustainability and audit committees assist in ensuring
appropriate compliance structures are in place.
The Chief Financial Officer has taken direct
responsibility for the introduction of a standardised
and consistent platform across the group which is
necessary to align the IT infrastructure with the strategy
of the group, as well as the performance and
sustainability objectives of the group. As this is a
long-term project, regular updates on the progress of
this initiative are presented to both the audit and risk
and sustainability committees and bi-annual updates
are presented to the board. These updates include the
business case for the proposed IT spend, as well as
the status of the implementation of the overall project.
5.2
IT should be aligned with the performance and
sustainability objectives of the company.
5.3
The board should delegate to management the
responsibility for the implementation of an IT
governance framework.
5.4
The board should monitor and evaluate significant
IT investments and expenditure.
5.5
IT should form an integral part of the company’s
risk management.
5.6
The board should ensure that information assets
are managed effectively.
5.7
A risk committee and audit committee should assist
the board in carrying out its IT responsibilities.
Chapter 6: Compliance with laws, codes, rules and standards
6.1
The board should ensure that the company
complies with applicable laws and considers
adherence to non-binding rules, codes and
standards.
The risk and sustainability committee together with
the company’s legal counsel review the adequacy
and effectiveness of the group’s procedures to
ensure compliance with legal and regulatory
responsibilities. A group Compliance Executive
assists in this role.
6.2
The board and each individual director should
have a working understanding of the effect of the
applicable laws, rules, codes and standards on
the company and its business.
The directors and the board understand the
appropriate applicable laws, rules, codes of
standards required by the company and its business.
6.3
Compliance risk should form an integral part of the
company’s risk management process.
Compliance is an identified significant risk and
addressed as part of the risk management process.
6.4
The board should delegate to management the
implementation of an effective compliance
framework and processes.
This has been done and a group Compliance
Executive has been appointed.