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Governance structure and management systems

Principles of corporate governance and structures

Imperial Holdings’ board is committed to the principles of openness, integrity and accountability and to providing timely, relevant and meaningful reporting to all stakeholders.

It is responsible for ensuring that the group conducts business in a manner that meets the highest standards of corporate governance in line with local and internationally accepted corporate practice. These standards are entrenched in the group’s established systems of internal control and by its procedures and policies governing corporate conduct, with particular emphasis on the importance of qualitative aspects of corporate governance.

The group’s operating divisions are autonomous and its philosophy is to allow each division to formulate its own policies, appropriate to the industry and business environment in which it operates but subject to the guidance of the group executive committee and ultimately the board.

The group’s open governance process is structured to provide all stakeholders with the assurance that directors and managers at all levels are managing the group responsibly. The board subscribes to the principles of the Code of Corporate Practices and Conduct as set out in the King Report on Corporate Governance III (King III), and aims to apply these principles in all its businesses unless otherwise indicated.

In accordance with guidance issued by the Johannesburg Securities Exchange (JSE), the principles of King III should be applied within the group. King III recommendations have thus been applied and are reflected in the group’s corporate governance structures and explained where not applied. These are reviewed from time to time to accommodate organisational changes and international developments in the field of corporate governance. The board and management actively and continuously review and enhance the group’s systems of control and governance. Through these processes it ensures adherence to ethical management practices within prudently determined risk parameters that conform to internationally accepted standards of best practice.

In addition, the board continually assesses its own governance practices and procedures against King III, making adjustments where necessary. In assessing practices implemented by the group, the board has balanced the following factors:

  • Entrepreneurial freedom to take business risks and initiatives leading to satisfactory levels of performance and return on shareholders’ investment in the company.
  • Conforming to corporate governance standards, which can impose constraints on divisional management.

Imperial’s integrated governance model

Imperial’s integrated governance model

Imperial’s governance structure

  Board of directors
Non-executive directors
  Executive directors
  TS Gcabashe* (chairman)   HR Brody (chief executive)
  SL Botha*   OS Arbee
  T Dingaan   MP de Canha
  S Engelbrecht*   RL Hiemstra**
  P Langeni*   AH Mahomed (deputy chief executive and financial director)
  MJ Leeming*   GW Riemann***
  RJA Sparks*   M Swanepoel
  A Tugendhaft (Deputy chairman)    
  Y Waja*    
  * Independent   ** Becoming a non-executive director on 1 October 2012
*** German

Board committees

  Executive
committee
  Audit
committee
  Risk
committee
  Remuneration
and nomination
committee
  Social, ethics
and sustainability
committee
  Assets
and liabilities
committee
  HR Brody   M Swanepoel   Y Waja (chairman)   TS Gcabashe   MV Moosa   HR Brody
  M Akoojee   (chairman)   H Adler   (chairman)   (chairman)   (chairman)
  OS Arbee   P Langeni   OS Arbee   SL Botha   OS Arbee   RL Hiemstra
  MP de Canha   RJA Sparks   HR Brody   P Langeni   MP de Canha   MJ Leeming
  BJ Francis   Y Waja   S Engelbrecht   RJA Sparks   BJ Francis   AH Mahomed
  RL Hiemstra       BJ Francis   A Tugendhaft   TS Gcabashe   R Mumford
  AH Mahomed       R Haman       R Levin   WF Reitsma
  PB Michaux       RL Hiemstra       PB Michaux   M Swanepoel
  M Mosola       MJ Leeming       M Mosola    
  JJ Strydom       PB Michaux       M Swanepoel    
  M Swanepoel       G Rudman       A Tugendhaft    
          JJ Strydom       RA Venter    

  Group internal
audit executive
  Group
treasurer
  Group legal adviser and
company secretary
  Group risk executive   Group head of
sustainability
  G Nzalo
BCom, CA(SA), CIA
  WF Reitsma
BTech Banking, MCom,
FIBSA, FIFM
  RA Venter
BCom, LLB, LLM
  BJ Francis
BCompt (Hons), CIA
  MR Sharfuddin
BBA Imp Insead

The board of directors

The company has a unitary board structure, and the chairman and majority of directors are non-executive.

The board comprises 10 non-executive directors and seven executive directors. Seven of the non-executive directors, including the chairman, are independent.

Directors are appointed on the basis of skill, experience and their level of contribution to and impact on the activities of the group. The board decides on the appointment of directors based on recommendations from the remuneration and nomination committee. New directors are provided with formal induction material to facilitate their understanding of the group and follow a structured induction programme.

The board of directors determines the direction of the group by establishing strategic objectives and key policies. Board meetings are held at least quarterly with additional meetings being called when necessary. The quorum for meetings is a majority of directors. In addition to directors, other senior executives are invited to attend meetings as required to ensure comprehensive reporting to the board.

The responsibilities of the board are clearly defined in a written board charter. The board has also adopted, and regularly reviews, a written policy governing the authority delegated to group management and matters retained for decision by the board.

The responsibilities of the board include strategic direction, business plans and annual budgets, major acquisitions and disposals, changes to the board on recommendation from the remuneration and nomination committee, and other matters that have a material impact on the group or that are required by statute and corporate governance principles.

The board regularly performs assessments of its performance and of the performance of individual directors including the chairman.

At least one-third of non-executive directors retire each year on a rotational basis, and stand for re-election at the annual general meeting in accordance with the articles of association. Directors who stand for re-election are appraised and their re-election recommended by the board. In addition, the reappointment of directors appointed during the year is submitted to the annual general meeting for confirmation.

During the year under review, Mrs T Dingaan, Ms P Langeni and Messrs MJ Leeming and MV Moosa retired and are standing for re-election. Mrs S Botha was appointed on 1 September 2011 and her appointment was confirmed by shareholders at the AGM held on 1 November 2011.

Attendance of board meetings during the year:

    Board: Regular
meetings
  Board: Special
meetings
Number of meetings during the year   4   2
Thulani Gcabashe   4   2
Hubert Brody   4   2
Osman Arbee   4   2
Santie Botha   3/3   1
Manny de Canha   3   2
Thembisa Dingaan   2   2
Schalk Engelbrecht   4   2
Tak Hiemstra   4   2
Phumzile Langeni   4   2
Mike Leeming   4   2
Hafiz Mahomed   4   2
Valli Moosa   4   2
Gerhard Riemann   4   1
Roddy Sparks   4   2
Oshy Tugendhaft   4   2
Younaid Waja   4   2
Marius Swanepoel   4   2
Mohammed Akoojee   4   2
Berenice Francis   4   2
David Gnodde*   4   2
Philip Michaux   2/2   1/1
Moeketsi Mosola   3/3   1/1
Jurie Strydom   4   1
  2/2    

*Employed up to 30 April 2012.

Directors and management profiles

Non-executive directors

Thulani Sikhulu Gcabashe (54)*   Santie Botha (48)*   BProc, LLB (Natal), LLM (Harvard), HDip Tax (Wits)   Schalk Engelbrecht (66)*
             
Thulani Sikhulu Gcabashe (54)*   Santie Botha (48)*   Thembisa Dingaan (39)   Schalk Engelbrecht (66)*
             

BA (Botswana), MURP (Ball State Univ, USA), PED, IMD Lausanne

Thulani is the retired chief executive of Eskom, the executive chairman of BuiltAfrica Holdings and the chairman of MTN Zakhele. He currently serves as a director of Standard Bank Group, The Standard Bank of South Africa and the National Research Foundation, and is a past trustee of the Freedom Park Trust. He is also a director of the Retail Motor Industry Association (RMI) and a director of the Passenger Rail Agency (PRASA). Thulani was appointed to the board in January 2008 and as chairman in April 2008.

 

BEcon, BEcon (Hons)

Santie was previously executive director of Absa Bank and executive director for marketing for the MTN Group. She is currently the chancellor of the Nelson Mandela Metropolitan University in Port Elizabeth and is also a non-executive director of Tiger Brands, Famous Brands and Curro Holdings. She was appointed to the board in September 2011.

 

BProc, LLB (Natal), LLM (Harvard), HDip Tax (Wits)

Thembisa is the chairman of Ukhamba Holdings, an empowerment shareholder in Imperial. She is currently a director of Skweyiya Investment Holdings & Identity Corporate Advisors, the Development Bank of Southern Africa, the Export Credit Insurance Corporation of South Africa (ECIC) and of Mustek Limited. She was appointed to the board in November 2009.

 

BSc, MBL, AMP Insead

Schalk is the retired chief executive of AECI, where he is currently the chairman. He was appointed as chief executive of AECI in 2003 and was appointed chairman of AECI in May 2012. Schalk was also the managing director of Chemical Services (Chemserve) before joining the AECI board. He was appointed to the Imperial Holdings board in June 2008.

             
Phumzile Langeni (37)*   Michael John Leeming (68)*   Mohammed Valli Moosa (55)   Roderick John Alwyn Sparks (53)*
             
Phumzile Langeni (37)*   Michael John Leeming (68)*   Mohammed Valli Moosa (55)   Roderick John Alwyn Sparks (53)*
             

BCom (Acc), BCom (Hons)

Phumzile is the executive chairman of Afropulse Group, a woman-led investment, investor relations and corporate advisory house. She previously was an executive director of junior platinum miner, Anooraq Resources. She is currently the chairman of Astrapak Holdings, and an independent non-executive director of Massmart Holdings Limited, Mineworker’s Investment Company, Peermont Global, Metrofile, Primedia and the Port Regulator. She was appointed to the board in June 2004.

 

BCom, MCom, FCMA, FIBSA, AMP

Mike is a former executive director of Nedcor Limited. He has served as chairman of the Banking Council of South Africa and as president of the Institute of Bankers. He is currently a non-executive director of the Altron Group, AECI and Woolworths. Mike was appointed to the board in November 2002.

 

BSc

Valli is a non-executive director of Sanlam, Sappi and Anglo Platinum. He is the non-executive chairman of Sun International and executive director of Lereko. Previously, he was president of the International Union for the Conservation of Nature and the chairman of Eskom. He also served as a cabinet minister in the national government. Valli was appointed to the board in June 2005.

 

BCom (Hons), CA(SA), MBA

Roddy is a former managing director of Old Mutual South Africa and Old Mutual Life Assurance Company (SA), and the former chairman of Old Mutual Unit Trusts, Old Mutual Specialised Finance and Old Mutual Asset Managers (SA). He is a non-executive director of Truworths International, Trencor and Old Mutual Life Assurance Company (Zimbabwe) and serves on the board of advisers of the UCT Graduate School of Business. Roddy was appointed to the board in August 2006.

             
Ashley (Oshy) Tugendhaft (64)   Younaid Waja (60)*        
             
Ashley (Oshy) Tugendhaft (64)   Younaid Waja (60)*        
             

BA, LLB

Oshy is the senior partner of Tugendhaft Wapnick Banchetti & Partners, a leading Johannesburg niche law firm. He is also a nonexecutive director of Pinnacle Technology Holdings Limited. He was appointed to the board in April 1998 and as deputy chairman in March 2008.

 

BCom, BCompt (Hons), CA(SA), HDip Tax Law

Younaid is a practising tax and business consultant. He is a non-executive director and a subcommittee member of the Public Investment Corporation Limited, Pareto Limited, Telkom SA Limited, Dipula Income Fund Limited, subsidiaries of the Gauteng Growth and Development Agency. Younaid is also former vicepresident of the Association for the Advancement of Black Accountants in Southern Africa, former chairman of the Public Accountants and Auditors Board – now the Independent Regulatory Board of Auditors, and a former member of the Income Tax Special Court. He was appointed to the board in June 2004.

       

*Independent non-executive directors

Executive directors

Hubert Rene Brody (48)   Osman Suluman Arbee (53)   Manuel Pereira de Canha (62)   Recht Louis (Tak) Hiemstra (56)
             
Hubert Rene Brody (48)   Osman Suluman Arbee (53)   Manuel Pereira de Canha (62)   Recht Louis (Tak) Hiemstra (56)
             

BAcc (Hons), CA(SA)

Hubert is the chief executive of Imperial. Hubert joined the group in April 2000 as chief financial officer of Imperial Bank, was appointed as chief executive of the motor division in 2003 and joined the executive committee in September 2004. He was appointed to the board in August 2006 and as chief executive in July 2007.

 

BAcc, CA(SA), HDip Tax

Osman is the CEO of the car rental division and chairman of the tourism, motor dealership and automotive parts distribution divisions. He is a director of Distribution and Warehousing Network (DAWN) Limited and Ukhamba Holdings (Pty) Limited, the group’s empowerment partner. He joined the group and the executive committee in September 2004 and was appointed to the board in July 2007.

 

 

Manny is the chief executive
of Associated Motor Holdings,
responsible for the import and
distribution of motor vehicles. He
joined the group in 1996. He was
appointed to the board in November
2002.

 

BCompt (Hons), CA(SA)

Tak was the executive director of strategic development of the group. He was responsible for Strategy and Enterprise and Business Development. He is the chairman of Distribution and Warehousing Network Limited (DAWN). He joined the group in 1992 and was appointed to the board in August 1995 and will retire as an executive director and continue to serve as a non-executive director from 30 September 2012.

             
Abdul Hafiz Mahomed (61)   Gerhard Wessel Riemann (66)   Marius Swanepoel (51)    
             
Abdul Hafiz Mahomed (61)   Gerhard Wessel Riemann (66)   Marius Swanepoel (51)    
             

BCompt (Hons), CA(SA), HDip Tax

Hafiz is the deputy chief executive and the group financial director. He joined the group as financial manager in 1982 and was appointed to the board in March 1992.

 

 

Gerhard is the chief executive of
Imperial Logistics International in
Germany and is responsible for
logistics operations in Europe. He
joined the group and the board in
January 2000.

 

BCom Acc (Hons)

Marius is the chief executive of Imperial Logistics in southern Africa. He joined the group in 1994 as financial director of Highway Carriers and was appointed as chief executive of Imperial Logistics in southern Africa in October 2005. He was appointed to the executive committee in May 2007 and to the board in November 2009..

   

Other executive committee members

Mohammed Akoojee (33)   Berenice Joy Francis (36)   Philip Bernard Michaux (52)   Moeketsi Mosola (42)
             
Mohammed Akoojee (33)   Berenice Joy Francis (36)   Philip Bernard Michaux (52)   Moeketsi Mosola (42)
             

BCom Acc (Hons), CA(SA), CFA

Mohammed is the executive responsible for investor relations and is also involved in the strategic development of the group. He joined the group in 2009, having previously worked at Nedbank Securities as an investment analyst and at Investec in the corporate finance division. He is also a director of Distribution and Warehousing Network (DAWN) Limited. He was appointed to the executive committee in January 2011.

 

BCompt (Hons), CIA

Berenice is the executive responsible for risk, transformation and people development. She joined the group in 2008 and was appointed to the executive committee in June 2009.

 

 

Philip is the chief executive of the automotive retail division, which is responsible for Imperial-owned OEM aligned retail outlets in South Africa and the United Kingdom as well as the Accessory and Leisure products businesses of the group. He joined the group in 1996 and he was the head of Cargo Motors before being promoted to his current position. He was appointed to the executive committee in October 2011.

 

BA Neuroscience and Human Biopsychology, MA Economics (University of Houston)

Moeketsi is chief executive of the tourism division, and was previously CEO of SA Tourism. He joined the group in 2009 and was appointed to the executive committee in July 2009.

             
Johan Jurie Strydom (38)            
             
Johan Jurie Strydom (38)            
             

BBusSc, FIA, CFA, MBA

Jurie is the chief executive of the Regent Insurance group which houses the insurance operations of Imperial. Jurie joined the group in 2007 as chief actuary of Regent Life and was appointed to the Regent board in the same year. He previously held positions in Sanlam and as managing director of Alexander Forbes Life. Jurie was appointed to the executive committee in February 2012.

           

Board committees and governance structure

The board has established a number of subcommittees, which operate in accordance with written terms of reference approved by the board. Members of these committees are suitably qualified and experienced to make a meaningful contribution to the workings of the committees on which they serve. All committees report to the board and their performance is regularly assessed in accordance with their terms of reference.

Executive committee

The executive committee is responsible for devising group strategy for recommendation to the board of directors, and implementing the strategies and policies approved by the board. It also manages the day-to-day business and affairs of the group.

The 11 members of this committee are board-appointed and comprise executive directors as well as other members. The committee meets at least once a month. These meetings are attended by committee members as well as certain key members of divisional management.

Composition and attendance of executive committee meetings during the year:

  Number of meetings during the year   15
  Hubert Brody   15
  Mohammed Akoojee   14
  Osman Arbee   15
  Manny de Canha   15
  Berenice Francis   14
  David Gnodde*   6/7
  Tak Hiemstra   14
  Hafiz Mahomed   14
  Philip Michaux   7/7
  Moeketsi Mosola   13
  Jurie Strydom   7/7
  Marius Swanepoel   14

Employed up to 30 April 2012.

Group audit committee

The group audit committee is made up exclusively of independent non-executive directors, one of whom is appointed as chairman. The membership of the committee will be tabled at the next annual general meeting for confirmation by shareholders. The committee meets at least four times per year.

Details of the workings of the committee and attendance of meetings are contained in the Audit Committee Report on pages 90 to 91 of the integrated annual report.

Remuneration and nomination committee

This committee consists of the chairman of the board and other non-executive directors. It meets at least three times a year and the quorum for meetings is the majority of members. Details of the workings of the committee and attendance of meetings are contained in the Remuneration Report on pages 92 to 101 of the integrated annual report.

Risk committee

While the board is responsible for the end-to-end risk management process in the group, the risk committee sets the group risk framework and strategy and ensures that a robust risk management process is in place. Details of the workings of the risk committee and attendance of meetings are contained in the risk report on pages 29 to 31 of the integrated annual report.

Assets and liabilities committee

The assets and liabilities committee (Alco) is responsible for implementing best practice asset and liability risk management policies. Its primary objective is to manage the liquidity, interest rate and exchange rate risk of the group within an acceptable risk profile.

Composition and attendance of assets and liabilities committee meetings during the year:

  Number of meetings during the year   4
  Hubert Brody   4
  Tak Hiemstra   4
  Mike Leeming*   4
  Hafiz Mahomed   4
  Russell Mumford   4
  Willem Reitsma   4
  Marius Swanepoel   4

*Non-executive.

Social, ethics and sustainability committee

The role of the social, ethics and sustainability committee encompasses all aspects of sustainability.

The committee performs statutory duties as set out in the Companies Act, for Imperial Holdings Limited and on behalf of ubsidiary companies in the group. In addition to its statutory duties, it assists the group in discharging its social, ethics and sustainability responsibilities and implementing practices consistent with good corporate citizenship, with particular focus on the following:

  • The King III Code of Corporate Governance
  • Imperial’s sustainability commitments
  • Broad-based black economic empowerment (B-BBEE) requirements as described in the Department of Trade and Industry’s Combined Generic Scorecard (excluding ownership targets) and associated Codes of Good Practice
  • Imperial’s transformation commitments as described in the group transformation strategy document and division-specific B-BBEE plans
  • Environmental commitments as described in Imperial’s Environmental policy framework
  • Corporate social investment (CSI) commitments as described in Imperial’s CSI policy
  • Imperial’s Code of Ethics and Corporate Values

Transformation remains a key area of focus and the committee will continue to guide Imperial in its goal of reflecting the diversity of the country.

During the year, the committee discharged its statutory duties as set out in the Act and Regulations thereto to monitor the company’s activities relating to:

  • social and economic development, including the company’s standing in terms of the goals and purposes of the United Nations Global Compact Principles, the OECD recommendations regarding corruption, the Employment Equity Act and the Broad-Based Black Economic Empowerment Act;
  • good corporate citizenship, including the company’s promotion of equality, prevention of unfair discrimination, and reduction of corruption, its contribution to development of the communities in which its activities are predominantly conducted or within which its products or services are predominantly marketed, and its sponsorships, donations and charitable giving;
  • the environment, health and public safety, including the impact of the company’s activities and of its products or services;
  • consumer relationships, including the company’s advertising, public relations and compliance with consumer protection laws; and
  • labour and employment, including the company’s standing in terms of the International Labour Organisation Protocol on decent work and working conditions and the company’s employment relationships, and its contribution toward the educational development of its employees.

The committee comprises non-executive directors who are not involved in the day-to-day business of the group, executive directors as well as other members of the management of the group and is chaired by a non-executive director.

Composition and attendance of social, ethics and sustainability committee meetings during the year:

  Number of meetings during the year   4
  Valli Moosa (chairman)*   4
  Osman Arbee   4
  Manny de Canha   3
  Berenice Francis   4
  Thulani Gcabashe*   4
  David Gnodde**   2/2
  Ray Levin   4
  Philip Michaux   4
  Moeketsi Mosola   4
  Rafiek Sharfuddin   4
  Marius Swanepoel   4
  Oshy Tugendhaft*   4
  Rohan Venter   4

*Non-executive.
**Employed up to 30 April 2012.

Subsidiary and divisional boards

In line with the decentralised nature of the group’s operations, many subsidiary and divisional boards manage the day-to-day affairs within their areas of responsibility, subject to board-approved authority limits. The Imperial Holdings board ratifies appointments to the boards of major subsidiaries.

Accountability and audit

Going concern

The group audit committee considers the facts and assumptions used in the assessment of the going-concern status of the group at financial year-end. This provides assurance to the directors in confirming their assessment that the annual financial statements are properly prepared on the going-concern basis.

Internal financial controls

The directors acknowledge that they are responsible for instituting internal control systems that provide reasonable assurance on safeguarding assets and preventing their unauthorised use or disposal, as well as maintenance of proper accounting records that give reasonable assurance on the reliability of financial information produced.

Internal audit

The internal audit department’s responsibilities are defined in a written charter approved by the board.

Internal audit is an independent, objective assurance and consulting activity established to add value and improve the group’s operations. It helps the group accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the adequacy and effectiveness of risk management, control and governance processes.

The internal audit activities of the group are coordinated by the group internal audit executive, based at the corporate office, who reports to the chief executive and has unrestricted access to the group audit committee and its chairman. The group internal audit executive reports formally at all audit committee meetings during the year and attends and coordinates the activities of all divisional finance and risk review committees. He also attends all group risk committee meetings to ensure that internal audit work focuses on the risks identified through the relevant processes. In addition, he attends quarterly meetings of the executive committee which focus on governance and sustainability.

The audit plan for the wider group is developed using a risk-based approach and is approved by the group audit committee.

Internal audit bases its conclusion on the internal audit work performed in terms of the approved combined internal audit plan for the year, the scope of work, the results of tests, the overall audit opinion ratings for the audited areas, and feedback obtained on follow-up audits. Informed by these factors, internal audit concluded that there was no indication of any material breakdown in the system of internal control in the group during the year that would render the control environment ineffective.

From the results of a review of the group’s enterprise-wide risk management conducted during the year at divisional and group level, internal audit was satisfied with the roll-out and implementation of risk management across the group, and the degree to which management had embraced risk management.

As recommended in King III, group internal audit documented a review of the group’s internal financial controls and concluded that nothing came to its attention to indicate significant internal financial control design deficiencies, or to indicate that such controls were ineffective during the period reviewed.

Financial reporting

Imperial has a comprehensive system for reporting financial results to the board each quarter and to the executive committee on a monthly basis. Each division prepares detailed monthly management accounts, budgets and a three-year plan approved by the board. Performance against budget is monitored and variances analysed. Profit and cash flow forecasts to the end of the year are reviewed and include an analysis of material changes. A comprehensive system enables management to monitor trends and measure productive use of capital. Accounting policies are disseminated throughout the group to ensure compliance.

Insider trading

No group director or employee with inside information about the group may deal, directly or indirectly, in Imperial Holdings’ securities, which include allocations of and dealings in the group’s share incentive schemes (the securities). The board has determined certain closed periods during which directors and other senior management officials of the group may not deal, directly or indirectly, in the securities. In addition, the group has adopted a policy requiring directors, executive committee members, the company secretary and directors of major subsidiaries to obtain permission from designated individuals before trading in the group’s securities.

Sustainability, business integrity and ethics

The board has adopted a written code of ethics for the group, to which all operations are required to adhere.

Without satisfactory profits and a strong financial foundation, it would not be possible to fulfil our responsibilities to shareholders, employees, society and those with whom we do business. However, our corporate actions are not governed solely by economic criteria and take into account social, environmental and political considerations.

The group is committed to the principles of sustainable development, striking an optimal balance between economic, environmental and social development. We strive to innovate and adopt best practice wherever we operate, in consultation with stakeholders.

Management and employees operate within a framework that requires compliance with all applicable laws and adherence to the highest degree of integrity in conducting the group’s business.

Employment and labour rights

The group subscribes to the principle of fair labour practices at our workplaces, and our conditions of service comply with applicable laws and industry standards.

The group recognises representative trade unions and has established forums for communication with this stakeholder group.

Safety, health and environmental stewardship

We report regularly at executive and board level on our safety, health and environmental (SHE) performance. Senior executives and line management are accountable for the group’s SHE performance and for allocating adequate financial and human resources within their operations to address these matters. We work to keep SHE at the forefront of workplace concerns.

Our objective is to prevent fatalities, work-related injuries and health impairment of our employees.

Work-related fatalities are comprehensively investigated by management and considered by the social, ethics and sustainability committee.

We recognise the need for environmental stewardship to minimise consumption of natural resources and waste generation, and to minimise the impact of our operations on the environment.

More detail on the group’s principles of conduct, policies and practices appears in the sustainability report on the group website: www.imperial.co.za.

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