INVESTOR RELATIONS
Corporate Governance
Oando is committed to the principles and implementation of good corporate governance. The Company recognises the valuable contribution that it makes to long-term business prosperity and to ensuring accountability to its shareholders. The Company is managed in a way that maximises long-term shareholder value and takes into account the interests of all of its stakeholders.
Oando believes that full disclosure and transparency in its operations are in the interests of good governance. As indicated in the statement of responsibilities of directors and notes to the accounts the business adopts standard accounting practices and ensures sound internal controls to facilitate the reliability of the financial statements.
Oando has undertaken to the JSE to comply with the minimum corporate governance requirements contained in the JSE Listings Requirements within a period of 12 - 18 months of the date of listing or prior to any capital raising, whichever comes earlier.
The Board |
The board is responsible for setting the Company's strategic direction, for leading and controlling the Company and for monitoring activities of the executive management. The board presents a balanced and understandable assessment of the Company's progress and prospects.
The board consists of the Chairman, 8 non-executive directors (of which 4 are independent in terms of the Listings Requirements of the JSE) and 2 executive directors. The non-executive directors are independent of management and free from any constraints, which could materially interfere with the exercise of their independent judgement. They have experience and knowledge of the industry, markets, financial and/or other business information to make a valuable contribution to the company's progress. The Chief Executive Officer is a separate individual from the Chairman and he implements the management strategies and policies adopted by the board. The board meets at least four times a year.
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The Audit Committee |
The audit committee of the Company ("the Audit Committee") is made up of six members - three directors (all of whom are non-executive) and three shareholders. The Audit Committee members meet at least three times a year.
Its duties include keeping under review the scope and results of the external audit, as well as the independence and objectivity of the auditors. The Audit Committee also keeps under review internal financial controls, compliance with laws and regulations and the safeguarding of assets. It also reviews the adequacy of the plan of the internal audit and reviews its audit reports.
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Systems of Internal Control |
Oando has well-established internal control systems for identifying, managing and monitoring risks. These are designed to provide reasonable assurance that the risks facing the business are being controlled.
The corporate internal audit function of the Company plays a key role in providing an objective view and continuing assessment of the effectiveness of the internal control systems in the business. The systems of internal controls are implemented and monitored by appropriately trained personnel and their duties and reporting lines are clearly defined.
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Code of Business Ethics |
| Management has communicated the principles in the Company's Code of Conduct to its employees in the discharge of their duties. This code sets the professionalism and integrity required for business operations which covers compliance with the law, conflicts of interest, environmental issues, reliability of financial reporting, bribery and strict adherence to the principles so as to eliminate the potential for illegal practices. |
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click here to view our Code of Business Conduct & Ethics
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