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Introduction

The King III report, effective 1 March 2010, is a milestone in the evolution of corporate governance in South Africa. King III brings significant opportunities for organisations that embrace the principles of discipline, transparency, independence, accountability, responsibility, fairness and social responsibility. Foskor (Pty) Ltd strives to uphold King III‘s corporate governance standards and complies materially with the King Code’s governance principles. Foskor’s operations and policies are aligned stringently to the recommended corporate governance framework.

The Board of directors is responsible to shareholders for the performance of the company. Its role includes the establishment, review and monitoring of strategic objectives. The Board approves major acquisitions, disposals and capital expenditure, while overseeing the group’s systems of internal control, governance and risk management.