The Board has a fiscal and fiduciary responsibility to adhere to all of the laws and guidelines required to ensure good corporate governance at South Ocean Holdings, and is responsible for the implementation and monitoring of governance practices throughout the Group. In an environment that is increasingly regulated, the Board bears the ultimate responsibility for constantly monitoring compliance with internationally accepted governance practices, as well as for ensuring that a robust corporate governance framework is in place to provide for effective implementation.
The members of the Board and Senior Managers consistently strive to entrench an overall culture of good governance and good corporate citizenship throughout the Group. The purpose of this is to ensure that all decisions are taken in an ethical, fair and transparent manner within the context of an ethical framework that supports accountability to the law and all of the Group's stakeholders.
All decisions related to material matters are approved by the Board. These include, but are not limited to, decisions regarding the allocation of capital resources to optimise the return on shareholders' funds, and the authorisation of procurement, capital expenditure, property transactions, borrowings, and investments (other than where pre-approved materiality levels, which have been identified by the Board, have been given to Management).
South Ocean Holdings regularly undertakes assessments of the application of King IV. The Group's governance processes are well entrenched and comply with all of the applicable principles and guidelines in King IV.
View the full assessment in the latest compliance report below.