AFRICAN DAWN ANNUAL REPORT 2019 Application of principles in King IV™ The King IV™ report is also available on the Company's website at www.afdawn.co.za Afdawn King IV™ Application Register as at 28 February 2019 King IV™ requirements Afdawn Status Comments / Actions 16 Leadership, Ethics and Corporate Citizenship Principle 1: The governing body should lead ethically and effectively. Integrity is considered to be a cornerstone of how Afdawn does business. The Board members creed is to do all things in the best interests of the Company. Everything that is done is done in good faith. Conflicts of interests are declared and noted in minutes of meetings. Board members are ethical and do not merely conform with legal compliance. The Code of Business Principles and Ethics policy have been reviewed by the Social and Ethics Committee. The Social and Ethics Committee reports incidents to the Board as and when required. The Board has approved a number of policies that relate to ethical conduct of all employees. These include “Facilitation and Extortion Payments”, “Anti-Bribery and Corruption” "Preferential Procurement" and "Enterprise Development”, “Gifts, Hospitality and Sponsorship” and “Investor Relations”. Afdawn is in the process of implementing these policies. Ethical issues are dealt with immediately with zero tolerance. The governing body members are competent to deal with the challenges faced by the organisation. Members of the Board are particularly diligent and when necessary, weekly meetings are held by phone to ensure that all the directors know what the situation is at all times. A great deal of e-mail also keeps directors up to speed as well as a WhatsApp group. The challenges have been difficult but the Board has been tenacious in ensuring that they are dealt with. The commitment and dedication of the governing body members demonstrates that they take responsibility for the oversight and management of the organisation very seriously. The executives have gone way beyond the call of duty to ensure that the Company has been cleaned up and is now ready for a new strategy. When circumstances have resulted in deals failing, other avenues have been followed to ensure the long term sustainability of the Company. Governing body members are accountable to all the key stakeholders and demonstrate their commitment to this. The Board takes its responsibilities seriously and has done so in particular in the past year in relation to the regulators and SARS. The governing body members ensured fairness in relation to the current key stakeholders with long term sustainability in mind. The key stakeholders including customers, regulators, employees and shareholders have all been taken into account to ensure that they are treated fairly in difficult circumstances in order to ensure the long term sustainability of the Company. In order to keep all stakeholders informed regular SENS announcements are sent out when events warrant it to be as transparent as possible. There have been a number of SENS announcements sent out in the past year. Other reporting has been done in the AFS. An integrated report will be produced as soon as funds are available to do so. Principle 2: The governing body should govern the ethics of the organisation in a way that supports the establishment of an ethical culture. The governing body needs to walk the talk in relation to ethics. The business model is based on ethical principles and fairness to customers to assist them with responsible lending. Ethics breaches are reported to the Social and Ethics Committee who inform the Board as necessary. Principle 3: The governing body should ensure that the organisation is and is seen to be a responsible corporate citizen. The governing body needs to The Board and its committees take responsibility to ensure comply with laws, regulations, that all the statutory matters are complied with to the standards and codes. best of their ability. A concerted effort to comply has been in place despite economic constraints.
AFDAWN AR FINAL 2019
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