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CORPORATE Governance Report

Key corporate governance developments during the 2006 financial year: • Transformation Committee established and fully operational; • Strengthening of the Audit & Risk Committee by the appointment of an independent non-executive director with specialist financial skills; • Improvement of Board self-assessment processes; • Introduction of formal, separate Board strategic planning sessions; • Increased focus on succession planning; • Enhancement of directors’ induction programme; and • Rotation of audit partner.

A commitment to sound corporate governance principles is entrenched in Aspen’s strategic and operational policy and procedures. The directors of Aspen ensure ongoing improvement of operational and corporate practices to consistently develop and enhance compliance with the Code of Corporate Practices and Conduct set out in King II. The Board Of the twelve directors on Aspen’s Board, ten are non-executive directors in accordance with sound corporate governance principles. Four of the ten non-executive directors are further considered to be independent. Directors are considered to be independent when they do not have any relationship, other than holding a directorship, with the company. As per King II the ownership of shares which is not material to either the director or the Company and is not sufficient to enable the director in question to significantly influence or control management, is not viewed as an impediment to classification as an independent director. Attendance by all directors at the Board meetings held during the year is recorded below: Regular board meetings

Special board meetings

AJ Aaron* (Chairman)

4

4

MG Attridge

4

4

MR Bagus*†

4

0

Directors

4

1

JF Buchanan*†

4

4

M Buthelezi* deceased December 2005

1

2

NJ Dlamini* appointed 1 July 2005

4

0

P Dyani* appointed 14 February 2006

2

2

M Krok*

4

4

CN Mortimer*

4

4

DM Nurek*

3

4

SB Saad

4

4

W van Rensburg resigned 8 May 2006

3

2

L Boyd*

*non-executive †

independent

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Aspen Annual Report 2006

Profile for Aspen Holdings

Aspen Annual Report 2006  

Aspen Annual Report 2006