Corporate Governance

(For the year ended 31 December 2009)

Statement of commitment

The directors of Liberty Holdings Limited and its subsidiaries (Liberty) are responsible for developing, approving and monitoring 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 members of the directors’ affairs committee have considered the effect of the King Committee’s Code on Governance 2009 (King III) on the group and are satisfied that the group’s governance structure will accommodate any new recommendations.

The directors of Liberty believe that Liberty for the 2009 year under review complies with, and has implemented, the applicable requirements of King II in all significant respects.

Liberty is committed to an open 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.

Corporate Governance Report