Statement of commitment
(For the year ended 31 December 2010)
The directors of Liberty Holdings Limited (company) and its subsidiaries are responsible for developing, approving and monitoring appropriately high standards of corporate governance for the group and fully endorse the principles of the South African Code of Corporate Practices and Conduct as recommended in the King Report on Corporate Governance (King II). The directors believe that Liberty has implemented and complied with the applicable requirements of King II and that Liberty complied with the Listings Requirements of the JSE Limited in all respects, with regard to the year under review.
Whilst the board is satisfied with its level of compliance with applicable governance and regulatory requirements, it recognises that its practices can always be improved, and accordingly the board has and will continuously review the company’s governance framework against prevailing governance best practice.
Liberty is committed to a transparent governance process that provides stakeholders with a high degree of confidence that the group is being managed ethically, within prudent risk parameters and in compliance with international best practice.
The King Report on Corporate Governance for South Africa, 2009 (King III) became effective for the reporting periods commencing from 1 March 2010. The group conducted an extensive review of the King III principles and the company’s existing governance practices. Liberty has elected to report against the King III principles for this year, as the group has substantively applied or will apply these principles within the forthcoming year. In instances where the group has not yet applied, or has elected not to apply, certain of the principles, these exceptions are explained under the appropriate sections throughout this report. As part of the progressive journey to comply with King III, the remuneration philosophy will be presented to shareholders for a non-binding vote of approval at the forthcoming annual general meeting.
Corporate Governance Report