The board’s objective is to provide responsible business leadership to the group with due regard to the interest of all stakeholders. It is fully committed to business integrity, fairness, transparency and accountability in all of its activities.
The board is characterised by robust and informed debates that take place in an environment of trust and respect. It is held responsible for the proper fulfilment of all functions, delegating 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-to-day basis.
The board recognises the objectives of the King Code of Governance Principles for South Africa (“King III”), released in 2009, as extremely important. They use this as the basis to manage the board effectively and in a robust and informed way, yet within the context of trust and respect.
The directors are confident that the fundamental objectives and spirit of King III are being achieved within Spur Corporation Ltd. Having also adopted the Institute of Directors of South Africa’s (“IoDSA”) Governance Assessment Instrument (“GAI”) process to assess the group’s governance practices, the board is responsible for sustainability matters within the group. This includes environmental sustainability and climate change. The environmental sustainability committee reports progress to the board on a regular basis.