The Laser Group (Proprietary) Limited and its subsidiaries and joint ventures subscribe where necessary to the Code of Corporate Practice and Conduct as set out in the King Report on Corporate Governance.

The directors reaffirm their commitment to the principles of openness, integrity and accountability.

Board of Directors

The board of directors comprises three directors, one of whom is non-executive. The board meets regularly to initiate, evaluate and monitor business matters which have an impact on the well-being of the group and its stakeholders. These include setting group strategy, determining policy and instituting control measures. The board takes final responsibility for acquisitions and disposals, approves annual budgets, capital expenditure and appraises proposals from the executive.

The daily management of the group’s affairs is delegated to the chief executive officer, who co-ordinates the implementation of the board policy.

Internal Control Systems

The group maintains systems of internal control which are designed to provide reasonable, but not absolute assurance as to the reliability of the annual financial reporting and to adequately safeguard, verify and maintain accountability for assets. Documented organisational structures and policies are in place. Controls are monitored throughout the group by management and employees. Corrective actions are taken to address control deficiencies and other opportunities for improving the systems as they are identified. The board provides oversight of the financial reporting process.

Employment Equity

The group is committed to equal opportunity employment and the development of all its employees. To comply with the requirements of the Employment Equity Act, (Act No. 55 of 1998) the group has set up representative Employment Equity Committees. Employment Equity reports have been filed with the Department of Labour as per legislative requirements.

Code of Ethics

The group’s values commit employees to high standards of integrity, behaviour and ethics in dealing with stakeholders. The directors and senior employees are required to contractually commit and adhere to these standards in such a way as to carry on business only through fair commercial and competitive practices.