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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	Introduction
	Information Technology (IT)
	The year ahead
	The Board
	Company secretary
	Board sub-committees
	Accountability and internal control
	Risk management
	Key risk profile
	Management of key risks
	Ethics
	Dealing in securities
	Directors and officers liability insurance
	Investor relations and shareholder communication

MANAGEMENT OF KEY RISKS

The Group's Executive Committee reviews the business environment regularly. Management will continue to focus on:

tightly controlled cash management;
maintaining working capital ratios in a range between 16% and 18%;
cost reductions; and
improving trading margins.

In managing SHE risks, the Group is guided by a formal SHE policy, supported by a set of standards. Regular training and reporting are in place. More detail is given in the corporate citizenship chapter of this annual report.