Tourvest recognizes that good corporate governance is the key to a successful, sustainable and profitable business. To this end, the Board of Directors places a strong emphasis on adhering to the recommendations of The King III Report on corporate governance. The Board fully understands its responsibility to all stakeholders and adheres to the principles of transparency, ethical behaviour and honesty. The standards adopted by the Board are entrenched in the Groupís system of internal control, its code of conduct and its remuneration strategy.
The Board is responsible for the strategic direction of the Group and retains full and effective control over the organization. Group strategy is the responsibility of the Chief Executive and the Executive Committee who report on a quarterly basis to the non-Executive Directors. The Directors strive at all times to maintain a balance between the persuit of commercial gain, adherence to legal and regulatory constraints, the upholding of fair play and good faith, and moral, social and environmental obligations.
The Non-executive and independent Directors provide leadership and guidance to the Board, encouraging optimum input from all Directors and thorough deliberation of all matters requiring consideration by the Board. The Board meets on a quarterly basis or more frequently if circumstances require.
The role of Chairman and Chief Executive do not vest in the same person. The Chairman of the Board is a Non-Executive Director.
The Board has established six committees to assist the Board to effectively discharge its responsibilities for strategic direction, remuneration and nomination policies, risk management and internal control. The Board Committees are: Audit, Remuneration, Risk, Nomination, Transformation and Executive.