Corporate governance report

Effective corporate governance is the cornerstone upon which the management of the ADvTECH group is based.

The board acknowledges that it is responsible for ensuring that the principles of sound corporate governance are observed and incorporated into the leadership and management of the group. The directors, collectively and individually, acknowledge their responsibilities in terms of the South African Companies Act, No. 71 of 2008‚ as amended, (the Companies Act) and the King IV Report on Corporate Governance™ in South Africa (King IV™) and the JSE Listings Requirements.

The Board remains committed to the principles of King IV™ and continuously reassesses its internal controls, policies, terms of references, procedures and processes, against King IV™ and makes changes as and when appropriate.

ADvTECH has a unitary board structure that oversees the management and control structure, which, in turn, directs the organisation in its entirety. The board retains full and effective control over the group and monitors executive management's implementation of plans and strategies.

The board has delegated authority to run the day-to-day affairs of the group to the group CEO and Exco. Exco facilitates the effective control of all the group's operational activities, acting as a decision-making body and a medium of communication and co-ordination between the various business units, group companies and the board.