Blue Label Telecoms Integrated Annual Report 2019

74 Blue Label integrated annual report 2019 Governance philosophy and approach Entrepreneurship and innovation underpinned by good governance. The philosophy of the Group is that good corporate governance provides an essential platform upon which to achieve its strategic objectives through the pursuit of the entrepreneurial and innovative ethos of the Group. The Board recognises that good corporate governance is essentially about effective and responsible leadership that rests on a foundation of ethical values. King IV and Blue Label Telecoms The Group favours the outcomes-based approach of King IV that focuses on the quality of governance outcomes and not simply the structural and compliance approach. The Board saw the adoption of King IV as an opportunity to review, revitalise and streamline its governance structures and practices to the requirements of the expanding Group. A process was put in place to review the most appropriate recommended practices and adaptations to be applied in achieving the outcomes-based principles of King IV. Based on this review the Board Charter and subcommittee terms of reference and work plans have been substantially aligned with King IV practices in the previous year and a number of policies, practices and processes are being reviewed and enhanced as to appropriateness and robustness as outlined in this report on an ongoing basis. The disclosure requirements of King IV have been adopted to the extent possible and explain the Group’s governance philosophies, structures, practices and outcomes as well as some of the transitional initiatives to adopting and embracing the principles of King IV. Current year Board focus and future focus The focus of the Board in the current year has been on continuing development and maturing the governance framework, processes and policies as well as risk management and compliance of the Group as it expands both organically and through acquisitions. While focus was maintained on the core operations, intensive Board attention has been placed on the alignment and adequacy of governance structures and processes in Cell C, resolving their liquidity constraints and balance sheet structure as well as oversight of other material acquisitions including 3G Mobile and Airvantage. Further focus will be placed on overseeing the continued integration and synergy plans relating to these acquisitions. Continued attention will be paid to further developing the governance framework for Group companies and investments to ensure that adequate strategic direction and oversight are placed on these investments.