Corporate Governance

Good corporate governance is integral to Altech’s operations and, as such, the board is fully committed to the principles of the Code of Corporate Practices and Conduct (the code) set out in the King Report on Corporate Governance (King III). The purpose of King III is to promote the highest level of corporate governance in South Africa. In supporting the code, the board of directors (the Altech board) recognises the need to conduct the enterprise with integrity and in accordance with generally acceptable corporate practices.

The Altech board is the focal point of the group’s corporate governance system and remains ultimately accountable and responsible for its performance and affairs.

All entities within the group are required to subscribe to the spirit and principles of King III. The Altech board also seeks to ensure that good governance is practised at all levels in the group and that it is an integral part of Altech’s operations.

Whereas the Altech board takes responsibility for group compliance with the code and is the focal point of the group’s corporate governance system, the directors of specific companies in the group are responsible for ensuring compliance in respect of the companies of which they are directors.

All key King III principles reflected in Altech’s corporate governance structures are reviewed from time to time to take into account corporate changes and international developments in corporate governance.