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GOVERNANCE AND RISK
Corporate governance
continued
62
Tiger Brands Limited Integrated Annual Report
2014
Application of King III
In conformity with the primary South African
corporate governance framework, the King
Report on Governance for South Africa 2009
(King III), the group is satisfied that it has
applied the key principles in all material
respects other than where indicated to the
contrary in this Integrated Annual Report. Tiger
Brands has also adopted the principles of the
GRI and the principal policies and practical
applications of corporate governance as
outlined by the Public Investment Corporation.
In addition to this framework, Tiger Brands is
committed to complying with all relevant
legislation, regulations and best practices in
all countries in which it operates.
Details of the application of King III are set out
on page 242. The GRI Index is available on
the website.
The board
The board meets at least six times a year
and monitors the performance of executive
management. It addresses a range of key
operational and strategic issues and ensures
that debate on matters of policy, strategy and
performance is critical, informed and
constructive. In addition to the four quarterly
board meetings, separate sessions are held
annually to discuss strategy and budget plans.
Non-executive directors are encouraged to
meet both officially and unofficially with senior
executive management on a regular basis.
Twice a year, non-executive directors meet,
without executive management being
present, to informally discuss matters relating
to the company.
In addition to the board meetings, board
education and training takes place on an
ad hoc basis.