THE AECI BOARD PLAYS A PIVOTAL ROLE IN DEFINING THE GROUP’S GOVERNANCE CLIMATE AND FRAMEWORK, GEARED TOWARDS DELIVERING SUSTAINABLE GROWTH IN THE INTERESTS OF ALL STAKEHOLDERS. IN THE YEAR UNDER REVIEW THE COMPANY CONTINUED TO REFINE AND ARTICULATE ITS GROWTH STRATEGY AS WELL AS THE EXPECTED STANDARDS OF BUSINESS INTEGRITY AND ETHICS THROUGH THE REVIEW AND RELAUNCH OF THE GROUP’S BIGGER VALUES.
Further improvements were effected, as required, to enable enhanced standards of compliance with King III, the Companies Act, the JSE Listings Requirements and other applicable laws and regulations. The Board agreed to redefine AECI’s governance framework in terms of the roles and responsibilities of the Company’s Board and those of the Boards of its subsidiaries. The objective is to ensure optimal alignment with the Group’s portfolio management operating model. This work will be completed in 2016.
African and international operations
The AECI Group operates in more than 20 countries, in Africa and elsewhere. The increasing complexity of the regulatory environment in individual countries is the principal challenge to achieving full compliance in all operations in all these countries.
For the reporting period the focus was on finalising the project initiated in 2014 to scope regulatory compliance requirements in the Group’s countries of operations. Although progress was made, in 2016 attention will shift to reviewing and agreeing the approach to ensure compliance with diverse compliance frameworks.