The board delegates authority to the group chief executive officer, executive directors and senior management for the implementation of the strategy and the ongoing management of the business on a day-today basis.
Pierre van Tonder, the Spur Corporation chief executive officer, is responsible and accountable to the board for all group operations. The executive chairman and the group chief executive officer have clearly defined and separate roles. The board also delegates powers to the elected subcommittees:
- Audit committee
- Risk committee
- Remuneration committee
- Social, ethics and sustainability committee
- Transformation committee
- Nominations committee
Each committee conducts an informal self-evaluation on an annual basis and the chairman of each reports back to the board regarding the results of the self-evaluation. The board evaluates the performance of the committees in order to determine whether they are functioning well and meeting their obligations in terms of their respective charters.
During the financial year, the Memoranda of Incorporation (MOI) of all local subsidiaries are aligned with the requirements of the new Companies Act.