We are fully committed to upholding the highest standards of corporate governance and transparent reporting, which is essential for creating value sustainably over the long term.
The focus of the Board is to ensure that strategy, sustainability, risk and performance considerations are appropriately balanced and effectively integrated into all we do. The Board approved a delegation of authority framework (DAF) to provide for the various authority levels across the Company and its subsidiaries.
In terms of human rights, labour, the environment, and our anti-corruption efforts, we apply the United Nations Global Compact (UNGC) principles.
The following principles and requirements guide our approach to reporting and corporate governance:
- The International Financial Reporting Standards (IFRS)
- International <IR> Framework of the International Integrated Reporting Council (IIRC)
- Global Reporting Initiative (GRI) standards for sustainability reporting
- King IV™ Report on Corporate Governance for South Africa, 2016 (King IV™)
- Recommendations of the IIRC and the Integrated Reporting Council of South Africa (IRCSA)
- ASX Corporate Governance Principles and Recommendations (Fourth Edition)
- JSE Listings Requirements
- South African Companies Act 71 of 2008 (Companies Act)
- ASX Listings Rules
- United Nations Global Compact (UNGC) principles
- International Finance Corporation (IFC) performance standards
Commitment to King IV™ Principles
Renergen applies the principles of the King IV™ Report on Corporate Governance for South Africa 2016 (King IV™).
IFC corporate governance progression matrix for listed companies
The IFC Corporate Governance Progression Matrix emphasises the importance of ongoing improvements in governance practices. The matrix is organised by four levels of company maturity and complexity, graduating from basic to intermediate to advanced practices and relates to the six areas of governance:
- Commitment to ESG (Leadership and Culture)
- Structure and Functioning of the Board of Directors
- Control Environment (Internal Control System, Internal Audit Function, Risk Governance and Compliance)
- Disclosure and Transparency
- Treatment of Minority Shareholders
- Governance of Stakeholders Engagement
The IFC Corporate Governance Progression Matrix emphasises the importance of ongoing improvements in governance practices rather than trying to apply rigid and static minimum standards. The matrix is organised by four levels of company maturity and complexity, graduating from basic to intermediate to advanced practices.
Level 1
Basic Practices = Companies fulfil the requirements of national legislation.
Level 2
Intermediate practices = Companies taking extra steps to ensure good ESG practices.
Level 3
International practices = Companies contributing to improving ESG nationally and complying with good international standards.
Level 4
Leadership = International best practices – Companies publicly recognised as national and global leaders or trailblazers on ESG.