The provisions and principles of the King III Report and Code, introduced on 1 March 2010, were followed for FY2011 reporting and were applied voluntarily for FY2010. Application of the King III Code receives ongoing attention. Specific corporate governance criteria employed by our institutional investors are also considered and applied.
As part of our commitment to governance, the directors seek at all times to conduct the business with integrity and accountability, as per the code of ethics incorporated in the Board Charter. This includes ongoing implementation and improvement of structures, policies and practices to enhance corporate governance.
Compliance with the Companies Act 71 of 2008, as amended (the Act), which took effect on 1 May 2011, also received ongoing attention. The Board Charter, and the terms of reference for Board committees, were aligned with the Act in 2010. Growthpoint’s statutes – and those of its subsidiaries - will also be brought in line with Act requirements by the time 2012 annual general meetings are held.