AFRICAN DAWN ANNUAL REPORT 2018 Application of principles in King IV The King IV report is also available on the Company's website at www.afdawn.co.za 16 Afdawn Capital King IV Documentation 28 February 2018 Principle 1: The governing body should lead ethically and effectively. King IV requirements Afdawn Status Comments / Actions Integrity is considered to be a cornerstone of how Afdawn does business. The board members creed is to do all things in the best interests of the company. Everything that is done is done in good faith. Conflicts of interests are declared and noted in minutes of meetings. Board members are ethical and do not merely conform with legal compliance. There is a Code of Business Principles and Ethics policy to be reviewed by the Social and Ethics Committee. The Social and Ethics committee reports incidents to the board as and when required. The Social and ethics Committee is in the process of implementing a number of policies that relate to the ethical conduct for all employees and the board. These include “Facilitation and Extortion Payments”, “Anti-Bribery and Corruption” Preferential Procurement and Enterprise Development” “Gifts, Hospitality and Sponsorship”. Ethical issues are dealt with immediately with zero tolerance. The governing body members are competent to deal with the challenges faced by the company. Members of the board are particularly diligent and when necessary weekly meetings are held by phone to ensure that all the directors know what the situation is at all times. A great deal of e-mail also keeps directors up to speed as well as a WhatsApp group. The challenges have been difficult but the board has been tenacious in ensuring that they are dealt with. The commitment and dedication of the governing body members demonstrates that they take responsibility for the oversight and management of the organisation is significant. The executives have gone way beyond the call of duty to ensure that the company has been cleaned up and is now ready for a new strategy. When circumstances have resulted in deals failing, other avenues have been followed to ensure the long term sustainability of the organisation. Governing body members are accountable to all the key stakeholders and demonstrate their commitment to this. The governing body takes its responsibilities seriously and have done so in particular in the past year in relation to the regulators and SARS. The governing body members ensured fairness in relation to the current key stakeholders with long term sustainability in mind. The key stakeholders including customers, regulators, employees and shareholders have all been taken into account to ensure that they are treated fairly in difficult circumstances in order to ensure the long term sustainability of the organisation. In order to keep all stakeholders informed regular SENS are sent out when events warrant it to be as transparent as possible. There have been a number of SENS sent out in the past year. Other reporting has been done in the AFS. An integrated report will be produced as soon as funds are available to do so. Principle 2: The governing body should govern the ethics of the organisation in a way that supports the establishment of an ethical culture. The governing body needs to walk the talk in relation to ethics. The business model is based on ethical principles and fairness to customers to assist them with responsible lending. Ethics breaches are reported to the social and ethics committee who inform the governing body as necessary. Principle 3: The governing body should ensure that the organisation is and is seen to be a responsible citizen. The governing body needs to The governing body and its committees take responsibility comply with laws, regulations and to ensure that all the statutory matters are complied with standards and codes. to the best of their ability. A concerted effort to comply has been in place despite economic constraints.
AFRICAN DAWN 2018 Annual Report
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