Ellies is fully committed to ensuring compliance with the principles of the Code of Corporate Practices and Conduct set out in the King Report. The directors recognise the need to conduct the enterprise with integrity and in accordance with generally acceptable corporate practices. This includes timely, relevant and meaningful reporting to shareholders and other stakeholders, providing a proper and objective perspective of the company and its activities.
The directors have, accordingly, established mechanisms and policies appropriate to the company’s business in keeping with its commitment to best practices in corporate governance to ensure compliance with the King Code. The board reviews these policies from time to time.
King III: Areas of inadequate compliance with recommendations
The following is a list of the areas where there is inadequate compliance with recommended principles and which the board will be giving attention to during the forthcoming financial year in order to improve the level of governance:
- Integrated reporting: refinement and improvement of integrated reporting generally to be implemented
- Board composition: acknowledgement that there is not a majority of non-executive directors
- Information technology: the development of a long term IT strategy