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AFRICAN DAWN ANNUAL REPORT 2020
Application of principles in King IV™ continued
Committees of the board
Principle 8: The board should ensure that its arrangements for delegation within its own structure promote independent judgement
and assist with balance of power and the effective discharge of its duties.
Committees have been established to assist the board in discharging its responsibilities. The committees of the board comprise of an Audit and
Risk Committee, Remuneration Committee and a Social and Ethics Committee.
The committees are appropriately constituted and members are appointed by the board. External advisors, executive directors and members
of management attend committee meetings by invitation. Formal terms of reference are adopted by each committee, which are reviewed
annually.
Evaluation of the performance of the board
Principle 9: The board should ensure that the evaluation of its own performance and that of its committees, its chairperson and its
individual members, support continued improvement in its performance and effectiveness.
The Chairperson of the board assisted by the company secretary leads the evaluation process. The objective of the evaluation process is to
improve the board’s performance and effectiveness.
The outcomes from this assessment are put to the attention of the board.
The board chairperson also engages with individual directors to address any area of improvement highlighted in the assessment feedback.
Appointment and delegation to management
Principle 10: The board should ensure that the appointment of, and delegation to, management contribute to role clarity and the
effective exercise of authority and responsibilities.
The role and function of the CEO are specified in the board charter and the performance of the CEO is evaluated by the board against these
criteria. It is the responsibility of the board to ensure that succession plans are in place for the position of the CEO.
The board approves and regularly reviews the framework and top level delegation of authority in terms of which matters are delegated to the
CEO and executive management.
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