Intended Outcome

Every company is headed by a board, which assumes responsibility for the company’s leadership and is collectively responsible for meeting the objectives and goals of the company.

Practice 1.1 Company’s Strategic Aims, Values and Standards

The board should set the company’s strategic aims, ensure that the necessary resources are in place for the company to meet its objectives and review management performance. The board should set the company’s values and standards, and ensure that its obligations to its shareholders and other stakeholders are understood and met.

Application	:	Applied
Explanation on application of the practice	:	The Board leads and controls the Leweko Group in the discharge of its stewardship responsibilities by establishing the strategic direction and overseeing the risk management of the Group. The Board recognises its duties and function by assuming the principal responsibilities as follows: ·       Reviewing and adopting a strategic plan for the Leweko Group; ·       Overseeing the conduct of the Leweko Group’s business to evaluate whether the business is properly managed; ·       Identifying principal risks and ensuring the implementation of appropriate systems to manage these risks; ·       Succession planning, including appointing, training, fixing the compensation of and where appropriate, replacing senior management; ·       Developing and implementing an investor relations programme or shareholder communications policy for the Leweko Group; and ·       Reviewing the adequacy and integrity of the Leweko Group’s internal control systems and management information systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines.
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Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
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