Corporate Governance

Key areas (draft)

* Public Finance Management Act: operator-separate incorporated entity(Companies Act(2008))

* Audit, Risk and Social Health and Environment Committee(of the contractor)

* King III(operator & contactor)

* NB Integrated report(discussion paper on integrated reporting(Integrated Reporting Committee of South Africa(2011)))- prepared by WFW(contractor & operator)

Corporate Governance (blastit)

Company Management Structure and Style At this point the company has an extremely simple management structure. Each set of turbines (consisting of 5 units) is under the supervision of a plant foreman. Foremen report directly to plant managers who are responsible for one of the seven plant zones.  In order to ensure effective and prompt decision making, the company makes use of no further levels of management. Thus, plant managers report directly to the COO and hence to the board itself. The company applies an open door policy that gives any member of staff the right to contact the board directly.   The company believes in a fair remuneration scheme which should be simple and easy to apply. As a result, no use is made of complex incentive arrangements like share options. Rather, the company offers a competitive base salary with full medical aid and retirement benefits. Staff are rewarded for innovation and dedication and this is communicated by promotion based on merit and a generous bonus scheme. Bonuses take a suitable mix of both long and short term measures into account .A balanced score card is used which places emphasis on both financial and non-financial measures in order to align the interests of employees with those of the company.The board of directors is made up of a mix of executive and non executive directors as recommended by King III. Executive directors are very much in favor of hands on approach to business and thus frequently visit operating sites and interact with all levels of staff.  This coupled with a HR policy...