From intergrated annual report for year ended 31 December 2017
Bell Equipment is committed to sound standards of corporate governance, integrity and ethics, as defined in King IV. The group strives to make all reasonable endeavours to implement the best processes and principles of good corporate governance to assist its directors in discharging their duties and responsibilities, aligning its strategy and risk management with its performance to ensure that the group is able to be sustainable in the longterm and add value to its stakeholders.
The board of directors embrace the principles of King IV, underscored by sound and visible leadership characterised by the ethical values of responsibility, accountability, fairness and transparency.
The directors are ultimately responsible for ensuring compliance with all relevant laws, regulations and codes throughout the group. The board and its committees continue to monitor closely the implementation of Bell Equipment’s legal compliance processes and improve upon them to mitigate the risk of non-compliance with the laws in the various jurisdictions in which it does business. The group has an established and
comprehensive group approvals framework that is reviewed annually and is aimed at clarifying the various limits of authority in place within the group. The overall responsibility of management rests with the chief executive who gives regular reports about the achievement of the group objectives to the board. By delegating these powers to the chief executive, the board has imposed certain restrictions, conditions and limits
that they believe to be appropriate for the effective exercise of such delegated powers.
Assessment of and application of King IV principles
In the past, Bell Equipment undertook regular assessments on the application and implementation of King III. Post the coming into effect of King IV during April 2017 and the mandatory requirements of certain King IV governance practices by the JSE, in the form of amendments to the JSE Listings Requirements, Bell Equipment conducted and considered its application and adherence to the King IV principles. The outcome of the
assessment revealed that the group materially complies with the principles of King IV and continues to identify areas where the recommended practices can be enhanced and entrenched in its governance structures, systems, processes and procedures. Bell Equipment’s report on the application of the King IV principles is available