AVBOB Integrated Annual Report 2018

to integrate environmental considerations throughout our operations. We regularly measure, review and report on our environmental footprint. Our responsibility to our stakeholders on environmental issues is therefore seen as high priority. Our areas of environmental impact are detailed in the Sustainability Report. Corporate Governance Effective corporate governance is about integrity, entrepreneurial drive and leadership with effective oversight and monitoring, setting the corporate culture to maintain high standards of performance and conduct as well as maintaining good financial control and risk management, with the guiding principle being that of trust, as the absolute basis of internal and external governance relationships. Our values based culture encourages continual improvement in customers’ experience of our products and services, and constant focus on improving the way our business works. We set high standards for integrity and honesty in how we operate, and our culture supports hard work, respect and taking ownership. Numerous regulatory reforms have been implemented or are in the process of being implemented. These include a new Insurance Act, Protection of Personal Information Act, Retail Distribution Review, Twin Peaks, Anti-money Laundering and Microinsurance. Our focus is to ensure compliance to these reforms and we have made good progress in implementing strategies to meet the challenge presented by the evolving regulatory environment. Strong corporate governance and our commitment to the communities in which we operate, ensured that we remained focus on our goal to be the funeral insurer of choice. Good governance is essential for our long term success as it is accepted that good management without effective governance does not add value. We are continually learning and challenging ourselves to strengthen our governance capabilities and will continue to drive the Group to raise standards further in our aspiration to be world class in all that we do. A strong and diverse Board is key to value creation The knowledge, skill, experience, diversity and independence of our Board are critical for sustainable value creation. We have a diversified Board with strong commercial and technical skill sets to deliver on our responsibilities to the Group and for the benefit of our stakeholders. We have reviewed the composition and size of the Board to manage the technical demands of the various committees. The Board currently consists of ten members, four of which are Executive Directors. The remainder of the Board are Independent Non-executive Directors. Mr C van der Riet was appointed as Deputy CEO on 1 November 2017 and we welcome him to the AVBOB family. Mr GL Marx retired from the Board on 30 June 2018. We thank him for his invaluable contribution over 21 years and our gratitude and best wishes accompany him. We are pleased to announce the appointment of Mr LB Dlamini who will serve on the Board as an Independent Non-Executive Director. Mr Dlamini was appointed on 21 June 2018 and we look forward to his contribution on the Board and to AVBOB. There is a vacancy on the Board with the retirement of Mr GL Marx. The Board, Board Committees and individual Directors are evaluated every two years. An evaluation was conducted in June 2018 and based on this review, I am satisfied that the Board and its committees as well as the Directors individually are performing efficiently. Further information is given in the Director’s and Corporate Governance Reports. 16