are re-elected every three years.
We are committed to and fully endorse the principles of
good corporate governance recommended by King III, and
set out in the JSE Listings Requirements. Voluntary codes
such as the United Nations Global Compact and the
recommendations of the Organisation for Economic
Co-operation and Development are also considered.
- The Group has complied with the amended JSE Listings
- The Group has applied all the King III principles.
- IT governance is properly managed and aligned to
business needs and strategy.
We have reviewed King IV and will ensure appropriate
reporting in 2017. Our combined assurance framework is
being revised to align to the five-level combined assurance
model introduced in King IV.
All business units, departments and subsidiaries are
required to comply with all applicable legislation and
regulations. The legislative landscape is proactively
monitored and the Board is kept informed of regulatory
changes and non-binding standards, codes and relevant
sector developments that could potentially affect the Group.
Where required, changes are implemented within defined
Compliance risk is monitored by the Risk Committee and
managed through the compliance framework. During 2016,
a governance, compliance, legislative and contractual
risk review was undertaken in each business. The review
also evaluated the full regulatory environment impacting the
Group and the healthcare sector in SA.
Netcare was not subject to any material penalties, fines or
criminal prosecutions during the reporting period.
The Group is suitably resourced to manage legal
proceedings, claims and actions instituted against it. The
Board is of the opinion that there is no legal action that will
materially affect the operations of the Group.
Accountability and control
An appropriate system of internal controls is maintained to
safeguard and manage Netcare’s assets, minimise losses
arising from fraud and/or other illegal acts, and fairly present
financial and operational information. Group Internal Audit
fulfils an assurance and consulting function, and is
mandated to provide independent and objective assurance
over this system of internal controls. Group Internal Audit’s
activities provide assurance to our stakeholders that Netcare
operates in a responsible manner.