The board endeavours to meet the highest ethical standards of business practice and acknowledges that ethics are the foundation of, and reason for, corporate governance. The board is responsible for ensuring that management actively cultivates a culture of ethical conduct. Ethical behaviour, in its simplest terms, is about knowing and doing what is right.

The general powers of the board are conferred in the company’s Memorandum of Incorporation and board charter. The board charter sets out the powers and authority of the board and provides a clear and concise overview of the roles and responsibilities of the board members. The board charter is reviewed annually and is aligned with King IVTM recommendations.

We are further satisfied that the governance structures are appropriate, and that the authority framework provides clarity and contributes to effective control and performance.

For more information about SPAR’s corporate governance please refer to the integrated annual report.