While the board of directors retains overall accountability for the organisation, it delegates the daily running of the group to the CEO and the executive directors. The board also delegates specific responsibilities to the following committees:
The Audit and risk committee fulfils the two separate functions of audit and risk. From an audit perspective, the committee provides oversight of the financial reporting and disclosures of WBHO, including all corporate reporting. From a risk perspective, the committee develops strategies to mitigate or exploit the risks identified and prioritised by the risk management team.
Composition: Chairperson : Cobus Bester Members : Karen Forbay - Independent non-executive director; Savannah Maziya - Independent non-executive director and Ross Gardiner - Independent non- executive director
Every member of the Audit and risk committee is an independent non-executive director. The committee is chaired by the Lead independent non-executive director. The committee meets at least four times a year to discuss audit-related issues and at least twice a year to discuss risk-related issues. Shareholders approve and re-elect committee members at the annual general meeting of the company. The CEO, CFO, members of senior management, Internal and External Auditors, chairman of the Operational Risk Committee (ORC), and representatives of the external auditors attend committee meetings by invitation. Role of the committee from an audit perspective The audit committee provides oversight of the financial reporting and related disclosures of the group, including all corporate reporting. The committee also obtains external assurance on the effectiveness of internal controls and the veracity of the financial statements included in the annual integrated reports of the company. Its primary objectives, which are outlined in the Audit committee charter, are to:
Composition: Chairperson : Ross Gardiner Members : Karen Forbay - Independent non-executive director; Savannah Maziya - Independent non-executive director and Cobus Bester - Independent non- executive director
The Nomination committee identifies and recommends individuals for board appointments. Members of the committee consider specific skills, board composition requirements and gender when nominating candidates. The committee is also responsible for ensuring the integrity of the nomination process. The Nomination committee identifies and recommends individuals for board appointments. Members of the committee consider specific skills, board composition requirements and gender when nominating candidates. Currently chaired by the lead independent director, the committee is also responsible for ensuring the integrity of the nominating process. Its principal responsibilities, which are outlined in the Nomination committee charter, are to ensure that:
Composition: Chairperson : Ross Gardiner Members : Cobus Bester - Independent non-executive director; Karen Forbay - Independent non-executive director; Savannah Maziya - Independent non- executive director; Hatla Ntene - Independent non-executive director and Louwtjie Nel – Executive Chairman
The role of the Remuneration committee is to assist the board in ensuring that directors, executives and senior management of the company are fairly and responsibly remunerated, and that the disclosure of director remuneration is accurate, complete and transparent.
Composition: Chairperson : Savannah Maziya - Independent non-executive director Members : Ross Gardiner - Independent non-executive director and Hatla Ntene - Independent non-executive director
The committee consists of at least two independent non-executive directors and it is currently chaired by non-executive director, Savannah Maziya. Senior executive management is invited to meetings to provide adequate background to the matters that are debated. Meetings take place biannually, at times when bonuses are awarded and when increases are decided.Subsidiaries in Australia are governed by a separate remuneration committee, consisting of executive board members, which follows similar procedures to those conducted in South Africa. The final authorisation of Australian increases and incentives is given after a detailed presentation has been made to the Chairman, CEO and CFO of WBHO. Responsibilities of the committee Remco reports directly to the main board of WBHO and submits all of its decisions to the board for final ratification. Its major responsibilities, which are outlined in the Remuneration committee charter, include:
The broad-reaching mandate of the Social and ethics committee is to act as the ‘conscience’ of the organisation and to ensure that WBHO conducts itself as a responsible corporate citizen. To perform this function, the committee monitors and informs the activities of the organisation from a variety of perspectives, including: social and economic development; ethical standards and decision-making; environmental, health and public safety accountability; responsiveness to stakeholders; and labour and empowerment
Composition: Chairperson : Hatla Ntene - Independent non-executive director Members : Ross Gardiner - Independent non-executive director; Karen Forbay - Independent non-executive director; Samuel Gumede - Group Legal Counsel; Shereen Vally-Kara - Group Company Secretary and Andrew Logan – Group Financial Manager
The Social and ethics committee fulfils an oversight role from a compliance perspective and its primary functions, which are outlined in the Social and ethics committee charter, are to:
The Executive committee (ExCo) assists the CEO in the day-to-day management of the group. It provides organisational direction on behalf of the board of directors and is responsible for all material matters not directly managed by the board. ExCo recommends policies and strategies to the board and, once these have been approved, monitors and coordinates the implementation of these strategies. The board of Wilson Bayly Holmes-Ovcon Limited (WBHO) is responsible for setting the strategic objectives of the organisation. It retains full and effective control of the company and is responsible for the implementation of the corporate vision of the organisation. The board is also responsible for the appointment and removal of the Chief Executive Officer (CEO) of the company.The board of directors recognises its central, pivotal role from the perspective of governance and its responsibility to ensure that the organisation conducts itself in a fair, responsible, transparent and accountable manner. The board endorses, and is committed to, the recommendations of the King Code of Corporate Governance Principles for South Africa (King III); the dictates of the Companies Act No 71 of 2008; and the JSE Listings Requirements. As well as ensuring it has clear terms of reference in place and the appropriate balance of skills and experience within its ranks to fulfil its mandate, the board takes the necessary steps to ensure that these recommendations and requirements are applied in a practical manner across the group. Each year, WBHO applies the King III self-assessment standards to the current governance practices and behaviours of the organisation and this register is available for download. Charter In line with the recommendations of King III, the board has adopted a charter to guide its effective functioning. The charter describes its role; responsibilities; powers; composition requirements; and meeting procedures. Code of conduct The board of directors also determines the values and ethics of WBHO and has introduced a code of conduct, which describes a clear set of values, policies and procedures and applies to all employees. The code of conduct is regularly reviewed and, if necessary, updated by the board. Committees of the board While the board retains overall accountability for the organisation, it delegates the daily running of the group to the CEO and the executive directors. The board also delegates specific responsibilities to a number of board committees, such as the audit and risk, nomination, remuneration and social and ethics committees. Further, detailed information regarding the mandates and performance of these committees is available in the board committees section of the WBHO website. Identifying and interacting with key stakeholders The board identifies its key stakeholders as 'those upon whom the WBHO group may impact' and 'those who may impact upon the group'. Key stakeholders include: shareholders; clients; suppliers; employees; investment analysts; regulatory authorities; the JSE Ltd; government; banks and financial institutions; and the media. Board members maintain a proactive dialogue with these stakeholders through a variety of appropriate mechanisms and mediums. Induction and rotation of board members As part of their induction to the board, all newly-appointed directors receive formal and informal training related to the group and their duties as directors. Directors are provided with ongoing support and resources that allow them to extend and refresh their skills and knowledge of the business. The board is also provided with information on any change in legislation or regulations and is briefed on market-related developments. One third of the board retires in rotation, at which time they indicate whether they are available for re-election at the annual general meeting. For further information, see the charter of the board of directors. Board composition and attendance For information regarding the composition of the current board and attendance at board and management committee meetings, please see the Governance Overview section of the WBHO online integrated report. Conflicts of interest Potential conflicts of interest are discussed during meetings of the board and these conflicts are disclosed appropriately, as prescribed by the Companies Act and the JSE Listings Requirements. Dealing in securities In accordance with the JSE Listings Requirements, directors and all members of senior management who are privy to the results of the group are prohibited from dealing in the securities of the group during a closed period. Directors and senior management are obliged to inform the Chairman and obtain his consent before dealing in the shares of the group. The Company Secretary records these dealings.
The Executive Committee (ExCo) assists the CEO in the day-to-day management of the group. It is responsible for all material matters that are not the responsibility of the board. It recommends policies and strategies and monitors and coordinates the implementation of these strategies. Members of the Executive committee
Risk is inherent in all of the business activities of the group. By embedding risk management in to company business processes in a practical way, a structural means for identifying, prioritising and managing the risks associated with WBHO business activities is created. The board is, ultimately, responsible for risk governance and determines the level of risk tolerance within the organisation. The board reviews the risk profile of the organisation annually. As part of this process, the board relies on the Risk committee and the Internal audit department to review and report on strategic, tactical and operational risks.> View our current Strategic Risk Profile.
WBHO addresses ethics and corruption through the Social and ethics committee. Our ethical standards and practices are promoted and maintained through a code of conduct and an anonymous fraud hotline, WBHO Alert. The group code of conduct describes a clear set of values, policies and procedures and applies to all WBHO employees. It covers a wide range of ethics and corruption-related topics and policies, including gifts and sponsorships, irregularities, theft, fraud and whistle blowing. If an employee would like to report or discuss something anonymously, he or she can contact WBHO Alert using the free telephone service number 0800-202-121 or by emailing email@example.com. WBHO also subscribes to the fundamental principles of human rights enshrined in the South African Constitution, the South African Bill of Rights and the ten principles of the United Nations Global Compact (UNGC). The policies and practices of the group are aligned with these principles and the organisation upholds the rights of all people to be treated with dignity and in a culturally appropriate manner. WBHO advocates the elimination of all forms of forced or compulsory labour and the employment of children younger than 18 years of age. Processes are in place to ensure that any breaches of human rights can be reported and investigated.