The committee takes cognisance of the importance of balancing experience and the introduction of new ideas and concepts – this is done in a manner that ensures an acceptable measure of consistency and continuity in the direction given to the group. Succession planning will be addressed in the year to come, with reference to the group’s adopted strategy.
Details of the change in directors during the year are contained in the Directors’ Report on page 46. Due to the company’s current shareholding structure in terms whereof the majority of its shares are held by two primary shareholders, the board has decided not to adopt the King III recommendation that the board be able to remove directors without shareholder approval – shareholder approval for such removals is therefore still required.
As stated above, the Nominations and Remuneration Committee will be conducting an assessment of the independence of its non-executive directors to ensure that those directors who have been classified as independent meet the requirements for independence as set out in King III.
The Group Chief Executive and other executive directors are employed on indefinite term service contracts.