Corporate governance remains central in all our business practices and operations in line with the requirements of our listings on the JSE and AIM. The Board and its Committees and the Group’s employees are committed to the principles of transparency, accountability, integrity and fairness in the conduct of the Group’s business affairs.
Application of codes of good governance
The Board of SacOil strives to promote the highest standard of corporate governance by supporting the principles of good governance as outlined in the Code of Corporate Practices and Conduct as recommended by King III, the QCA Corporate Governance guidelines for AIM companies and the UK Corporate Governance Code.
Good governance includes the structures, processes and practices that the Board uses to ensure its oversight function over the operations of SacOil.
The Board, its committees and employees are committed to the principles of transparency, accountability, integrity and fairness in the conduct of its business affairs. To ensure adherence to good governance the Group remains vigilant in adhering to developments in this arena and improvements are made where deemed appropriate.
The Group complies with all the recommendations of King III, except as set out below. A register on King III compliance is available on this page.
The Group’s governance model includes the structures, processes and practices that the Board uses to ensure its oversight function over the Group’s operations in accordance with its approved delegation of authority.
The governance model adopted by the Group is intended to provide the necessary oversight in respect of the Group and is intended to allocate responsibility to the various bodies to discharge their duties in terms of the Group’s approved delegation of authority.
The governance model reflects the nature and complexities of the business activities and it is expected that further governance bodies may be introduced in future to enable the Board to effectively manage the Group.