66 / 102
62
Vodacom Group Limited
Integrated report for the year ended 31 March 2017
Audit, Risk and Compliance Committee
Executive Committee
Abridged corporate
governance
statement
Statement of compliance
Vodacom is committed to the highest standards of business integrity, ethics and professionalism. The King IV report on Corporate
Governance for South Africa 2016 was released on 1 November 2016. King IV advocates an outcomes-based approach and defines
corporate governance as the exercise of ethical and effective leadership towards the achievement of the following governance
outcomes:
g
g
Ethical culture;
g
g
Good performance;
g
g
Effective control; and
g
g
Legitimacy.
The application of King IV is on an apply and explain basis and while the effective date for disclosure on the application of King IV
is only in respect of financial years starting on or after 1 April 2017, the practices underpinning the principles so espoused in King IV
are entrenched in many of the Group’s internal controls, policies and procedures governing corporate conduct. From a materiality
point of view, the Board is satisfied that in the main, Vodacom has applied the principles set out in King IV, the detail of which is more
fully described below:
Corporate governance structure
The following diagram shows the Group’s governance structures as at 31 March 2017:
BOARD
Board Committees
CEO
Executive Committee
Finance
International Business
Technology
Enterprise
Consumer
Commercial Operations
Corporate Affairs
Legal and Regulatory
Human Resources
Strategy and New Business
Sales and Distribution
Nomination Committee
Remuneration Committee
Social and Ethics Committee