MESSAGE FROM LEAD INDEPENDENT DIRECTOR

As the WBHO Board of Directors, we recognise that accountability and transparency are fundamental to investor trust and commercial sustainability. This requires us to deliberate and act with fairness, responsibility and integrity. It also obliges us to consider more than just our financial performance, appraising the short and long-term impacts of our operations on society and the environment at the same time.

We are committed to maintaining robust standards of corporate governance and are guided in this regard by the sound recommendations of the King Code of Corporate Governance Principles for South Africa (King III), the dictates of the Companies Act, No 71 of 2008 and the JSE Listings Requirements. Our commitment is not simply an expression of compliance, however, but a reflection of our sincere belief that such standards represent the foundation of the future success of the company.

As the Board, we appreciate that good governance requires us to articulate the overarching values and standards to which we hold ourselves accountable as a group, provide unifying oversight, and identify and implement the right guidelines, policies and procedures to help the business achieve its strategic objectives.

The WBHO Board undertakes a formal of its effectiveness each year. During the period under review, the Board was independently evaluated by an external party, which ensured a vigorous process. Members of the Board also evaluates their individual performance during the year. These evaluations covered strategic skills, understanding of the business and its context, and the ability of members to apply objectivity, independence and judgement when required. Going forward, we will undertake full external Board, committee and individual assessments.

Following this evaluation, the Board is satisfied that the Board and its committees are performing effectively and that there is the appropriate balance of skills, experience, independence and knowledge of the group to enable the directors to discharge their respective duties and responsibilities effectively.



Nomgando Matyumza

Lead independent non-executive director



BOARD OF DIRECTORS

The WBHO Board of Directors is responsible for developing the strategy of the organisation with management. It retains full and effective control of the company and is responsible for the implementation of the strategy of the group. This section of the report sets out the composition and experience of the Board. For further information regarding the role and responsibilities of the Board, together with the attendance of members at meetings for the financial year ended 30 June 2016, please see the governance section of our website.



DEMOGRAPHICS

For the period 1 July to 30 June 2016, the Board of WBHO consisted of eight directors, five of whom were independent and non-executive.



COMPOSITION


We have appointed a Lead independent non-executive director, Nougando Matyumza, as the Chairman of the Board is an executive of the company.



EXPERIENCE

YEARS OF INDUSTRY EXPERIENCE (EXECUTIVE DIRECTORS)



QUALIFICATIONS



GOVERNANCE STRUCTURES

The following diagram illustrates our existing governance structures and reporting processes:


Further information regarding the governance structures, processes and guiding principles of the group, including our King III register, committee charters, Code of Conduct and Board composition and attendance, can be found on the WBHO website at www.wbho.co.za/governance.


  Download the full governance report



Head Office

53 Andries Street
Wynberg
Johannesburg
South Africa
2090

Call: +27 11 321 7200

Email:  wbho@wbho.co.za