250 / 276
SHAREHOLDER INFORMATION
248
Tiger Brands Limited Integrated Annual Report
2014
Application of King III
continued
Principle
number
Description
Compliance
Chapter 7: Internal audit
7.1
The board should ensure that there is an effective
risk-based internal audit.
A risk-based internal audit is in place.
7.2
Internal audit should follow a risk-based approach
to its plan.
A risk-based approach is followed by internal audit.
7.3
Internal audit should provide a written assessment
of the effectiveness of the company’s system of
internal control and risk management.
A written assessment of the effectiveness of the
company’s system of internal control and risk
management is provided.
7.4
The audit committee should be responsible for
overseeing internal audit.
The audit committee is responsible for overseeing
the internal audit. (See 3.7 above.)
7.5
Internal audit should be strategically positioned to
achieve its objectives.
Internal audit is independent, with no material
breakdowns, enabling it to achieve its objectives.
Chapter 8: Governing stakeholder relations
8.1
The board should appreciate that stakeholders’
perceptions affect a company’s reputation.
Tiger Brands recognises that developing and nurturing
positive relationships with its significant stakeholders
are key drivers of success that inform business
strategy and enable the group to better understand
and address the impact of its activities on society.
8.2
The board should delegate to management to
proactively deal with stakeholder relationships.
Management is responsible for maintaining
stakeholder relationships.
8.3
The board should strive to achieve the appropriate
balance between its various stakeholder
groupings, in the best interests of the company.
The appropriate balance is assessed on a
continuous basis.
8.4
Companies should ensure the equitable treatment
of shareholders.
The board ensures the equitable treatment of
shareholders.
8.5
Transparent and effective communication with
stakeholders is essential for building and
maintaining their trust and confidence.
The company has a comprehensive stakeholder
engagement process in place and communicates
with stakeholders in a variety of ways, detailed on
page 108.
8.6
The board should ensure that disputes are resolved as
effectively, efficiently and expeditiously as possible.
The board ensures that disputes are resolved
effectively as is possible.
Chapter 9: Integrated reporting and disclosure
9.1
The board should ensure the integrity of the
company’s Integrated Annual Report.
The board is responsible for the integrity of the
Integrated Annual Report.
9.2
Sustainability reporting and disclosure should be
integrated with the company’s financial reporting.
The company’s vision and mission statements, strategic
objectives and value system are integrated into all
policies, procedures, decision-making and operations,
with sustainability as the ultimate objective.
9.3
Sustainability reporting and disclosure should be
independently assured.
At present the company does not obtain independent
assurance. This will be considered in future.