Application of governance principles
The Board and Society management maintain a firm focus on upholding the highest standards of corporate governance and proactively monitor and manage risks in terms of a formal risk management policy and process. Good corporate governance requires continuous review of processes, systems and documents for relevance, effectiveness and compliance. To this end the Society maintains its focus on continuous business improvement and optimising the assurance obtained from internal and external assurance providers. This assurance is provided in accordance with an appropriately combined assurance model providing for the review of the Society’s system of internal control and risk management, including the design, implementation and effectiveness of internal financial controls. The Board and Board Committees receive timely, accurate and relevant reporting and other information and have access to all information held by the Society that is required to enable them to fulfill their duties.
In terms of the application of the principles and practices contained in King IV, the Society undertook a comprehensive review and analysis of its existing governance practices against each of the King IV principles and associated practices. Click on the link below to view the Society’s King IV Application Report, explaining the Society’s application or not with regard to each of the principles and associated practices: