The Board and the independence of the independent, non-executive directors are evaluated annually by the LID and the Board. The performance of directors are not evaluated on an individual basis. The subcommittees of the Board are self-evaluated annually by their members with feedback to the Board, as well as by the Board itself.
The Board determines its functions, duties and performance criteria (which inter alia takes the principles and recommended practices of King IV into consideration), as well as those for subcommittees, to serve as a benchmark for the performance appraisals. The Board has decided not to disclose the overview of the appraisal process, results and action plans in the Integrated Annual Report due to the potential sensitive nature thereof.
The Board is satisfied with the independence of the independent, non-executive directors, including the independence of Messrs Fred Robertson, Paul Harris and Murphy Morobe, who each has served on the Board for 17 years, 16 years and 11 years respectively. Based on an evaluation of the aforementioned directors, there is no evidence of any circumstances or relationships that will impair their judgement, and the Board is satisfied that their independence is in no way affected by their length of service.
As mentioned above, the Board has appointed a LID to lead the evaluation of the Chairman’s performance.
The Board is satisfied that the evaluation process has the effect of continuously improving Remgro’s performance and effectiveness.