CASE STUDY

Agribank of Zimbabwe

As part of the pan African regional integration and industrialisation through development finance initiatives, the IDC has developed programmes to contribute to an enabling environment for institutions outside South Africa.

King III checklist

The following table provides an assessment of the Corporation’s compliance with King III:

Key    
✓   Applied  
   Partially applied  
   Not applied  
   In progress  
   Not applicable  
Ethical leadership and corporate citizenship  
✓   Effective leadership based on an ethical foundation  
✓   Responsible corporate citizen  
✓   Effective management of company’s ethics  
Board and directors
✓   The Board is the custodian of corporate governance  
✓   Strategy, risk, performance and sustainability are inseparable  
✓   The Board should consider business rescue proceedings when appropriate  
✓   Directors act in the best interests of the company  
✓   The Chairman of the Board is an independent non-executive director  
✓   Framework for the delegation of authority has been established  
✓   The Board comprises a balance of power, with a majority of non-executive directors who are independent  
✓   Directors are appointed through a formal process  
✓   Formal induction and ongoing training of directors is conducted  
✓   The Board is assisted by a competent, suitably qualified and experienced Company Secretary  
✓   Regular performance evaluations of the Board, its committees and the individual directors  
✓   Appointment of well-structured committees and oversight of key functions  
   A governance framework is agreed between the Corporation and its subsidiaries*  
✓   Directors are fairly and responsibly remunerated  
✓   Remuneration of directors is disclosed in the annual report  
✓   The Corporation’s remuneration policy is approved by its shareholders  

* The governance framework was approved during the reporting period and will be rolled out to the subsidiaries and investee companies during the next reporting period.

Internal Audit
✓   Effective risk based Internal Audit  
✓   Written assessment of the effectiveness of the company’s system of internal controls and risk management  
✓   Internal Audit is strategically positioned to achieve its objectives  
Audit Committee
✓   Effective and independent  
✓   Suitably skilled and experienced independent non-executive directors  
✓   Chaired by an independent non-executive director  
✓   Oversees integrated reporting  
✓   A combined assurance model is applied to improve efficiency in assurance activities  
✓   Satisfies itself of the expertise, resources and experience of the company’s finance function  
✓   Oversees the external audit process  
✓   Reports to the Board and shareholders on how it has discharged its duties  

Coega Dairy Holdings

The IDC has identified increased competition in the dairy value chain and import substitution in the cheese industry as key sector development goals. We also singled out the need for increased farmer (and specifically B-BBEE) participation in dairy value-adding initiatives.

Windtown Lagoon Resort 

The newly built Windtown Lagoon Resort and Spa reflects the IDC’s focus to funding community-based projects that have potential to create employment opportunities in far-flung regions.


APPROVALS
R13.1 billion
DISBURSEMENTS
R16.0 billion
JOBS FACILITATED
18 922
JOBS SAVED
3 950
© The IDC 2013. All rights not expressly allowed are reserved. P.O. Box 784055, Sandton, 2146, South Africa