Evaluation methodology

The methodology sought to gather comprehensive insights into the governance structure and dynamics, ensuring that the evaluation process encompassed a range of perspectives and experiences. The approach emphasises the importance of thorough documentation review, individual input through questionnaires, and in-depth discussions with board members to inform the assessment and drive improvements in board governance.

Governance

All participants praised the high quality of governance and the Board's commitment to King IV compliance, with commendable documentation standards and meticulous planning of the Board and committee activities, overseen very professionally by the Company Secretariat.

Board Culture

All participants of the evaluation regarded the board culture as healthy, collegial and robust. Recommendations arising from the evaluation include:

• Organising a face-to-face Board day to focus on team building and enhancing performance and culture for both board members and co-opted members
• Conducting individual skills needs analysis and developing a training plan to address identified gaps, considering the allocation of a budget for directors to choose from various learning mediums
• Prioritising the development of a strong succession plan, particularly for the Exco and CEO, that includes business continuity considerations in the event of key resource loss
• Performing a comprehensive stakeholder analysis and implementing a strategy to address the needs of each stakeholder group effectively
• Reviewing the ethics function, particularly the handling of whistleblowing events, to enhance the board's reputation, focusing on improving transparency and procedures in this area
• Furthering work already being done on ESG and the greening strategy
• Adopting a more future-focused strategic approach and embracing technology but not at any cost. Prioritisation should be honed
• Increase induction to include induction onto board committees and increased feedback by committee chairs to the Board