Sustainability

Industrial [photo] 

Corporate governance

THE OMNIA APPROACH TO GOVERNANCE

Omnia’s business philosophy is based on values established over half a century ago. At the core of these values are good governance, ethics, and integrity. Under this umbrella, the board of directors is responsible to lead ethically and effectively.

Through the application of corporate governance principles and the four good governance outcomes embodied in the King IV Code of Corporate Governance, namely an ethical culture, sustainable value creation, effective control and legitimacy, the board exercises its leadership responsibilities.

In 2018, the board reviewed and approved Omnia’s vision of Trusted Performance | Innovative Solutions | Better World, as it strategised the Group’s corporate citizenship efforts.

COMPANY SECRETARY

On 2 July 2018, Michelle Nana was appointed as Omnia’s Group company secretary. The company secretary ensures that the board is aware of its fiduciary duties and responsibilities and is kept cognisant of relevant changes in legislation and governance best practice. She facilitates the induction of new directors and the ongoing training of directors, in addition to acting as secretary to the board and its committees. The board and every director have unfettered access to the services of the company secretary.

The board assessed the company secretarial function for the year under review, as required in the JSE Listings Requirements, and confirms that she continues to demonstrate the requisite level of knowledge and experience to carry out her duties, is independent from management and the company and Group to appropriately support the board and execute her role.

COMBINED ASSURANCE

Two committees of the board – the audit and the social, ethics and risk committees – support the board in embedding combined assurance into the Group. The audit committee holds the ultimate responsibility for overseeing Omnia’s system of internal control which is designed to evaluate, manage and provide reasonable assurance against material misstatement and loss. The social, ethics and risk committee oversees that risks and opportunities are identified, assessed and quantified. The board is further assisted by divisional management through the Group risk management committee.

Omnia’s combined assurance model optimises the assurance obtained from management and internal and external assurance providers while fostering a strong ethical climate and mechanisms to ensure compliance. A new integrated enterprise risk management (ERM) system is the mechanism through which management identifies key risks facing Omnia and implements the necessary internal controls.

Deloitte, Omnia’s internal audit service provider ensures adequate controls are in place. The external auditor, PwC, covers key controls and accounting matters during the course of its audit.

Omnia’s governance framework

Omnia's Governance Framework [graph]

Annual financial statements 2018 Remuneration and implementation report Social, Ethics and Risk committee report

For more information about Omnia and corporate governance, go to our full
corporate governance report (PDF - 5.27MB).

King IV application register (PDF - 74.46KB).

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