King III Application Register Governance Register - by King III Chapter (10 Dec 2013)
Applied / Partially Applied / Not Applied Applied
Chapter Chapter 1
Principle Principle 1.1
Chapter 1
Principle 1.1
Chapter 1
Principle 1.1
Chapter 1
Principle 1.1
Chapter 1
Principle 1.1
Chapter 1
Principle 1.2
The Board ensures that the company is The board considers not only financial Applied and is seen to be a responsible performance, but also the impact of the corporate citizen company's operations on society and the environment.
Chapter 1
Principle 1.2
The Board ensures that the company is The board protects, enhances and Applied and is seen to be a responsible invests in the wellbeing of the economy, corporate citizen society and the environment.
Chapter 1
Principle 1.2
Chapter 1
Principle 1.2
Chapter 1
Principle 1.2
Principle Description Practice The Board provides effective leadership The board sets the values to which the base on ethical foundation company will adhere to and these are formulated in the company's code of conduct. The Board provides effective leadership The board ensures that the board's and Applied base on ethical foundation management's conduct sets an example in that it aligns to the company values.
Evidence for Applied All staff are expected to comply with Coronations code of ethics and conduct policy at all times.
The Board provides effective leadership The board promotes the stakeholderApplied base on ethical foundation inclusive approach of governance and takes account of the impact of the company's operations on internal and external stakeholders. The Board provides effective leadership All deliberations, decisions and actions of Applied board are based on fairness, base on ethical foundation accountability, responsibility, transparency. The Board provides effective leadership Directors in performing their Applied base on ethical foundation stewardship role exercise the following five moral duties: conscience, care, competence, commitment, courage.
Applied The Board ensures that the company is The board ensures that the company and is seen to be a responsible performance and interaction with its corporate citizen stakeholders is guided by the Constitution and the Bill of Rights. The Board ensures that the company is The board satisfies itself that the Applied and is seen to be a responsible strategy and business plans are not corporate citizen encumbered by risks that have not been thoroughly examined by management. The Board ensures that the company is Evaluating and managing the risks of Applied and is seen to be a responsible doing business in weak governance corporate citizen zones forms an important component of risk management.
In line with the company's vision and corporate governance requirements, the Board has mandated the Social, Ethics and Transformation Committee to ensure that high ethical standards (code of ethics) are applied in all areas of the business, as well as to review and approve the policy, strategy and structure for managing transformation and social issues in the company. At Coronation, Corporate social investment
Explanation / Compensating Practices
Not Applied Commentary
IoDSA GAI Response Yes
IoDSA GAI Reference 15-203-1614
Yes
15-203-1615
Yes
15-203-1616
Yes
15-203-1617
Yes
15-203-1618
Yes
15-204-1624
Yes
15-204-1625
Yes
15-204-1626
Yes
15-205-1609
Yes
15-204-1627
(CSI) is all about empowering individuals and uplifting communities. Our approach establishes and contributes to sustainable programmes that will result in meaningful community and ultimately national economic and social upliftment.
Chapter 1
Principle 1.2
The Board ensures that the company is The board ensures that collaborative and is seen to be a responsible efforts with stakeholders are embarked corporate citizen upon to promote ethical conduct and good corporate citizenship.
Applied
Chapter 1
Principle 1.2
The Board ensures that the company is The board ensures that measurable Applied and is seen to be a responsible corporate citizenship programmes and corporate citizen policies are developed and implemented.
Chapter 1
Principle 1.3
The Board ensures that the company ethics are managed effectively
The board ensures that ethical risks and Applied opportunities are incorporated in the risk management process or ethics programme; i.e. and ethics risk and opportunity profile is compiled.
Chapter 1
Principle 1.3
The Board ensures that the company ethics are managed effectively
The board ensures that the company's ethics performance is assessed, monitored, reported and disclosed.
Applied
Chapter 1
Principle 1.3
The Board ensures that the company ethics are managed effectively
The board has ensured that a code of conduct and ethics-related policies, through which ethical standards are clearly articulated, have been established and implemented.
Applied
Coronation is committed to conducting healthy business practices with honesty and integrity, which will not only ensure a stable employment environment but also ensure the continued future success of the group. For this reason, Coronation has subscribed to a service that enables all stakeholders, but most specifically everyone who is employed by Coronation, to report anonymously on dishonest and unethical practices within or impacting the business. This independent service provider monitors the incidents reported, and provides monthly feedback directly to the chairman of the audit and audit and risk committee, who is an independent non-executive director.
Yes
15-204-1628
The Social, Ethics and Transformation committee oversees the monitoring, assessment and measurement of the companys activities in the following key areas, relating to transformation, good corporate citizenship and social responsibility, the environment, consumer relationships and engagement with stakeholders: Code of ethics and conduct, Environmental, social and governance Transformation, Human resource development, Enterprise development, Corporate social investment
Yes
15-204-1630
Yes
15-203-1620
Yes
15-203-1621
Yes
15-203-1622
Coronation has subscribed to a service that enables all stakeholders, but most specifically everyone who is employed by Coronation, to report anonymously on dishonest and unethical practices within or impacting the business. This independent service provider monitors the incidents reported, and provides monthly feedback directly to the chairman of the audit and audit and risk committee, who is an independent non-executive director. All staff are expected to comply with Coronations code of ethics and conduct policy at all times. The board confirms that systems and procedures have been implemented to entrench the values and ethics laid down in the code of ethics and conduct policy,and to monitor compliance with the code.
Chapter 1
Principle 1.3
The Board ensures that the company ethics are managed effectively
The board ensures compliance with the Applied code of conduct is integrated into the strategy and operations of the company; i.e. the ethical organisational culture is reflected in the company's vision and mission; strategies and operations; its decisions and conduct; and the manner in which it treats its internal and external stakeholders.
Chapter 2
Principle 2.1
The board acts as the focal point for and The board has a well drafted charter. custodian of corporate governance
Chapter 2
Principle 2.1
The board acts as the focal point for and The board meets at least four times a custodian of corporate governance year.
Chapter 2
Principle 2.2
The Boards appreciates that the strategy, risk, performance and sustainability are inseparable
Yes
15-203-1623
Applied
Yes
15-201-1603
Applied
Yes
15-201-1604
Yes
15-202-1608
Chapter 2
Principle 2.2
The Boards appreciates that the strategy, risk, performance and sustainability are inseparable
Yes
15-202-1610
Chapter 2
Principle 2.2
The Boards appreciates that the strategy, risk, performance and sustainability are inseparable
Yes
15-202-1611
Chapter 2
Principle 2.2
The Boards appreciates that the strategy, risk, performance and sustainability are inseparable
Yes
15-202-1612
Chapter 2
Principle 2.2
The Boards appreciates that the strategy, risk, performance and sustainability are inseparable
The mission of the board of Directors is to represent the interests of the stakeholders of CFM, in perpetuating a successful and sustainable business that ensures the achievement of the vision of the company.
Yes
15-202-1613
Chapter 2
Principle 2.14
The Board and its directors act in the best interests of the company
Directors are permitted to take Applied independent advice in connection with their duties at company cost following a board approved procedure.
Board members may collectively or individually consult external professional advisors on any matter of concern to CFM after having advised the CEO and chairperson as appropriate. The company shall be obliged to bear the costs of these consultation services.
Yes
15-196-1559
Chapter 2
Principle 2.14
The Board and its directors act in the best interests of the company
Real or perceived conflicts of interest are Applied disclosed to the board and managed appropriately. The company has a policy regarding Applied dealing in securities by directors, officers and selected employees. (Only applicable if listed company.) The board has unrestricted access to all Applied company information, records, documents and property subject to following a board approved process.
The Board Charter addresses matters related to Conflicts of Interest.
Yes
15-196-1560
Chapter 2
Principle 2.14
The Board and its directors act in the best interests of the company
The company has a personal account investment policy that applies to all employees and directors.
Yes
15-196-1561
Chapter 2
Principle 2.14
The Board and its directors act in the best interests of the company
Yes
15-201-1607
The board informs and approves strategy Applied (as opposed to being a passive recipient of strategy as proposed by management). Board takes steps to ensure that longApplied term planning will result in sustainable outcomes taking account of people, planet, profit. The board ensures that the strategy is Applied aligned with the purpose of the company, the value drivers of its business and the legitimate interests and expectations of its stakeholders.
Strategy is translated into key performance and risk areas (including finance, ethics, compliance and sustainability); and the associated performance and risk measures are identified and clear. The board considers sustainability a business opportunity; i.e. long-term sustainability is linked to strategy and guides strategy.
All new staff members are required to read, acknowledge and agree to adhere to the code of ethics and conduct policy as part of their induction. Thereafter, staff are required to declare their adherence on a semi-annual basis.
The board adopts a strategic plan for the business, which is reviewed and adopted annually.
The board must therefore retain full and effective control over the company and must give strategic direction to the management of CFM. It must be involved in all material decisions affecting CFM. The board is also responsible for ensuring compliance with all relevant laws, regulations and codes of business practice.
Applied
Applied
Chapter 2
Principle 2.15
The Board will/has consider/ed business rescue proceedings or other turnaround mechanisms as soon as the company has been/may be financially distressed as defined in the companys Act, 71 of 2008
The board continually monitors whether Applied the company is financially distressed; i.e. if it appears reasonably unlikely that the company will be able to pay its debts as they fall due and payable within the ensuing six months or become insolvent within the ensuing six months.
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
Chapter 2
Principle 2.16
The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board.
Chapter 2
Principle 2.16
It is disclosed whether the chairperson is Applied an independent non-executive director and if not, the reason for it.
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
The Board has elected a chairman of the board who is an independent non executive director. The CEO of the company does not also fulfil the role of chairman of the Board. The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority
Board reviews the Annual and Interim Financial Statements.
TRUE
15-295-1910
The chairperson is an independent non- Applied executive director.
Yes
15-198-1584
The chairperson is not a former CEO.
Applied
TRUE
15-198-1585
The chairperson is elected by board members every year.
Not Applied
The chairman ability to add value, and his performance against what is expected of his role and function is assessed every year.
Applied
A formal role description exists for the chairperson.
Applied
The nominations committee oversees a formal succession plan for the board, CEO and certain senior executive appointments.
The Chairman retains his chairmanship. No
15-198-1586
An appraisal of the board and its committees is performed annually.
Yes
15-198-1587
The company has a board charter describing the role and duties of the board.
Yes
15-198-1589
Applied
Yes
15-213-1845
There is succession planning in place for Applied the chairperson.
Yes
15-198-1590
Explained
15-212-1838
Yes
15-208-1722
The chairperson of the board is not the chairperson of the remuneration committee.
Partially Applied
The remuneration and nominations committee is chaired by an independent non-executive director, which is consistent with the recommendations of King III. Please refer to the Corporate Governance section of our Annual Integrated Report.
The board appoints the CEO.
Applied
Yes
15-199-1591
The board has input in other senior executive appointments.
Applied
Yes
15-199-1592
Chapter 2
Principle 2.17
The Board has appointed the Chief The board defines its own level of Applied Executive Officer and has established a materiality and approves a delegation of framework for the delegation of authority framework. authority
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
Chapter 2
Principle 2.17
Chapter 2
Principle 2.18
The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board has appointed the Chief Executive Officer and has established a framework for the delegation of authority The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
Chapter 2
Principle 2.18
The Board comprises a balance of A majority of non-executive directors are Applied power, with a majority of non executive independent. directors. The majority of non executive directors are independent.
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
Chapter 2
Principle 2.18
The Board comprises a balance of The board has a minimum of two power, with a majority of non executive executive directors - the CEO and the directors. The majority of non executive director responsible for finance. directors are independent.
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
The board has a framework for the delegation of authority to various committees consisting of directors. Such committees may take independent professional advice at the companys expense as and when necessary. These committees report regularly to the board on their activities. The committee structure, membership and mandates are reviewed and approved regularly.
Yes
15-199-1593
The role and function of the CEO is formalised.
Applied
Yes
15-199-1594
There is a benchmark; i.e. performance measures, in place to evaluate the performance of the CEO.
Applied
Yes
15-216-1875
The CEO is not a member of the remuneration committee.
Applied
TRUE
15-199-1595
The CEO is not a member of the audit committee.
Applied
TRUE
15-199-1596
The CEO is not a member of the nomination committee.
Applied
TRUE
15-199-1597
There is a formal succession plan in place Applied for the CEO and other senior executives.
The board will determine in consultation with the CEO, a succession plan for key executives.
Yes
15-199-1598
The board comprises a majority of nonexecutive directors.
Coronation's unitary board comprises of two executive directors and four independent non-executive directors.
Yes
15-215-1862
Coronation's unitary board comprises two executive directors and four independent non-executive directors.
Yes
15-215-1863
Yes
15-213-1846
The nominations committee recommends eligibility of prospective directors on the basis of past performance, contribution and the objectivity of business judgement calls.
Applied
Applied
Applied
The board comprises of two executive directors namely; Anton Pillay (CEO) and John Snalam (Executive Director responsible for finance).
Yes
15-215-1864
When determining the number of Applied directors to serve on the board, the knowledge, skills and resources required as appropriate to the business of the company is considered.
When determing the number of directors to serve on the board; skills, knowledge and resources is considered in line of the size and nature of the business.
Yes
15-215-1865
Chapter 2
Principle 2.18
The Board comprises a balance of The board has considered whether its Applied power, with a majority of non executive size, diversity and demographics make it directors. The majority of non executive effective. directors are independent.
The board considers whether its size, diversity and demographics make it effecitve. The board conduct an annual assessment to evaluate the performance and effectiveness of its members.
Yes
15-215-1866
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
Please refer to the Corporate Governance section of our Annual Integrated Report.
Yes
15-208-1705
Chapter 2
Principle 2.18
The Board comprises a balance of At least one third of non-executive power, with a majority of non executive directors rotates every year. directors. The majority of non executive directors are independent.
In line with company policy at least one third of the directors are required to retire from their appointment each year.
Yes
15-215-1867
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
There is reporting on the procedure and Applied outcome of the assessment of the suitability of non-executive independent directors to continue on the board as such, for a period longer than nine years.
N/A
15-208-1706
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
Independent non-executive directors serving for longer than 9 years are subjected to a rigorous review of their independence and performance by the board.
It is company policy to review the independence of independent nonexecutives serving for longer than nine years, however there are no directors that have served for such an extended period.
Yes
15-215-1868
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
The board, through the nomination Applied committee, recommends eligibility for reelection of retiring non-executive directors, while considering past performance, contribution and the objectivity of business judgement calls.
Yes
15-215-1869
Chapter 2
Principle 2.18
The Board comprises a balance of power, with a majority of non executive directors. The majority of non executive directors are independent.
Yes
15-215-1870
Chapter 2
Principle 2.19
Directors are appointed through a formal process
Non-executive directors that are Applied classified as 'independent' by the company is subjected to an annual evaluation of their independence by the chairperson and the board. Procedures for appointments to the Applied board are formal and transparent and are a matter for the board as a whole, assisted by the nomination committee.
The board is responsible for nominating and recommending to shareholders all new directors for appointment, or reappointment in the case of existing directors based on past performance, contribution and the objectivity of the business. An annual appraisal is concluded by the board to assess the independence and performance of its members.
Yes
15-215-1550
Chapter 2
Principle 2.19
Directors are appointed through a formal process
Prior to their appointment, procedures Applied are in place to investigate the candidates' backgrounds along the lines of the approach required for listed companies by the JSE .
Yes
15-215-1551
Chapter 2
Principle 2.19
Directors are appointed through a formal process
An agreement is concluded with all non- Applied executive directors that includes the directors' code of conduct to be complied with, the contribution that is expected from the specific individual, the remuneration for holding office as director and the terms of directors' and officers' liability insurance to be provided.
Yes
15-215-1552
Chapter 2
Principle 2.19
Directors are appointed through a formal process
The nominations committee identifies and participates in selecting board members.
Yes
15-213-1844
The classification of directors as Applied independent or otherwise is disclosed on the basis of the yearly assessment of the independence of the independent nonexecutive directors. Applied
Applied
Applied
Chapter 2
Principle 2.19
Directors are appointed through a formal process
Details of directors' appointment Applied procedure and composition of board are provided in the integrated report.
Chapter 2
Principle 2.19
Directors are appointed through a formal process
The nominations committee ensures that Applied new directors have not been declared delinquent nor are serving probation in terms of section 162 of the Act.
Chapter 2
Principle 2.19
Directors are appointed through a formal process
Chapter 2
Principle 2.19
Directors are appointed through a formal process
The board makes full disclosure regarding individual directors to enable shareholders to make their own assessment of directors. Reasons for the removal, resignation or retirement of directors are provided.
Yes
15-208-1701
Yes
15-213-1848
Yes
15-208-1702
Yes
15-208-1704
Chapter 2
Principle 2.19
Directors are appointed through a formal process
Please refer to the disclosure of attendance at the board committee meetings contained in the Corporate Governance section of the Integrated Report.
Yes
15-208-1743
Chapter 2
Principle 2.20
The induction of and ongoing training, The board ensures that inexperienced as well as the development of directors directors are developed through are conducted through a formal process mentorship programmes.
Applied
Mentorship programmes will be in place for new directors. A formal induction process will be introduced when new directors are appointed to the board.
Yes
15-215-1553
Chapter 2
Principle 2.20
The induction of and ongoing training, The board ensures that continuing as well as the development of directors professional development programmes are conducted through a formal process are implemented.
Applied
Yes
15-215-1554
Chapter 2
Principle 2.20
The induction of and ongoing training, The board ensures that directors receive Applied as well as the development of directors regular briefings on changes in risks, are conducted through a formal process laws and the business environment.
Briefings on relevant new laws and changing commercial risks are held periodically in accordance the Board Charter.
Yes
15-215-1555
Chapter 2
Principle 2.20
The induction of and ongoing training, The board ensures that a formal as well as the development of directors induction programme is established for are conducted through a formal process new directors.
The induction is geared to the individual needs to each director. Informal ongoing training and development is provided to all directors. Going forward a formal induction program will be introduced should a new director be appointed.
Yes
15-215-1558
Chapter 2
Principle 2.21
The Board is assisted by a competent, suitably qualified and experienced company secretary.
The company secretary is empowered by Applied the board to effectively perform his duties.
The board is responsible for the selection and appointment of the company secretary. In addition, the board recognises the pivotal role played by the company secretary in the achievement of good corporate governance and empowers this individual accordingly.
Yes
15-200-1599
Chapter 2
Principle 2.21
The Board is assisted by a competent, suitably qualified and experienced company secretary.
The company secretary is appointed and Applied removed by board.
The board is responsible for the selection and appointment of the company secretary. In addition, the board recognises the pivotal role played by the company secretary in the achievement of good corporate governance and empowers this individual accordingly. The company secretary or deputy shall attend all board meetings.
Yes
15-200-1600
Applied
Please refer to the Corporate Governance section of our Annual Integrated Report.
Please refer to the Board of Directors section in the Annual Integrated Report.
Applied
The number of meetings held each year Applied by the board and each board committee and the details of attendance of each director(as applicable) at such meetings are disclosed.
Applied
Chapter 2
Principle 2.21
The Board is assisted by a competent, suitably qualified and experienced company secretary.
The company complies with the Applied provisions of the Companies Act, 2008 in relation to the appointment and removal of the company secretary.
Yes
15-200-1601
Chapter 2
Principle 2.21
The role and function of the company secretary is formalised.
Applied
Yes
15-200-1602
Chapter 2
Principle 2.21
The Board is assisted by a competent, suitably qualified and experienced company secretary. The Board is assisted by a competent, suitably qualified and experienced company secretary.
The nominations committee establishes Applied procedures for appointments to the board and ensures that these are properly carried out.
Yes
15-213-1847
Chapter 2
Principle 2.22
The evaluation of the Board, its committees and individual directors is performed every year.
The board determines it's own role, Applied functions, duties and performance criteria as well as that for directors on the board and the board and board committees to serve as a benchmark for performance appraisal.
Yes
15-216-1871
Chapter 2
Principle 2.22
15-216-1873
Principle 2.22
Yes
15-216-1874
Chapter 2
Principle 2.22
The evaluation of the Board, its committees and individual directors is performed every year.
The results of performance evaluation Applied are used to identify training needs for directors. The nomination for re-appointment of a Applied director only occurs after the evaluation of the performance and attendance of the director. The remuneration committee considers Applied the results of the evaluation of the performance of the CEO and other executive directors, both as a directors and as executives in determining remuneration.
Yes
Chapter 2
The evaluation of the Board, its committees and individual directors is performed every year. The evaluation of the Board, its committees and individual directors is performed every year.
Yes
15-212-1828
Chapter 2
Principle 2.22
The evaluation of the Board, its committees and individual directors is performed every year.
Yes
15-208-1739
Chapter 2
Principle 2.23
The Board delegates certain functions to The risk committee's terms of reference Applied well-structured committees without are approved by the board. abdicating from its own responsibilities.
Yes
15-211-1806
Chapter 2
Principle 2.23
The Board delegates certain functions to There is a board remuneration well-structured committees without committee. abdicating from its own responsibilities.
Applied
Yes
15-212-1821
Chapter 2
Principle 2.23
The Board delegates certain functions to There is a nomination committee. well-structured committees without abdicating from its own responsibilities.
Applied
Yes
15-213-1912
Chapter 2
Principle 2.23
The Board delegates certain functions to The nominations committee's terms of well-structured committees without reference are approved by the board. abdicating from its own responsibilities.
Applied
Yes
15-213-1841
Chapter 2
Principle 2.23
The Board delegates certain functions to The remuneration committee's terms of Applied well-structured committees without reference deal with: composition; abdicating from its own responsibilities. objectives, purpose and activities; delegated authorities - including the extent of power to make decisions; tenure; and reporting mechanism to the board.
Yes
15-212-1823
An overview of the appraisal process of Applied the board, board committees, individual directors, the results thereof and action plans are disclosed in the integrated report.
Disclosure of the results of the appraisal process is included in the Board of Directors sub-section of Corporate Governance in the Annual Integrated Report.
Chapter 2
Principle 2.23
The Board delegates certain functions to The nominations committee's terms of Applied well-structured committees without reference deals with: composition; abdicating from its own responsibilities. objectives, purpose and activities; delegated authorities - including the extent of power to make decisions; tenure; and reporting mechanism to the board. The Board delegates certain functions to The audit committee terms of reference Applied well-structured committees without deal with: composition; objectives, abdicating from its own responsibilities. purpose and activities; delegated authorities - including the extent of power to make decisions; tenure; and reporting mechanism to the board.
Yes
15-213-1842
Chapter 2
Principle 2.23
Yes
15-210-1760
Chapter 2
Principle 2.23
The Board delegates certain functions to The risk committee is chaired by a nonwell-structured committees without executive director. abdicating from its own responsibilities.
Applied
Yes
15-211-1808
Chapter 2
Principle 2.23
The Board delegates certain functions to The audit committee is entitled to obtain Applied well-structured committees without independent professional advice at cost abdicating from its own responsibilities. of the company on any issue within the ambit of its scope and subject to following a board approved process.
Yes
15-210-1761
Chapter 2
Principle 2.23
The Board delegates certain functions to The risk committee's terms of reference Applied well-structured committees without deal with: composition; objectives, abdicating from its own responsibilities. purpose and activities; delegated authorities - including the extent of power to make decisions; tenure; and reporting mechanism to the board.
Yes
15-211-1809
Chapter 2
Principle 2.23
The Board delegates certain functions to The risk committee is entitled to obtain Applied well-structured committees without independent professional advice at cost abdicating from its own responsibilities. of the company on any issue within the ambit of its scope and subject to following a board approved process.
Yes
15-211-1811
Chapter 2
Principle 2.23
The Board delegates certain functions to The remuneration committee is chaired Applied well-structured committees without by an independent director. abdicating from its own responsibilities.
Yes
15-212-1837
Chapter 2
Principle 2.23
The Board delegates certain functions to All members of the remuneration well-structured committees without committee are non-executive directors. abdicating from its own responsibilities.
Applied
Yes
15-212-1836
Chapter 2
Principle 2.23
The Board delegates certain functions to The majority of members of the well-structured committees without nominations committee are abdicating from its own responsibilities. independent.
Applied
Yes
15-213-1852
Chapter 2
Principle 2.23
The Board delegates certain functions to The nomination committee is entitled to Applied well-structured committees without obtain independent professional advice abdicating from its own responsibilities. at cost of the company on any issue within the ambit of its scope and subject to following a board approved process.
Yes
15-213-1855
Chapter 2
Principle 2.23
The Board delegates certain functions to The remuneration committee is entitled Applied well-structured committees without to obtain independent professional abdicating from its own responsibilities. advice at cost of the company on any issue within the ambit of its scope and subject to following a board approved process.
Yes
15-212-1827
Chapter 2
Principle 2.23
The Board delegates certain functions to The composition and role of each board Applied well-structured committees without committee are disclosed. abdicating from its own responsibilities.
Please refer to the Corporate Governance section of our Annual Integrated Report.
Yes
15-208-1740
Chapter 2
Principle 2.23
15-208-1741
Principle 2.24
Please refer to Board Committee composition details included in the Corporate Governance section of the Annual Integrated Report.
Yes
Chapter 2
Yes
15-214-1856
Chapter 2
Principle 2.24
The Board delegates certain functions to The names and details of any external Applied well-structured committees without advisers who regularly attend or are abdicating from its own responsibilities. invited to attend committee meetings are disclosed. There is a governance framework Applied A governance framework has been agreed upon between the group and its between the group and its subsidiary subsidiary Boards boards. A governance framework has been Implementation and adoption of policies, Applied agreed upon between the group and its processes or procedures of the holding subsidiary Boards company are considered and approved by the subsidiary company.
N/A
15-214-1859
Chapter 2
Principle 2.24
A governance framework has been Consultation takes place by the holding agreed upon between the group and its company board with the chairperson of subsidiary Boards the subsidiary board and nomination committee prior to nominating a shareholder representative director.
Applied
N/A
15-214-1861
Chapter 2
Principle 2.24
Yes
15-214-1860
Chapter 2
Principle 2.24
Yes
15-214-1858
Chapter 2
Principle 2.24
Applied A governance framework has been The holding company respects the agreed upon between the group and its fiduciary duty of the director who subsidiary Boards represents the holding company on the board of the subsidiary to that subsidiary. A governance framework has been Insider Trading is dealt with in terms of Applied agreed upon between the group and its relevant stock exchange rules. subsidiary Boards A governance framework has been There are formal policies and practices in Applied agreed upon between the group and its place to ensure equal treatment of subsidiary Boards shareholders within the group.
Yes
15-214-1857
Chapter 2
Principle 2.24
Yes
15-208-1755
Chapter 2
Principle 2.25
A governance framework has been The integrated report provides details of Applied agreed upon between the group and its the implementation and adoption of subsidiary Boards policies, processes or procedures of the holding company by subsidiary company(ies). The company remunerates its directors There exists remuneration policies and Applied and executives fairly. practices that address base pay and bonuses, employee contracts, severance and retirement benefits and share-based and other long-term incentive schemes.
Yes
15-197-1562
Chapter 2
Principle 2.25
The company remunerates its directors Participation in incentive schemes is Not Applied and executives fairly. limited to employees and executive directors and provides appropriate limits for individual participation.
No
15-197-1572
Chapter 2
Principle 2.25
The company remunerates its directors The remuneration committee's terms of Applied and executives fairly. reference are approved by the board.
Yes
15-212-1822
Chapter 2
Principle 2.25
The company remunerates its directors Remuneration policies and practices are Applied and executives fairly. aligned with company strategy.
The remuneration philosophy and policies ensure that employees are rewarded for their contribution to the performance of the business and individual performance.
Yes
15-197-1563
Chapter 2
Principle 2.25
Special purpose vehicles are used as an alternative methods of finance.
Yes
15-197-1574
Chapter 2
Principle 2.25
The company remunerates its directors and executives fairly. The company remunerates its directors and executives fairly.
Yes
15-197-1565
High leveraging of incentive schemes is avoided. Incentives are based on targets, both financial and sustainability related, that are stretching, verifiable and relevant.
Applied Applied
A remuneration policy is in place which addresses the following: - base pay and bonuses; - termination of employee contracts; - severance and retirement benefits; and - share-based and other longterm incentive schemes.
There are no limits for individual participation.
Chapter 2
Principle 2.25
The company remunerates its directors Share incentive awards and options are Applied and executives fairly. granted regularly and consistently, generally once a year. The company remunerates its directors Multiple performance measures are Applied and executives fairly. used to avoid manipulation of results or poor business decisions.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors No awards of share options and Applied and executives fairly. incentives are allowed in closed periods.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors and executives fairly. The company remunerates its directors and executives fairly.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors Awards of share options and incentives Applied and executives fairly. are subject to a vesting period from 3 to 10 years.
Chapter 2
Principle 2.25
The company remunerates its directors The value of awards of share options and Partially Applied and executives fairly. incentives are not significant in comparison to base pay.
Chapter 2
Principle 2.25
The company remunerates its directors Employment contracts do not commit and executives fairly. the company to pay on termination arising from an executive's failure.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors Performance measures for vesting of Applied and executives fairly. share options and the reasons for choosing them are disclosed in the remuneration report. The company remunerates its directors There is no automatic entitlement to Applied and executives fairly. bonus or share-based payments on early termination of employment. The company remunerates its directors The share-based and long-term incentive Applied and executives fairly. schemes have special conditions in place for change of control, roll-over for capital reconstruction, early termination of employment or dismissal for good cause.
The remuneration report includes details Applied of retention benefits paid. Remuneration levels reflect the Applied contribution of senior executives.
Yes
15-197-1575
Company performance and individual performance based on key performance indicators are used to award incentives, as per the Remuneration Policy.
Yes
15-197-1566
In terms of the company's closed period policy, all directors and staff are prohibited from dealing in Coronation shares from the date such a period is declared to the interim and financial year end, until the announcement of the interim or final results on SENS, and during times when a cautionary announcement is in place.
TRUE
15-197-1576
Yes
15-208-1711
The group's philosophy is to remunerate its employees, which includes executive directors, fairly in relation to the market and nature of services provided.
Yes
15-197-1567
The company remunerates its directors and executives fairly. The company remunerates its directors and executives fairly.
No backdating of awards of share Applied options and incentives is allowed. The remuneration report includes details Partially Applied of limits for participation in incentive schemes. The company remunerates its directors If incentives are given for both long-term Applied and executives fairly. and short-term goals, the performance drivers are not duplicated and a balance is struck with the need to reward success over the longer term.
Applied
TRUE
15-197-1577
Explained
15-208-1712
Payments from the bonus pool take the form of cash bonuses and a significant proportion is contributed to the Coronation Bonus Pool Trust (BPT). The BPT was established to house portions of the annual bonus pool utilised for long term incentives.
Yes
15-197-1568
The purpose of the bonus pool trust is to facilitate a long term element for a large portion of the bonus pool. It does this through a vesting mechanism which defers payments allocated to its beneficiaries for up to 7 years.
Yes
15-197-1578
Explained
15-197-1579
TRUE
15-197-1569
Yes
15-208-1714
TRUE
15-197-1570
Yes
15-197-1580
There are no limits for individual participation in incentive schemes.
Awards and share options are significant.
Chapter 2
Principle 2.25
The company remunerates its directors The remuneration committee advises on and executives fairly. the remuneration of non-executive directors. The company remunerates its directors There is no provision in employment and executives fairly. contracts for severance as result of change in control of company. The company remunerates its directors The remuneration committee considers and executives fairly. the appropriateness of early vesting of share-based schemes at the end of employment. The company remunerates its directors The remuneration report includes details and executives fairly. of main performance parameters.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors Non-executive fees comprise a base fee Applied and executives fairly. and attendance fee per meeting.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
The company remunerates its directors The remuneration committee regularly and executives fairly. reviews incentive schemes to ensure continued contribution to shareholder value. The company remunerates its directors The remuneration committee ensures and executives fairly. that remuneration levels reflect the contribution of senior executives and executive directors. The company remunerates its directors Non-executive fees are approved by and executives fairly. shareholders in advance by special resolution. The company remunerates its directors The remuneration committee selects an and executives fairly. appropriate comparative group when comparing remuneration levels.
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.25
Chapter 2
Principle 2.26
Chapter 2
Principle 2.26
The company remunerates its directors The remuneration committee ensures and executives fairly. that all benefits, including retirement benefits and other financial arrangements are justified and correctly valued. The company remunerates its directors The remuneration committee satisfies and executives fairly. itself as to the accuracy of recorded performance measures that govern vesting of incentives. The company remunerates its directors The remuneration committee ensures and executives fairly. that the mix of fixed and variable pay, in cash, shares and other elements, meets the company's needs and strategic objectives. The company remunerates its directors The remuneration committee assists the and executives fairly. board in setting and administering remuneration. The company has disclosed the The remuneration report includes details remuneration of each individual director of all benefits paid and awarded to and prescribed officer. directors. The company has disclosed the The remuneration report includes an remuneration of each individual director overview of the policy on base pay. and prescribed officer.
Applied
Yes
15-212-1835
Applied
TRUE
15-197-1571
Applied
Yes
15-212-1834
Applied
Yes
15-208-1717
Yes
15-197-1581
Applied
Yes
15-212-1833
Applied
Yes
15-212-1832
Applied
Yes
15-197-1583
Applied
Yes
15-212-1831
Applied
Yes
15-212-1830
Applied
Yes
15-212-1829
Applied
Yes
15-212-1826
Applied
Yes
15-212-1825
Applied
Yes
15-208-1708
Applied
Yes
15-208-1710
In respect of non-executive directors, the remuneration and nominations committee proposes fees to be paid for membership of the board and its committees. Such fees are market-related, commensurate with the time required to execute the required duties, and are approved by the board. Approved fees are set for the year and are subject to attendance. Such remuneration is not linked to the performance of the group or its share performance
Chapter 2
Principle 2.26
The company has disclosed the remuneration of each individual director and prescribed officer. The company has disclosed the remuneration of each individual director and prescribed officer. The company has disclosed the remuneration of each individual director and prescribed officer. The company has disclosed the remuneration of each individual director and prescribed officer.
The remuneration report includes details Not Applied re the use of comparative benchmarks.
No
15-208-1713
Chapter 2
Principle 2.26
The remuneration report includes Applied justification of salaries paid above median. The remuneration report includes details Applied of material payments that are ex-gratia in nature. The remuneration report includes the Not Applied term of executive service contracts as well as the notice period for termination.
N/A
15-208-1715
Chapter 2
Principle 2.26
N/A
15-208-1716
Chapter 2
Principle 2.26
No
15-208-1718
Chapter 2
Principle 2.26
The company has disclosed the remuneration of each individual director and prescribed officer. The company has disclosed the remuneration of each individual director and prescribed officer.
The remuneration report is included in the integrated report.
Yes
15-208-1707
Chapter 2
Principle 2.26
No
15-208-1719
Chapter 2
Principle 2.26
No
15-208-1720
Chapter 2
Principle 2.26
Yes
15-208-1721
Chapter 2
Principle 2.27
The shareholders have approved the companys remuneration policy.
Shareholders pass a non-binding advisory vote on the company's remuneration policy every year.
Not Applied
The remuneration policy established No since listing, is linked, to performance, has not changed, is widely understood and therefore not disclosed.
15-197-1582
Chapter 3
Principle 3.1
There is an audit committee
Chapter 3
Principle 3.1
The audit committee's terms of reference are approved by the board.
Chapter 3
Principle 3.1
The Board has ensured that the company has an effective and independent audit committee The Board has ensured that the company has an effective and independent audit committee The Board has ensured that the company has an effective and independent audit committee
Applied
Yes
15-210-1911
Applied
Yes
15-210-1756
The nominations committee presents Applied shareholders with suitable candidates for election as audit committee members.
Yes
15-213-1850
Chapter 3
Principle 3.1
The audit committee meets at least twice a year.
Applied
Yes
15-210-1803
Chapter 3
Principle 3.1
The audit committee meets with the Applied external and internal auditors without management being present at least once a year. Audit committee members are suitably The nominations committee evaluates Applied skilled and experienced independent whether audit committee members non-executive directors collectively have basic level of qualification and experience.
Yes
15-210-1804
Chapter 3
Principle 3.2
Yes
15-213-1853
Chapter 3
Principle 3.2
Audit committee members are suitably The role of the audit committee is skilled and experienced independent summarised in the integrated report. non-executive directors
Yes
15-208-1744
Chapter 3
Principle 3.2
Audit committee members are suitably It is disclosed whether the audit Applied skilled and experienced independent committee has adopted formal terms of non-executive directors reference.
Yes
15-208-1745
Applied
The nature and period of restraint Not Applied provided for in executive service contracts are disclosed in the remuneration report. The company has disclosed the The maximum and the expected Not Applied remuneration of each individual director potential dilution as a result of incentive and prescribed officer. awards are disclosed in the remuneration report. The company has disclosed the Details of the non-executive directors' Applied remuneration of each individual director fees, including those fees payable for and prescribed officer. serving on a board committee are disclosed in the remuneration report.
The Board has ensured that the company has an effective and independent audit committee The Board has ensured that the company has an effective and independent audit committee
Applied
The role and duties of the audit and risk committee is disclosed in the Corporate Governance section of the Annual Integrated Report. The audit committee makes reference to an audit charter which guides the committee in fulfilling it duties.
Chapter 3
Principle 3.2
Audit committee members are suitably The audit committee includes in the Applied skilled and experienced independent integrated report both the following: - a statement on whether or not it non-executive directors considered and recommended the internal audit charter for approval by the board; and - a description of its working relationship with the Chief Audit Executive.
Internal Audit is outsourced to Deloitte. Please refer to the Audit and Risk Committee (Corporate Governance) section for details of the interaction between the internal audit function and the audit and risk committee.
Yes
15-208-1915
Chapter 3
Principle 3.2
Audit committee members are suitably It is disclosed in the integrated report skilled and experienced independent whether the audit committee has non-executive directors satisfied its responsibilities for the year in compliance with the formal terms of reference.
Applied
Please refer to the Audit and Risk Committee section (Corporate Governance) of the Annual Integrated Report which includes a statement confirming that the committee has effectively discharged its duties during the year under review.
Yes
15-208-1746
Chapter 3
Principle 3.2
Audit committee members are suitably The shareholders elect the audit skilled and experienced independent committee members at the AGM. non-executive directors
Applied
Yes
15-210-1793
Chapter 3
Principle 3.2
Audit committee members are suitably The names and qualifications of all Applied skilled and experienced independent members of the audit committee during non-executive directors the period under review, and the period for which they served on the committee are disclosed in the integrated report.
Yes
15-208-1749
Chapter 3
Principle 3.2
Audit committee members are suitably The audit committee consists of at least Applied skilled and experienced independent three members. non-executive directors
Yes
15-210-1794
Chapter 3
Principle 3.2
Audit committee members are suitably All members of the audit committee are Applied skilled and experienced independent independent non-executive directors. non-executive directors
Yes
15-210-1795
Chapter 3
Principle 3.2
Audit committee members are suitably Audit committee members collectively Applied skilled and experienced independent have knowledge and experience on non-executive directors financial risks, financial and sustainability reporting, and internal controls.
Yes
15-210-1796
Chapter 3
Principle 3.2
Yes
15-208-1752
Chapter 3
Principle 3.2
Audit committee members are suitably The integrated report includes skilled and experienced independent information regarding any other roles non-executive directors assigned to the audit committee by the board. Audit committee members are suitably Audit committee members collectively skilled and experienced independent have knowledge and experience on non-executive directors corporate law.
Applied
Yes
15-210-1797
Chapter 3
Principle 3.2
Audit committee members are suitably Audit committee members collectively Applied skilled and experienced independent have a thorough understanding of the non-executive directors complexities of International Financial Reporting Standards, South African Statements of Generally Accepted Accounting Practice, Global Reporting Initiative standards or any other financial reporting framework and set of standards applicable.
Yes
15-210-1798
Chapter 3
Principle 3.2
Yes
15-210-1799
Chapter 3
Principle 3.3
Applied Audit committee members are suitably The board fills vacancies on the audit skilled and experienced independent committee that arise until the next AGM non-executive directors when the formal election is done by shareholders . The audit committee is chaired by an The chairperson of the audit committee Applied independent non-executive director. is an independent non-executive director and not the chairperson of board.
Yes
15-210-1800
Applied
Please refer to the membership of the board committees as well as the biographies of the board of directors contained in our Annual Integrated Report.
Please refer to the Corporate Governance section of our Annual Integrated Report.
Chapter 3
Principle 3.3
The audit committee is chaired by an independent non-executive director.
The chairperson of the audit committee Applied is selected by the board.
Yes
15-210-1801
Chapter 3
Principle 3.3
The audit committee is chaired by an independent non-executive director.
the chairperson of the audit committee attends the AGM.
Applied
Yes
15-210-1802
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
The audit committee arbiters between the management and the external auditors when there is a disagreement on auditing and accounting matters.
Applied
Yes
15-210-1759
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
Yes
15-210-1762
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
Yes
15-210-1764
Chapter 3
Principle 3.4
15-210-1765
Principle 3.4
Yes
15-210-1766
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting The audit committee oversees integrated reporting The audit committee oversees integrated reporting
Yes
Chapter 3
Yes
15-210-1758
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
The audit committee has regard to all Applied factors and risks that may impact on integrity of the integrated report; e.g.. judgements, changes in accounting policies, significant or unusual transactions, factors that may predispose management to present misleading information, any evidence that brings into question any previously published financial information, etc. The audit committee reviews a Applied documented assessment by the management of the going concern premise of the company. The audit committee considers the need Applied to issue interim results. The audit committee reviews the content Applied of summarised information. The audit committee recommends the Applied integrated report for approval by the board. The audit committee engages the Applied external auditors to provide assurance on the summarised financial information.
Yes
15-210-1767
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
Explained
15-210-1768
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
The audit committee recommends to the Partially Applied board the whether to engage an external assurance provider on material sustainability issues. The audit committee evaluates the Partially Applied independence and quality of the external assurance providers on sustainability.
Explained
15-210-1769
Chapter 3
Principle 3.4
The audit committee oversees integrated reporting
The audit committee reviews the disclosure of sustainability issues in the integrated report to ensure that it is reliable and does not conflict with the financial information.
Applied
Yes
15-210-1770
Chapter 3
Principle 3.5
The audit committee has ensured that a combined assurance model has been applied which provides a coordinated approach to all assurance activities.
The audit committee ensures that combined assurance received is appropriate to address all significant risks facing the company.
Applied
Yes
15-210-1771
Chapter 3
Principle 3.5
The audit committee has ensured that a The relationship between the external Applied combined assurance model has been assurance providers and the company is applied which provides a coordinated monitored by the audit committee. approach to all assurance activities.
Yes
15-210-1772
Chapter 3
Principle 3.6
The audit committee is satisfied with The audit committee performs review of Applied the expertise, resources and experience the finance function every year. of the companys finance function.
Yes
15-210-1773
Chapter 3
Principle 3.6
The audit committee is satisfied with The results of the review of the finance the expertise, resources and experience function by the audit committee are of the companys finance function. disclosed in the integrated report.
Applied
Chapter 3
Principle 3.7
The audit committee should be responsible for overseeing internal audit
Chapter 3
Principle 3.7
Chapter 3
Principle 3.7
The audit committee should be responsible for overseeing internal audit The audit committee should be responsible for overseeing internal audit
Chapter 3
Principle 3.7
The audit committee should be responsible for overseeing internal audit
Chapter 3
Principle 3.7
The audit committee should be responsible for overseeing internal audit
Chapter 3
Principle 3.8
Chapter 3
Principle 3.8
The audit committee is an integral component of the risk management process. The audit committee is an integral component of the risk management process.
Chapter 3
Principle 3.8
Chapter 3
Principle 3.8
Chapter 3
Principle 3.8
The audit committee is an integral component of the risk management process.
Chapter 3
Principle 3.8
The audit committee is an integral component of the risk management process.
Chapter 3
Principle 3.9
The audit committee is responsible for The audit committee approves the Applied the recommending the appointment of external auditors' terms of engagement the external auditor and overseeing the and remuneration. external audit process.
Chapter 3
Principle 3.9
The audit committee is responsible for The audit committee monitors and the recommending the appointment of reports on the external auditor's the external auditor and overseeing the independence. external audit process.
The audit committee is an integral component of the risk management process. The audit committee is an integral component of the risk management process.
Yes
15-208-1753
Applied
Yes
15-210-1775
Applied
Yes
15-210-1776
Yes
15-210-1778
Yes
15-210-1779
Explained
15-210-1780
Yes
15-211-1805
Yes
15-208-1697
Yes
15-211-1814
Applied
Yes
15-210-1781
The audit committee specifically has Applied oversight of financial reporting risks, internal financial controls, fraud risks as these relate to financial reporting and IT risks as these relate to internal reporting. Applied
Yes
15-210-1782
N/A
15-208-1914
Yes
15-210-1784
Yes
15-210-1786
The audit committee is responsible for the appointment, performance assessment and/or dismissal of the CAE or outsourced internal audit service provider. The internal audit plan is approved by the audit committee.
Please refer to the Corporate Governance section of our Annual Integrated Report.
The audit committee ensures that the Applied company's internal audit function is independent and has the necessary resources, standing and authority within the company to enable it to discharge its functions. The audit committee oversees Applied cooperation between external and internal audit to avoid overlapping of audit scope. The audit committee ensures that the Partially Applied internal audit function is subjected to an independent quality review as and when it determines it appropriate. There is a risk committee consisting of board members.
Applied
There is a statement from the board in Applied the integrated report on the effectiveness of internal financial controls based on a formal documented review thereof. The risk committee has oversight of the Applied company's risk management function. The terms of reference of the audit committee set out its responsibilities regarding risk management.
The internal audit function is outsourced to Deloitte.
Applied
The audit and risk committee makes the required disclosures in the Corporate Governance section of the Integrated Report.
The integrated report does include a statement on the effectiveness of the financial controls. There were no material weaknesses identified during the period under review.
Chapter 3
Principle 3.9
The audit committee is responsible for The audit committee defines a policy for Applied the recommending the appointment of non-audit services provided by the the external auditor and overseeing the external auditor. external audit process.
Yes
15-210-1787
Chapter 3
Principle 3.9
The audit committee is responsible for the recommending the appointment of the external auditor and overseeing the external audit process.
The audit committee recommends to shareholders the appointment, reappointment and removal of external auditors.
Applied
Yes
15-210-1783
Chapter 3
Principle 3.9
The audit committee is responsible for the recommending the appointment of the external auditor and overseeing the external audit process.
The audit committee reviews any accounting and auditing concerns identified as a result of the internal or external audit.
Applied
Yes
15-210-1788
Chapter 3
Principle 3.9
The audit committee is responsible for The audit committee is informed of any the recommending the appointment of Reportable Irregularities identified and the external auditor and overseeing the reported by the external auditor. external audit process.
Applied
Yes
15-210-1789
Chapter 3
Principle 3.9
The audit committee is responsible for The audit committee reviews the quality Applied the recommending the appointment of and effectiveness of the external audit the external auditor and overseeing the process. external audit process.
Yes
15-210-1790
Chapter 3
Principle 3.10
The audit committee has reported to the board and the shareholders as to how it has discharged its duties.
The audit committee reports internally to the board on its statutory duties and duties assigned to it by the board.
Applied
Yes
15-210-1791
Chapter 3
Principle 3.10
The audit committee has reported to the board and the shareholders as to how it has discharged its duties.
The audit committee reports to the shareholders on it's statutory duties.
Applied
Yes
15-210-1792
Chapter 3
Principle 3.10
The audit committee has reported to the board and the shareholders as to how it has discharged its duties.
There is a description in the integrated report of how the audit committee carried out its functions in the period under review.
Applied
Details of the audit and risk committee activities during the year under review is disclosed in the Corporate Governance section of the Annual Integrated Report.
Yes
15-208-1748
Chapter 3
Principle 3.10
The audit committee has reported to the board and the shareholders as to how it has discharged its duties.
A statement on whether the audit Applied committee is satisfied that the auditor is independent of the company is included in the integrated report.
As per disclosure in the Annual Integrated Report, the internal and external auditors, as well as the head of risk and compliance have unrestricted access to the chairman of the committee, which ensures that their independence is not compromised.
Yes
15-208-1750
Chapter 3
Principle 3.10
The audit committee has reported to the board and the shareholders as to how it has discharged its duties.
Applied The integrated report includes commentary in any way the committee considers appropriate on the financial statements, the accounting practices and the internal financial control of the company.
Please refer to the Financial Performance section of the Annual Integrated Report.
Yes
15-208-1751
Chapter 4
Principle 4.1
The Board is responsible for the governance of risk.
Applied
Yes
15-205-1631
Chapter 4
Principle 4.1
The Board is responsible for the governance of risk.
A policy and plan for a system and process of risk management have been developed. The risk policy includes: the company's definitions of risk terms and risk management; risk management objectives; the risk approach and philosophy; and the various responsibilities and ownership for risk management within the company.
Applied
Yes
15-205-1636
Chapter 4
Principle 4.1
The Board is responsible for the governance of risk.
The board's responsibility for risk governance is expressed in the board charter and risk policy and plan.
Yes
15-205-1633
Chapter 4
Principle 4.1
The Board is responsible for the governance of risk.
The risk plan includes: the company's risk Applied management structure; the risk management framework - i.e. the approach followed for instance COSO, ISO, IRMSA ERM Code of Practice, IRM (UK), etc; the standards and methodology adopted - this refers to the measureable milestones such tolerances, intervals, frequencies, frequency rates, etc; risk management guidelines; reference to integration through for instance training and awareness programmes; and details of the assurance and review of the risk management process.
Yes
15-205-1638
Chapter 4
Principle 4.1
The Board is responsible for the governance of risk.
The integrated report discloses how the Applied board has satisfied itself that risk assessments, responses and interventions are effective.
Yes
15-208-1725
Chapter 4
Principle 4.2
The Board has determined the levels of The board monitors that risks taken are Applied risk tolerance within the tolerance and appetite levels.
Yes
15-205-1639
Chapter 4
Principle 4.2
The Board has determined the levels of risk tolerance The Board has determined the levels of risk tolerance
Yes
15-205-1637
Chapter 4
Principle 4.2
N/A
15-208-1727
Chapter 4
Principle 4.3
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
Applied
Yes
15-211-1812
Chapter 4
Principle 4.3
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
The risk committee reviews the risk management progress and maturity of the company, the effectiveness of risk management activities, the key risks facing the company, and the responses to address these key risks.
Applied
Yes
15-211-1815
Chapter 4
Principle 4.3
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
The risk committee monitors the whole risk management process.
Applied
Yes
15-211-1813
The board sets the levels of risk tolerance every year. It is disclosed where the limits of risk appetite exceed, or deviated materially from, the limits of the company's risk tolerance (the company's ability to tolerate). The risk committee considers the risk policy and plan.
Applied
The board is responsible for determining the policies and processes necessary to ensure the integrity of the internal controls and risk management. The board must also ensure that it continually reviews and forms its own opinion on the effectiveness of the risk management process. The audit and risk committee is mandated to assist the board in reviewing the risk management process, the significant risks facing CFM and the adequacy of plans to manage and mitigate these risks.
Please refer to the Risk Management and Compliance section of our Annual Integrated Report which provides details of the company's risk management processes.
Applied Applied
The company's risk appetite did not exceed its risk tolerance levels during the 2013 financial year.
Chapter 4
Principle 4.3
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
Chapter 4
Principle 4.3
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
Chapter 4
Principle 4.3
Chapter 4
Principle 4.4
Chapter 4
Principle 4.4
Chapter 4
Applied
Yes
15-211-1817
Applied
Yes
15-211-1818
The risk committee and/or audit committee has assisted the Board in carrying out its risk responsibilities.
The risk committee members collectively Applied have adequate and appropriate knowledge, skills and experience on risk.
Yes
15-211-1819
The Board has delegated to management the responsibility to design, implement and monitor the risk management plan. The Board has delegated to management the responsibility to design, implement and monitor the risk management plan.
The board's risk policy and plan is Applied implemented by management by means of risk management systems and processes. The Chief Risk Officer (CRO) or other Applied senior employee responsible for risk management is a suitably experienced person who has access to and interacts regularly on strategic matters with the board and/or appropriate board committee and executive management.
Yes
15-205-1641
Yes
15-205-1642
Principle 4.5
The Board has ensured that risk assessments are performed on a continual basis.
The board ensures that effective and Applied ongoing risk assessments are performed.
Yes
15-205-1644
Chapter 4
Principle 4.5
The Board has ensured that risk assessments are performed on a continual basis.
A systematic, documented, formal risk Applied assessment is conducted at least once a year.
Yes
15-205-1645
Chapter 4
Principle 4.5
Risks are prioritised and ranked to focus Applied responses and interventions.
Yes
15-205-1646
Chapter 4
Principle 4.5
The Board has ensured that risk assessments are performed on a continual basis. The Board has ensured that risk assessments are performed on a continual basis.
Chapter 4
Principle 4.5
The Board has ensured that risk assessments are performed on a continual basis.
Membership of the risk committee includes executive and non-executive directors; members of senior management and independent risk management experts to be invited, if necessary. The risk committee has a minimum of three members.
A top-down approach is adopted in risk assessments without being limited to strategic and high-end risks only.
Identified risks are evaluated using the impact and likelihood scales as per the Coronation Risk Measurement Methodology set out in the Risk Management Framework. The risks identified from performing an enterprise business wide risk assessment carried out annually which includes workshops, interviews and brainstorming sessions are documented by the risk function. The interviews take place at different levels of the organisation to obtain different points of view and experience to ensure that a comprehensive risk register is documented.
Applied
The participants in the annual business risk assessment include the directors of CFM as well as senior and middle management. Hence, both strategic and key operational risks are identified during this number.
Yes
15-205-1647
The board regularly receives and reviews Applied a register of the company's key risks.
The audit and risk committee is mandated to assist the board in reviewing the risk management process, the significant risks facing CFM and the adequacy of plans to manage and mitigate these risks. The audit and risk committee reviews the risk register post the business risk assessments.
Yes
15-205-1648
Chapter 4
Principle 4.5
The Board has ensured that risk assessments are performed on a continual basis.
The risk assessment process involves the Applied risks affecting the various income streams of the company, the critical dependencies of the business, the sustainability and the legitimate interests and expectations of stakeholders.
Chapter 4
Principle 4.5
The board ensures that key risks are quantified where practicable.
Chapter 4
Principle 4.6
The Board has ensured that risk assessments are performed on a continual basis. The Board has ensured that frameworks and methodologies are implemented to increase the probability of anticipating unpredictable risks.
Chapter 4
Principle 4.7
Chapter 4
Principle 4.8
Chapter 4
Principle 4.9
The Board has ensured that management has considered and has implemented appropriate risk responses. The Board has ensured the continual risk monitoring by management.
The Board has received assurance regarding the effectiveness of the risk management process.
The risks identified from performing an enterprise business wide risk assessment carried out annually which includes workshops, interviews and brainstorming sessions are documented by the risk function. The interviews take place at different levels of the organisation to obtain different points of view and experience to ensure that a comprehensive risk register is documented.
Applied
The board ensures that a framework and Applied processes are in place to (remove) anticipate unpredictable risks.
Risk management is performed at all levels of the organisation and is the responsibility of all levels of the organisation. The Group Risk Framework has been developed to facilitate effective risk management in the Coronation Groups commitment to good corporate governance. It is one of the fundamental demonstrations by the Groups directors and management of their accountability to shareholders and ownership of their oversight role on the management of risks. Coronation have developed, implemented and continuously improve the framework to ensure that the management of risk is integrated into the organisations overall corporate governance structures, strategy and planning management, reporting processes, policies, values and culture.
Management identifies and notes in the Applied risk register the risk responses decided upon. The board ensures that effective and continuous monitoring of risk management takes place.
Yes
15-205-1649
Yes
15-205-1650
Yes
15-205-1651
Yes
15-205-1652
Applied
Internal audit independently assess if risk managements risk universe is complete. Internal Audit provide independent assurance on adequacy and/ or effectiveness of internal controls in place to manage key risks. Quarterly audit reports are submitted to management and the Audit and Risk committee.
Yes
15-205-1654
Management provides assurance to the Applied board that the risk management plan is integrated in the daily activities of the company.
Internal audit will assess the effectiveness of the internal controls and any material significant control weaknesses are brought to the attention of management and the Audit and Risk Committee; and Internal audit ensure that independent assurance is provided on an ongoing basis as to how effectively risks are being managed by the business.
Yes
15-205-1655
Chapter 4
Principle 4.10
The Board has ensured that there are processes in place which enable complete, timely, relevant, accurate and accessible risk disclosure to stakeholders.
There is disclosure of any material losses Applied and their causes that the company has suffered for the period under review, the effect that these losses have had on the company and the steps taken by the board and the management to prevent a recurrence.
There were no material losses incurred N/A during the period under review.
15-208-1728
Chapter 4
Principle 4.10
There is disclosure of any current, imminent or envisaged risk that is considered to threaten the long-term sustainability of the company.
Applied
Chapter 4
Principle 4.10
The board discloses its views on the effectiveness of the company's risk management processes.
Applied
Chapter 5
Principle 5.1
The Board has ensured that there are processes in place which enable complete, timely, relevant, accurate and accessible risk disclosure to stakeholders. The Board has ensured that there are processes in place which enable complete, timely, relevant, accurate and accessible risk disclosure to stakeholders. The Board is responsible of information technology (IT) governance.
Yes
15-208-1730
Please refer to the Risk Management section in our Annual Integrated Report.
Yes
15-208-1731
Applied The board receives independent assurance on the effectiveness of the IT internal controls. The Board is responsible of information The IT governance framework includes Applied technology (IT) governance. relevant structures, processes and mechanisms to enable IT to deliver value to the business and mitigate IT risk.
Internal audit review and report on the effectiveness of our IT internal control environment on an annual basis. We are in the process of enhancing and formalising our IT governance processes and policies.
Yes
15-206-1662
Chapter 5
Principle 5.1
Yes
15-206-1659
Chapter 5
Principle 5.1
The Board is responsible of information The board assumes the responsibility for Applied technology (IT) governance. the governance of IT and place it on the board agenda.
The audit and risk committee is mandated to assist the board in reviewing the risk management process, the significant risks facing CFM and the adequacy of plans to manage and mitigate these risks. IT is a standing agenda item at every audit committee meeting.
Yes
15-206-1657
Chapter 5
Principle 5.1
We are in the process of enhancing and formalising our IT governance processes and policies.
Yes
15-206-1658
Chapter 5
Principle 5.1
Applied The Board is responsible of information There is an IT governance framework technology (IT) governance. that supports effective and efficient management of IT resources to facilitate the achievement of the company's strategic objectives. The Board is responsible of information The board ensures that an IT charter and Applied technology (IT) governance. policies are established and implemented.
The board is kept abreast of audit findings relating to weaknesses in IT policies or processes, via the audit and risk committee. In addition, the board relies on forums such as the IT Steering Co. which meets on a monthly basis, and feedback from the Executive committee meetings.
Yes
15-206-1660
Chapter 5
Principle 5.2
IT has been aligned with the performance and sustainability objectives of the company.
The board ensures that IT strategy is Applied integrated with the company's strategic and business processes.
IT strategy, along with the business strategy is discussed at all strategic planning meetings. IT reports to the Executive Committee (EXCO) on a monthly basis. These reports are reference by EXCO at board meetings. IT Steer Co. meets monthly and will consider new and proposed changes to business processes.
Yes
15-206-1663
Chapter 5
Principle 5.2
IT has been aligned with the performance and sustainability objectives of the company.
The board ensures that there is a process Applied in place to identify and exploit opportunities to improve the performance and sustainability of the company through the use of IT.
The alignment of the IT strategy with the business strategy is discussed at all strategic planning meetings. IT reports to the Executive Committee (EXCO) on a monthly basis. These reports are reference by EXCO at board meetings.
Yes
15-206-1664
Chapter 5
Principle 5.3
The Board has delegated to management the responsibility for the implementation of an IT governance framework.
Management is responsible for the implementation of all the structures, processes and mechanisms for the IT governance framework.
Chapter 5
Principle 5.3
The Board has delegated to management the responsibility for the implementation of an IT governance framework.
Chapter 5
Principle 5.4
Chapter 5
Applied
Yes
15-206-1665
The individual responsible for IT is a Applied suitably qualified and experienced person who has access and interacts regularly on IT governance matters with the board and /or appropriate board committee and executive management.
Yes
15-206-1667
The Board monitors and evaluates significant IT investments and expenditure.
The board oversees the value delivery of Applied IT and monitors the return on investment from significant IT projects.
Yes
15-206-1668
Principle 5.4
The Board monitors and evaluates significant IT investments and expenditure.
Business strategies and objectives and Applied the role of IT in achieving them are clear.
The alignment of the IT strategy with the business strategy is discussed at all strategic planning meetings. IT reports to the Executive Committee (EXCO) on a monthly basis. These reports are reference by EXCO at board meetings.
Yes
15-206-1669
Chapter 5
Principle 5.4
The Board monitors and evaluates significant IT investments and expenditure.
These principles will be formalised in the enhanced governance documentation currently being worked on.
Yes
15-206-1671
Chapter 5
Principle 5.5
IT is an integral part of the companys risk management plan.
Good governance principles apply to all Applied parties in the supply chain or channel for the acquisition and disposal of IT goods or services. IT risks form an integral part of the Applied company's risk management activities.
Yes
15-206-1673
Chapter 5
Principle 5.5
IT is an integral part of the companys risk management plan.
Management regularly demonstrates to Applied the board that the company has adequate business resilience arrangements in place for disaster recovery.
The effectiveness of our disaster recovery procedures is tested on an annual basis. Feedback is provided to the audit and risk committee. The board has delegated its risk management functions to the audit and risk committee.
Yes
15-206-1674
Chapter 5
Principle 5.5
IT is an integral part of the companys risk management plan.
Yes
15-206-1675
Chapter 5
Principle 5.6
The Board ensured that information assets are managed effectively.
The board ensures that the company Applied complies with IT laws and that IT related rules, codes and standards are considered. Applied The board ensures all personal information is treated by the company as an important business asset and is identified.
Yes
15-206-1677
Chapter 5
Principle 5.6
The Board ensured that information assets are managed effectively.
The board ensures that an Information Applied Security Management System is developed, implemented and recorded that ensures security (confidentiality, integrity and availability of information).
Yes
15-206-1678
Chapter 5
Principle 5.7
A risk committee and audit committee assists the board in carrying out its IT responsibilities.
The risk committee assists the board in carrying out its IT governance responsibilities by ensuring that IT risks are adequately addressed through its risk management and monitoring processes.
Yes
15-211-1816
Applied
IT develops policies which are rolled out and implemented in the business. Senior management is responsible for ensuring that these policies are adhered to.
We are geared towards POPI, and are engaging with consultants to perform a readiness assessment in 2014. Feedback on the progress made in this regard is provided to EXCO who will report to the board on these initiatives. We do not have a formal security management system in place. We rely on many good governance principals and governance frameworks to assist us in ensuring effective security. These processes are highlighted in the IT Policy. A formal information security policy will be drafted during 2014.
Chapter 6
Principle 6.1
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
The company has a system in place to ensure compliance with all applicable laws.
Chapter 6
Principle 6.1
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
Chapter 6
Principle 6.1
Chapter 6
Applied
The audit and risk committee is mandated to assist the board in reviewing the risk management process, the significant risks facing CFM, including compliance risk, and the adequacy of plans to manage and mitigate these risks.
Yes
15-293-1879
Compliance with applicable laws is Applied understood not only in terms of the obligations that they create, but also for the rights and protection that they afford.
The Board formally endorses the establishment of the compliance function and the Compliance Manual together with its Addendum and Appendices, and further urges each member of the Coronation team to play their part in enhancing the culture of compliance throughout the business.
TRUE
15-293-1880
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
The board oversees that the compliance Applied policy and system provide for examination of the context of law, and how other applicable laws interact with it.
The Board considers the Compliance Function to be a vital part of the risk management framework of Coronation. The Board formally endorses the establishment of the Compliance Function within the Compliance Risk Management Framework. The responsibility to facilitate compliance throughout Coronation has been delegated to the appointed Global Head of Risk and Compliance who supervises the Compliance Function. The CO is responsible for the effective implementation of the Compliance Policy.
Yes
15-293-1881
Principle 6.1
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
The board continually monitors the company's compliance with applicable laws, rules, codes and standards.
The audit and risk committee is mandated to assist the board in reviewing the risk management process, including compliance risk. This includes the following responsibilities: 7.5.1. Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of managements investigation and follow-up of any instances of noncompliance; 7.5.2. Review the significant findings of any examinations by regulatory agencies, and any auditor observations; 7.5.3. Obtain regular updates from the Group Risk and Compliance function regarding compliance matters, including tax compliance, litigation, disputes and claims; and 7.5.4. Obtain reports from management, the internal auditor and the external auditor regarding compliance with all applicable legal and regulatory requirements.
Yes
15-293-1882
Chapter 6
Principle 6.1
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
Applied The extent of adherence to applicable non-binding rules, codes and standards is disclosed in the integrated report.
Please refer to the Compliance section in our Annual Integrated Report.
Yes
15-208-1732
Chapter 6
Principle 6.1
The Board ensures that the company complies with applicable laws and considers adherence to non binding rules, codes and standards.
Details of how board discharged its responsibility to establish an effective compliance framework and processes are disclosed in the integrated report.
Please refer to the Compliance section in our Annual Integrated Report.
Yes
15-208-1733
Applied
Applied
Chapter 6
Principle 6.2
The Board and each individual director have a working understanding of the effect of applicable laws, rules, codes and standards on the company and its business.
The induction or ongoing training Applied programmes of directors incorporate an overview of and changes to applicable laws, rules, codes and standards.
Directors have a responsibility to acquaint themselves with their fiduciary duties, and responsibilities, as well as with the issues pertaining to the operations and business environment of CFM so that they are able to fulfil their duties. To assist them, they shall have full and free access to the business including any background material, meetings with senior management and visits to the various company locations which they deem necessary. Further, briefings on relevant new laws and changing commercial risks shall be held periodically.
Yes
15-293-1883
Chapter 6
Principle 6.2
The Board and each individual director have a working understanding of the effect of applicable laws, rules, codes and standards on the company and its business.
Directors sufficiently familiarise themselves with the general content of applicable laws, rules, codes and standards in order to be able to discharge their legal duties.
Directors have a responsibility to acquaint themselves with their fiduciary duties, and responsibilities, as well as with the issues pertaining to the operations and business environment of CFM so that they are able to fulfil their duties. To assist them, they shall have full and free access to the business including any background material, meetings with senior management and visits to the various company locations which they deem necessary. Further, briefings on relevant new laws and changing commercial risks shall be held periodically.
Yes
15-293-1884
Chapter 6
Principle 6.3
Compliance risk should form an integral The risk of non-compliance is identified, Applied part of the companys risk management assessed and responded to through the process. risk management processes.
Yes
15-293-1885
Chapter 6
Principle 6.4
Yes
15-293-1886
Chapter 6
Principle 6.4
The Board should delegate to management the implementation of an effective compliance framework and processes. The Board should delegate to management the implementation of an effective compliance framework and processes.
Compliance breaches are monitored by the compliance team on a daily basis and escalated via the established internal reporting process.
The Board and Coronations executive management are ultimately accountable for compliance. The primary role of the compliance function is to assist the Board and Coronations management to realise their commitment to ensuring that the business is run with integrity, complies with all Regulatory (and best practice) Requirements and is conducted in accordance with the highest ethical standards. Coronations appointed Compliance Officer is responsible for the effective implementation of the function and for facilitating compliance throughout the business via awareness creation, independent monitoring, reporting and the provision of practical solutions or recommendations.
Yes
15-293-1887
Applied
Management has established the Applied appropriate structures; educates, trains and communicates; and measures compliance. The CEO has appointed an individual Applied responsible for the management of compliance; e.g.. a Chief Compliance Officer.
Chapter 6
Principle 6.4
The Board should delegate to management the implementation of an effective compliance framework and processes.
The individual responsible for compliance is a suitably skilled and experienced person who has access to and interacts regularly on strategic compliance matters with the board and/or appropriate board committee and executive management.
Applied
Yes
15-293-1888
Chapter 6
Principle 6.4
The compliance function has adequate resources to fulfil its duties.
Applied
Yes
15-293-1889
Chapter 6
Principle 6.4
The Board should delegate to management the implementation of an effective compliance framework and processes. The Board should delegate to management the implementation of an effective compliance framework and processes.
The board ensures that a legal compliance policy, approved by the board, has been implemented by management.
Applied
Yes
15-293-1890
Chapter 6
Principle 6.4
The Board should delegate to management the implementation of an effective compliance framework and processes.
The board receives assurance on the effectiveness of the controls around compliance with laws, rules, codes and standards.
Applied
Yes
15-293-1891
Chapter 6
Principle 6.4
Compliance with laws, rules, codes and Applied standards is incorporated in the code of conduct of the company.
Yes
15-293-1892
Chapter 6
Principle 6.4
The Board should delegate to management the implementation of an effective compliance framework and processes. The Board should delegate to management the implementation of an effective compliance framework and processes.
N/A
15-208-1734
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The company has established an internal Applied audit function.
Yes
15-294-1893
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The internal audit function evaluates the Not Applied company's governance processes.
No The internal audit review of the governance structures including risk and compliance governance will be included in the internal audit plan going forward. The evaluation currently takes place informally.
15-294-1894
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The internal audit function performs an objective assessment of the effectiveness of risk management and the internal control framework.
Yes
15-294-1895
The board has approved the Compliance Manual which contains all compliance policies. All staff have to sign a bi-annual declaration that they have read, understood and complied with the compliance manual to the extent that it is relevant to their roles. Internal Audit provide assurance on the effectiveness of the internal controls intended to ensure compliance with laws, rules, codes and standards. A report on the finding is issued and tabled at the audit and risk committee. The chairperson of the audit committee will in turn report on the findings to the board.
There is disclosure of material (or Applied immaterial, but often repeated) regulatory penalties, sanctions or fines for contraventions or noncompliance with statutory obligations that were imposed on the company or any of its directors or officers; or a statement that no such events took place.
Applied
Coronation Fund Managers has not been sanctioned with any material regulatory penalties or fines.
The internal audit function, which is an independent function, is considered, with the risk management function to be a third line of defence. Internal audit assists the Board (through the Audit and Risk Committee) by independently monitoring risk management and providing an independent assessment as to the effectiveness of the internal controls.
Internal audit will assess the effectiveness of the internal controls and any material significant control weaknesses are brought to the attention of management and the Audit and Risk Committee.
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The internal audit function systematically Applied analyses and evaluates business processes and associated controls.
The internal audit function provides independent assurance on adequacy and/ or effectiveness of internal controls in place to manage key risks. Quarterly audit reports will be submitted to management and the Audit and Risk committee.
Yes
15-294-1896
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The internal audit function adheres to the IIA Standards and code of ethics.
The internal audit function has been outsourced to the Deloitte.
Yes
15-294-1897
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
The internal audit function provides a Applied source of information as appropriate, regarding instances of fraud, corruption, unethical behaviour and irregularities.
Yes
15-294-1898
Chapter 7
Principle 7.1
The Board should ensure that there is an effective risk based internal audit.
Where there is no formal internal audit Applied function, full reasons for it are disclosed in the company's integrated report, with an explanation as to how adequate assurance of an effective governance, risk management and internal control environment have been maintained.
N/A
15-208-1735
Chapter 7
Principle 7.2
Internal Audit should follow a risk based The internal audit plan and approach is Applied approach to its plan. informed by the strategy and risks of the company.
Yes
15-294-1899
Chapter 7
Principle 7.3
Internal Audit should provide a written assessment of the effectiveness of the companys system of internal controls and risk management.
Internal controls are established not only Applied over financial matters, but also operational, compliance and sustainability issues.
Yes
15-294-1900
Chapter 7
Principle 7.3
Internal Audit should provide a written assessment of the effectiveness of the companys system of internal controls and risk management.
Internal audit provides a written assessment of the system of internal controls and risk management to the board.
Applied
The audit and risk committee is established by the board to assist the board in discharging its duties relating to the safeguarding of assets, the operation of adequate systems, control processes and the preparation of accurate integrated reporting and financial statements in compliance with all applicable legal, regulatory and reporting requirements and standards . Internal audit reports their findings to the audit committee. The chairperson of the audit and risk committee will report to the board, on the risk management activities undertaken during the period under review.
Yes
15-294-1902
Chapter 7
Principle 7.3
Internal Audit should provide a written Internal audit provides a written Applied assessment of the effectiveness of the assessment of internal financial controls companys system of internal controls to the audit committee. and risk management.
Internal Audit report to the audit and risk committee on the findings identified during their reviews.
Yes
15-294-1903
Chapter 7
Principle 7.5
Internal audit should be strategically positioned to achieve its objectives.
The internal audit function is independent and objective.
Applied
The internal audit function has been outsourced to Deloitte.
Yes
15-294-1904
Chapter 7
Principle 7.5
Internal audit should be strategically positioned to achieve its objectives.
The internal audit function reports functionally to the audit committee.
Applied
Internal Audit provides independent reporting to the audit and risk committee;
Yes
15-294-1905
Applied
The internal audit function is outsourced to Deloitte.
The internal audit plan is informed by the outcome of the annual business risk assessment as well as risks identified on an ongoing basis by management and the audit and risk committee.
Chapter 7
Principle 7.5
Internal audit should be strategically positioned to achieve its objectives.
The CAE has a standing invitation to attend executive committee meetings.
Not Applied
The Chief Audit Executive attends Audit No & Risk Committee meetings.
15-294-1906
Chapter 7
Principle 7.5
Internal audit should be strategically positioned to achieve its objectives.
Applied
Chapter 7
Principle 7.5
Internal audit should be strategically positioned to achieve its objectives.
Applied
Chapter 8
Principle 8.1
The Board should appreciate that stakeholders’ perceptions affect a companys reputation.
Chapter 8
Principle 8.1
The Board should appreciate that stakeholders’ perceptions affect a companys reputation.
The internal audit function is a skilled and resourced as is appropriate for the complexity and volume of risk and assurance needs. The CAE develops and maintains a quality assurance and improvement programme. The gap between stakeholder perceptions and the performance of the company is managed and measured to enhance or protect the company's reputation. The process for identification and taking account of the legitimate interests and expectations of stakeholders is reviewed at least once a year.
The Internal Audit function has been outsourced to Deloitte.
Yes
15-294-1907
The Internal Audit function has been outsourced to Deloitte.
Yes
15-294-1908
Yes
15-207-1679
Yes
15-207-1682
Chapter 8
Principle 8.1
The Board should appreciate that stakeholders’ perceptions affect a companys reputation.
The company's reputation and its linkage Applied with stakeholder relationships is a regular board agenda item.
Yes
15-207-1680
Chapter 8
Principle 8.1
The Board should appreciate that stakeholders’ perceptions affect a companys reputation.
Stakeholders which could materially Applied affect the operations of the company are identified, assessed and dealt with as part of the risk management process.
Engagement with our stakeholders is disclosed in our annual report.
Yes
15-207-1681
Chapter 8
Principle 8.2
The Board should delegate to management to proactively deal with stakeholder relationships.
Chapter 8
Principle 8.2
The Board should delegate to management to proactively deal with stakeholder relationships.
Management develops a strategy and Applied formulates policies for the management of relationships with each stakeholder grouping. The board oversees the establishment of Applied mechanisms and processes that support stakeholders in constructive engagement with the company.
Our engagement with our stakeholders is disclosed in the annual report.
Yes
15-207-1683
The board reviews the annual report prior to finalisation.
Yes
15-207-1684
Chapter 8
Principle 8.2
Chapter 8
Principle 8.3
The Board should delegate to management to proactively deal with stakeholder relationships. The Board should strive to achieve the appropriate balance between its various stakeholder groupings, in the best interests of the company.
Yes
15-207-1685
Yes
15-207-1686
Chapter 8
Principle 8.4
Applied
Yes
15-207-1687
Chapter 8
Principle 8.4
Applied
Yes
15-207-1688
Chapter 8
Principle 8.5
Transparent and effective communication with stakeholders is essential for building and maintaining their trust and confidence.
The board has adopted communication guidelines that support a responsible communication programme.
Applied
Yes
15-207-1689
Chapter 8
Principle 8.5
Transparent and effective communication with stakeholders is essential for building and maintaining their trust and confidence.
Complete, timely, relevant, accurate, honest and accessible information is provided by the company to its stakeholders whilst having regard to legal and strategic considerations.
Applied
Yes
15-207-1690
The board encourages shareholders to attend the AGMs.
Applied
Applied
Applied
The board takes account of the Applied legitimate interests and expectations of its stakeholders in its decision-making in the best interests of the company.
Companies should ensure the equitable There is equitable treatment of all treatment of shareholders. holders of the same class of shares issued. Companies should ensure the equitable The board ensures that minority treatment of shareholders. shareholders are protected.
Engagement with our stakeholders is disclosed in our annual report.
The mission of the board of Directors is to represent the interests of the stakeholders of CFM, in perpetuating a successful and sustainable business that ensures the achievement of the vision of the company.
Chapter 8
Principle 8.5
Transparent and effective communication with stakeholders is essential for building and maintaining their trust and confidence.
Reasons for refusals of requests for information that were lodged with the company in terms of the Promotion of Access to Information Act, 2000 are included in the integrated report.
Applied
There were no refusals of requests for N/A information during the period.
15-208-1738
Chapter 8
Principle 8.6
15-207-1691
Principle 9.1
The board has adopted formal dispute Applied resolution processes for internal and external disputes. The company has controls to enable it to Applied verify and safeguard the integrity of its integrated report.
Yes
Chapter 9
The Board should ensure that disputes are resolved effectively and expeditiously as possible. The Board should ensure the integrity of the companys integrated report.
The integrated report is reviewed internally by the senior management as well as the board. We have also engaged Deloitte to review content of the integrated report and suggest enhancements.
Yes
15-208-1692
Chapter 9
Principle 9.2
Sustainability reporting and disclosure The board includes commentary on the should be integrated with the companys company's financial results in the financial reporting. integrated report.
Applied
The financial performance of the company is covered in the Integrated report.
Yes
15-208-1693
Chapter 9
Principle 9.2
Sustainability reporting and disclosure The board discloses if the company is a should be integrated with the companys going concern. financial reporting.
Applied
Please refer to the Directors Approval section on page 3 of the Integrated Report.
Yes
15-208-1694
Chapter 9
Principle 9.2
Sustainability reporting and disclosure The board ensures that the positive and Applied should be integrated with the companys negative impacts of the company's financial reporting. operations and the plans to improve the positives and eradicate or ameliorate the negatives in the financial year ahead are conveyed in the integrated report.
Please refer to the Business Sustainability section of the Integrated Report. In conducting our business activities we do not utilise the capitals of manufacturing and natural.
Yes
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Chapter 9
Principle 9.2
Please refer to the Stakeholder section contained in the Business Overview section of the Annual Integrated Report.
Yes
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Chapter 9
Principle 9.3
Sustainability reporting and disclosure The integrated report discloses the Applied should be integrated with the companys nature of the company's dealings with financial reporting. stakeholders and the outcomes of these dealings. Sustainability reporting and disclosure Sustainability reporting is independently Partially Applied should be independently assured. assured.
Sustainability reporting is currently not independently assured. Given the elements of measuring sustainability, the board does not consider independent assurance to be necessary.
Explained
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Chapter 9
Principle 9.3
Sustainability reporting is currently not independently assured. Given the elements of measuring sustainability, the board does not consider independent assurance to be necessary.
Explained
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Sustainability reporting and disclosure should be independently assured.
The scope of independent assurance over sustainability report is disclosed in the integrated report.
Partially Applied
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