CORPORATE GOVERNANCE

THE BOARD REQUESTED THAT AECI'S MANAGEMENT "CONTROL WORKING CAPITAL AGGRESSIVELY". IN THE 2009 FINANCIAL YEAR, THE GROUP'S NET WORKING CAPITAL AS A RATIO OF REVENUE IMPROVED TO 15,9% FROM 19,2% AT THE END OF 2008. CASH MANAGEMENT WAS EXCELLENT AND THE REDUCTION IN WORKING CAPITAL DELIVERED MORE THAN R1 BILLION IN CASH. THE EFFORTS OF CHEMSERVE IN THIS REGARD WERE PARTICULARLY COMMENDABLE.

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Company secretary

The appointment and removal of the Company secretary is a matter for the Board as a whole. The Company secretary advises the Board on the appropriate procedures for the management of meetings and the implementation of governance procedures, and is further responsible for providing the Board collectively, and each director individually, with guidance on the discharge of their responsibilities in terms of legislation and regulatory requirements applicable in South Africa. The Company secretary monitors directors' dealings in securities and ensures adherence to "closed periods" for share trading.