GOVERNANCE

CORPORATE GOVERNANCE

The board of directors endorses and has addressed and, where applicable, had applied the Code of Corporate Practices and Conduct (“the Code”) and is fully committed to complying with the recommendation of the Kind III Report on corporate governance (“King II Report”) as well as the JSE Listings Requirements.

In supporting the Code, the directors recognise the need to conduct the business of the group with transparency, integrity and in accordance with generally accepted corporate practices.

The directors continually review the group’s policies and procedures to enhance corporate governance and to ensure that the group continues to be managed under the highest ethical standards.

THE BOARD OF DRECTORS

Bonatla has a unitary board and the role of the chairperson and chief executive do not vest in the same person. The Bonatla board meets regularly, retains full and effective control over affairs of the group and monitors the asset management and property management processes. The board reserves to itself a range of key decisions to ensure that it retains proper direction and control of the group.

The Board is responsible for effective control over the affairs of the group, including: strategic and policy decision-making, financial control, risk management communication with stakeholders, internal controls and the asset management process. It approves the annual strategic plan and budget for the group.

Each of the members of the board is competent and has a wide range of expertise in the property environment, finance and general commerce.

N G Vontas is the CEO of the Company, and K Otto is the Financial Director.

Directors are entitled, in consultation with the Chairman, to seek independent professional advice about the affairs of the group, at the group’s expense.

 

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