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43
BLUE LABEL INTEGRATED ANNUAL REPORT 2016
King III summary
continued
Chapter and principle
Comments on application
The Board should delegate
certain functions to well-
structured Committees but
without abdicating its own
responsibilities
The Board has appointed the following Committees to assist it in its duties:
•
ARCC.
•
Exco.
•
Investment Committee.
•
RNC.
•
Social, Ethics and Transformation Committee.
A governance framework
should be agreed between the
Group and its subsidiary
boards
•
The governance framework is applied by subsidiary boards.
Companies should remunerate
Directors and executives fairly
and responsibly
•
The RNC is established and assists the Board in ensuring the Group’s
remuneration policy attracts, retains and motivates top-quality people in the
best interests of the Group.
Companies should disclose the
remuneration of each
individual Director and
prescribed officer
•
The disclosure of Directors’ remuneration meets the requirements of the Act
and this governance principle. No additional prescribed officers were identified
for the year.
Shareholders should approve
the Company’s remuneration
policy
•
The Remuneration policy was endorsed and Non-Executive Directors’
remuneration was approved by shareholders at the AGM on 27 November
2015.