Governance cont...
Communication
The Group supports a policy of open communication with
all stakeholders on matters of both a financial and non-financial
nature. Regular communication sessions are held internally
with management and senior executives, and externally
with institutional shareholders and investment analysts.
Dealings in securities
The Group complies with the Listings Requirements of
the JSE (“the JSE Listings Requirements”) in relation
to the restrictions applicable to trading in Mvelaphanda
Group shares by directors and employees during closed
periods. Closed periods endure from the end of a financial
reporting period until the publication of financial results
for that period. Additional closed periods, as defined
in the JSE Listings Requirements, may be declared should
such circumstances prevail. During non-closed periods
directors and employees may only deal in Mvelaphanda
Group shares with the approval of the Deal Approval Committee.
Management reporting
There are comprehensive management reporting disciplines
in place, which include the preparation of annual budgets
by all operating divisions. Individual operational budgets
are approved by the boards of directors of the relevant
companies. The group budget is reviewed by the Mvelaphanda
Group Board of directors. Monthly results are reported
against budgets. Budgets and profit projections are reviewed
and updated regularly during the financial year. Working
capital and cash flow management are monitored on an
ongoing basis.
Human resources
Mvelaphanda Group strives to be an employer of choice
among workers and a leader in the development of human
resources and human capital. This drive is underpinned
by the development and training of employees from previously
disadvantaged backgrounds so as to ensure that, over
time, the Group’s workforce, at all levels, will become
representative of the demographics of South Africa.
The Group remains committed to the principles and spirit
of the Employment Equity Act. All Group subsidiaries
are required to maintain up-to-date employment equity
plans that include specific goals for training and staff
development, with compliance being monitored and reported
on regularly. The companies in which the Group holds
investments are encouraged to do the same.
Particular emphasis is placed on the identification
and accelerated development of previously disadvantaged
individuals (“PDIs”) with the potential to rise to management
and executive levels. Mvelaphanda Group is proud of its
track record in developing and promoting its own employees,
including employees from previously disadvantaged backgrounds,
to senior positions within the Group.
Social responsibility
As an integral part of South African society the Group
strives to be a trusted and good corporate citizen, fulfilling
its responsibilities to its stakeholders and the communities
in which it operates. The Group’s social responsibility
programme seeks to identify and support groups, which
make a contribution to the upliftment and improvements
of the quality of life of South Africans, mainly in education
and other special programmes. |
