{"id":4699,"date":"2024-06-12T22:15:40","date_gmt":"2024-06-12T20:15:40","guid":{"rendered":"https:\/\/famousbrands.co.za\/iar2024\/?page_id=4699"},"modified":"2024-06-20T14:19:07","modified_gmt":"2024-06-20T12:19:07","slug":"our-corporate-governance-approach","status":"publish","type":"page","link":"https:\/\/famousbrands.co.za\/iar2024\/governing-for-value-creation\/our-corporate-governance-approach\/","title":{"rendered":"Our corporate governance approach"},"content":{"rendered":"<div class=\"intro\">\n<p>The Board confirms that <strong>responsible corporate governance principles are embedded within the<br \/>\n\t\t\tGroup<\/strong>. As set out in the Board Charter, Board members <strong>demonstrate integrity, competence,<br \/>\n\t\t\taccountability<\/strong>, and <strong>transparency.<\/strong><\/p>\n<\/div>\n<p>Our <a href=\"https:\/\/famousbrands.co.za\/iar2024\/how-we-unlock-value-for-stakeholders\/strategy-overview\/\" class=\"link\">seven core values<\/a> shape our governance philosophy and, together with King IV, guide the Board and<br \/>\n\tmanagement in their leadership decisions and behaviour. This results in the four good governance outcomes of ethical<br \/>\n\tand effective leadership, sustainable value creation, effective controls and oversight and trust and confidence in<br \/>\n\tthe Group.<\/p>\n<h2>Board Composition<\/h2>\n<div class=\"row\">\n<div class=\"col-md-3\">\n\t\t<img decoding=\"async\" class=\"flyinUp animate__animated\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p134-1.png\" alt=\"\">\n\t<\/div>\n<div class=\"col-md-9\">\n<p>The Board comprises a majority of\u00a0independent non-executive directors (8), one non-executive director and two<br \/>\n\t\t\texecutive directors, the CEO and the Group Financial Director. The Board is appropriately sized to meet the<br \/>\n\t\t\tneeds of the Group. Famous Brands currently does not have a lead independent director position. However,<br \/>\n\t\t\tAlex Maditse has been appointed as lead independent director with effect from the AGM\u00a02024. <\/p>\n<p>The Board acknowledges the importance of diversity, including gender, race, age, experience, and expertise.<br \/>\n\t\t\tThe Board\u2019s Diversity Policy is incorporated in the Nominations Committee Charter. The Board has achieved<br \/>\n\t\t\tits target of\u00a035% gender representation by 2024 as part of its commitment to\u00a0contributing to SDG 5 (gender<br \/>\n\t\t\tequality). There are currently no targets for race representation. <\/p>\n<p>There are succession plans for the\u00a0CEO and other critical executive\u00a0positions.<\/p>\n<\/p><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p134-2.png\" alt=\"\">\n\t<\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p134-3.png\" alt=\"\">\n\t<\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<h2>Board Skills<\/h2>\n<p>The Board has 237 years of combined business experience at\u00a0both the executive and non-executive levels. This includes<br \/>\n\texposure to and skills in strategy, finance and auditing, marketing, procurement and HR. In addition, some Board<br \/>\n\tmembers have highly specialised skills in franchising, legal, property management and\u00a0digital transformation.<br \/>\n\tThe\u00a0Board has:<\/p>\n<ul>\n<li>Three members who are Chartered Accountants. <\/li>\n<li>One member who is a CD (SA) Charterholder. <\/li>\n<li>Two members with MBAs. <\/li>\n<li>Two members with an LLB degree\u00a0qualification. <\/li>\n<li>Two members with LLM qualifications.<\/li>\n<\/ul>\n<h2>Rotation, independence and changes to the Board <\/h2>\n<p>Santie Botha and Norman Adami will retire from the Board at the AGM on 26 July 2024. Chris Boulle and Fagmeedah<br \/>\n\tPetersen-Cook will retire by rotation and have made themselves available for re-election at the AGM, and the Board<br \/>\n\tsupports their re-election. <\/p>\n<p>Santie Botha and Chris Boulle have served 10 years or more on the board of Famous Brands. In terms of\u00a0good corporate<br \/>\n\tgovernance, the Board has, in accordance with the recommendation of Principle 7 of King IV, conducted an assessment<br \/>\n\tof their independence and is satisfied that notwithstanding their\u00a0tenure on the Board, they\u00a0remain independent.<\/p>\n<p>We are guided by our Nomination Committee Charter when appointing non-executive directors. The Nomination Committee<br \/>\n\trecommends the appointment of\u00a0non-executive directors to the Board for approval. The following changes to the<br \/>\n\tcomposition of the Board took place during the year:<\/p>\n<ul>\n<li>On 8 March 2023, Norman Adami stepped down from the\u00a0Audit and Risk Committee. He\u00a0currently remains a member of<br \/>\n\t\tthe Nomination and Investment Committees.<\/li>\n<li>John Halamandres, a non-executive director, retired from the Board at the AGM held on 20\u00a0July 2023.<\/li>\n<li>Deon Fredericks retired as Group Financial Director on 31 July 2023.<\/li>\n<li>Nelisiwe Shiluvana was appointed as Group Financial Director and executive director on 1\u00a0August\u00a02023.<\/li>\n<li>William Mzimba was appointed as an independent non-executive director, effective 1 October 2023. He joined the<br \/>\n\t\tSocial and Ethics Committee on 24 October 2023.<\/li>\n<li>On 24 October 2023, Chris Boulle stepped down as a member of the Social and Ethics Committee.<\/li>\n<\/ul>\n<p>In March 2024, the Board announced the appointment of Chris Boulle, current independent non-executive director, as<br \/>\n\tthe Group\u2019s Chairman with effect from the AGM on 26 July 2024. He replaces Santie Botha, who is retiring as an<br \/>\n\tindependent non-executive director and Chairman of\u00a0the Board. He will take over as\u00a0Chairman of the Nomination<br \/>\n\tCommittee and step down as Chairman of the Audit and Risk Committee and the Remuneration Committee, but he will<br \/>\n\tremain a\u00a0member of the Remuneration Committee. <\/p>\n<p>Alex Maditse will assume the position of lead independent director with effect from the AGM. In addition, Norman<br \/>\n\tAdami will retire at the forthcoming AGM.<\/p>\n<h2>Exco-Composition<\/h2>\n<div class=\"row\">\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p135-1.png\" alt=\"\">\n\t<\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p135-2.png\" alt=\"\">\n\t<\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p135-3.png\" alt=\"\">\n\t<\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<h2>Board of Directors and Executive Management<\/h2>\n<p><strong>as at 29 February 2024<\/strong><\/p>\n<h3>Non-executive directors<\/h3>\n<div class=\"row\">\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p136-1.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Santie Botha (59)<\/h4>\n<h5><em>Independent non-executive Chairman<\/em><\/h5>\n<p>\t\t\tBEcon (Hons)<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-maroon\">IC<\/button><\/li>\n<li><button class=\"board-purple\">NC<\/button><\/li>\n<li><button class=\"board-grey\">REM<\/button><\/li>\n<\/ol>\n<p>Santie served as executive director of the MTN Group (2003 to 2010) and Absa Bank (1996 to 2003).<br \/>\n\t\t\t\tShe\u00a0also served as Chancellor of Nelson Mandela University from 2011 until 2017. Santie has received<br \/>\n\t\t\t\tvarious awards, including Business Woman of the Year (2010).<\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tAreas of expertise Governance, marketing, strategy, remuneration, consumer insight and stakeholder<br \/>\n\t\t\t\trelationships. <\/p>\n<p><strong>Other directorships <\/strong><\/p>\n<ul>\n<li>Curro Holdings (Independent Chairman)<\/li>\n<li>Board member and Independent Chairman for Capitec Bank Holdings, Capitec Bank Limited, Capitec Life<br \/>\n\t\t\t\t\tLimited<\/li>\n<\/p>\n<table width=\"100%\" class=\"footnote\">\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>*<\/sup><\/td>\n<td>Retiring from the Curro Holdings Limited board in June 2024. <\/td>\n<\/tr>\n<\/table>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p136-2.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Norman Adami (69)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tB.Bus Science (Hons), MBA<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-maroon\">IC<\/button><\/li>\n<li><button class=\"board-purple\">NC<\/button><\/li>\n<\/ol>\n<p>Norman had a long career with SABMiller, beginning in 1979. He was appointed Managing Director of SAB in<br \/>\n\t\t\t\t1994<br \/>\n\t\t\t\tand Chairman in 2000. In 2003, he became President and CEO of the newly acquired Miller Brewing Company.<br \/>\n\t\t\t\tIn<br \/>\n\t\t\t\t2006, he became President and CEO of SABMiller Americas, overseeing the Miller Brewing Company and the<br \/>\n\t\t\t\tSouth<br \/>\n\t\t\t\tand Central American business units. In October 2008, he\u00a0resumed the role of Managing Director and<br \/>\n\t\t\t\tChairman<br \/>\n\t\t\t\tof SAB Limited. He retired in 2014. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGeneral management, risk, strategy,\u00a0marketing, operational management, mergers and acquisitions<\/p>\n<p><strong>Other directorships <\/strong><br \/>\n\t\t\t\tCoca-Cola Bottling Africa\n\t\t\t<\/p>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p136-3.png\" alt=\"\"><\/p>\n<section>\n<h4>Christopher Boulle (52)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tBCom, LLB, LLM<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-orange\">AR<\/button><\/li>\n<li><button class=\"board-grey\">REM<\/button><\/li>\n<\/ol>\n<p>Chris is a commercial, corporate finance, tax and trust attorney. His\u00a0expertise includes cross-border<br \/>\n\t\t\t\ttransactions, mergers and acquisitions, Black economic empowerment transactions and advising on local<br \/>\n\t\t\t\tand<br \/>\n\t\t\t\tinternational stock exchange listings. His experience as a non-executive director of listed companies<br \/>\n\t\t\t\tspans<br \/>\n\t\t\t\tover two decades. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tLaw, governance, strategy, risk and\u00a0corporate finance. <\/p>\n<p><strong>Other directorship <\/strong><br \/>\n\t\t\t\tAdvtech (Chairman)*\n\t\t\t<\/p>\n<table width=\"100%\" class=\"footnote\">\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>*<\/sup><\/td>\n<td>Retiring from the Advtech board in\u00a0June\u00a02024. <\/td>\n<\/tr>\n<\/table>\n<\/section><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<div class=\"row eq-height\">\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p137-1.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Alexander (Alex) Komape Maditse (61) <\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tBProc, LLB, LLM, HDip (Company\u00a0Law)<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-purple\">NC<\/button><\/li>\n<li><button class=\"board-lgrey\">SE<\/button><\/li>\n<\/ol>\n<p>Alex is an admitted attorney and is\u00a0the CEO of Copper Moon Trading Pty Limited. He serves as a director<br \/>\n\t\t\t\ton several boards and committees of listed companies. He has previously held the positions of Country<br \/>\n\t\t\t\tManager of Coca-Cola East and Central Africa and Franchise Operations Director of Coca-Cola SA. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tLaw, governance, strategy, franchising, management and operations <\/p>\n<p><strong>Other directorships<\/strong><\/p>\n<ul>\n<li>African Rainbow Minerals Limited (Lead independent) director<\/li>\n<li>The Bidvest Group Limited<\/li>\n<li>Murray &#038; Roberts<\/li>\n<li>Netcare Limited<\/li>\n<\/ul>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p137-2.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Nicolaos (Nik) Halamandaris (49)<\/h4>\n<h5><em>Non-executive director<\/em><\/h5>\n<p>\t\t\tB.Bus Science (Hons), MBA<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-lgrey\">SE<\/button><\/li>\n<\/ol>\n<p>Nik has extensive experience in the food services industry, having been a franchise partner of many of<br \/>\n\t\t\t\tthe Group\u2019s mainstream brands over the past two decades until 2010. He\u00a0is currently an executive<br \/>\n\t\t\t\tdirector of several non-listed property development and construction companies, primarily responsible<br \/>\n\t\t\t\tfor strategy and new business development. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGeneral management, strategy, franchise management, food services and property management<\/p>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p137-3.png\" alt=\"\"><\/p>\n<section>\n<h4>Busisiwe Mathe (43)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tBCom (Acc), CA(SA)<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-orange\">AR<\/button><\/li>\n<li><button class=\"board-lgrey\">SE<\/button><\/li>\n<\/ol>\n<p>Busisiwe is a seasoned business leader with a rich background in internal audit, external audit, digital<br \/>\n\t\t\t\ttransformation, cyber security and data privacy. She has worked across multiple industries and sectors,<br \/>\n\t\t\t\tboth locally and globally. She has previously held the position of Africa Cyber Security &#038; Data Privacy<br \/>\n\t\t\t\tleader for PricewaterhouseCoopers. She served as the Chairperson of their South African Governing Board,<br \/>\n\t\t\t\ta member of their Africa Governance Board and Chairperson of their Human Capital Sub-Committee. <\/p>\n<p>She was recognised as an Emerging Business Leader by the African Woman Chartered Accountants in\u00a02019.\n\t\t\t<\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGovernance, audit and risk, technology, cyber security, data privacy, stakeholder management and<br \/>\n\t\t\t\tfinancial management<\/p>\n<p><strong>Other directorship <\/strong><br \/>\n\t\t\t\tCurro Holdings Limited\n\t\t\t<\/p>\n<\/section><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p138-1.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Thabo Mosololi (54)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tBCom (Hons), MAP, EDP, CA(SA)<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-orange\">AR<\/button><\/li>\n<\/ol>\n<p>Thabo has held several leadership positions at organisations, most notably Tsogo Sun and Sun<br \/>\n\t\t\t\tInternational, and Audit Committee and Board memberships at Edcon Holdings, Telkom Limited and MC\u00a0Mining<br \/>\n\t\t\t\tLtd. He is the Managing Director of Mala Mala Game Reserve company. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGovernance, risk management, financial management and operations, audit and stakeholder engagement <\/p>\n<p><strong>Other directorships<\/strong><\/p>\n<ul>\n<li>Truworths Limited<\/li>\n<li>Pan-African Resources Limited<\/li>\n<\/ul>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p138-2.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>William Mzimba (55)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tMBA, BA (Hons) Business, Diploma in Datametrics (Computer Science)<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-maroon\">IC<\/button><\/li>\n<li><button class=\"board-lgrey\">SE<\/button><\/li>\n<\/ol>\n<p>William was CEO of Vodacom Business, a member of the Vodacom Group Exco, Board Member of Vodacom South<br \/>\n\t\t\t\tAfrica and IOT.NXT as well as Chairman of\u00a0Nexio. Prior to that, he was the\u00a0Chief Executive Officer and<br \/>\n\t\t\t\tChairman of Accenture in Africa for\u00a012 years. <\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGovernance, strategy, financial management, stakeholder engagement, management and\u00a0operations, and<br \/>\n\t\t\t\ttechnology<\/p>\n<\/section><\/div>\n<div class=\"col-md-4\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p138-3.png\" alt=\"\"><\/p>\n<section>\n<h4>Fagmeedah Petersen-Cook (48)<\/h4>\n<h5><em>Independent non-executive director<\/em><\/h5>\n<p>\t\t\tBBusSc (Actuarial Science), CD(SA), Actuary<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-orange\">AR<\/button><\/li>\n<li><button class=\"board-maroon\">IC<\/button><\/li>\n<li><button class=\"board-grey\">REM<\/button><\/li>\n<\/ol>\n<p>Fagmeedah currently serves as a non-executive director for a diverse range of companies, where she<br \/>\n\t\t\t\tapplies her strategic thinking and well-developed understanding of risk. She is a CD(SA) Charter holder,<br \/>\n\t\t\t\ta certified director, and an experienced investment professional. She has held C-suite roles in the<br \/>\n\t\t\t\tpublic and private sectors. Fagmeedah\u2019s professional career as an actuary spans 24 years.<\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGeneral management, actuarial science, risk management, strategy, investments, and governance. <\/p>\n<p><strong>Other directorships<\/strong><\/p>\n<ul>\n<li>ABSA Financial Services Group <\/li>\n<li>Pepkor<\/li>\n<li>Escap<\/li>\n<li>Africa Re<\/li>\n<li>3SixtyLife \u2013 Curator<\/li>\n<\/ul>\n<\/section><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<ol class=\"inline-buttons\">\n<li class=\"pr-3\"><button class=\"board-orange\">AR<\/button> Audit and Risk<\/li>\n<li class=\"pr-3\"><button class=\"board-maroon\">IC<\/button> Investment Committee<\/li>\n<li class=\"pr-3\"><button class=\"board-purple\">NC<\/button> Nomination Committee<\/li>\n<li class=\"pr-3\"><button class=\"board-grey\">REM<\/button> Remuneration Committee<\/li>\n<li class=\"pr-3\"><button class=\"board-lgrey\">SE<\/button> Social and Ethics<\/li>\n<\/ol>\n<h3>Executive directors and members of Executive Management <\/h3>\n<div class=\"row\">\n<div class=\"col-md-6\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-1.png\" alt=\"\"><\/p>\n<section class=\"border-right\">\n<h4>Darren Hele (52)<\/h4>\n<h5><em>Chief Executive Officer<\/em><\/h5>\n<p>\t\t\tBcom<\/p>\n<ol class=\"inline-buttons\">\n<li><button class=\"board-lgrey\">SE<\/button><\/li>\n<\/ol>\n<p>Darren began his career at Pleasure Foods Limited while studying for and completing a BCom. After<br \/>\n\t\t\t\tparticipating in the management buy-out of Pleasure Foods in 1996, he held executive roles at Whistle<br \/>\n\t\t\t\tStop and Wimpy before joining Famous Brands in 2003. He served as Managing Director of Wimpy in SA and<br \/>\n\t\t\t\tlater in the UK. <\/p>\n<p>Darren was appointed Chief Operating Officer for the Franchising division in May 2011 and, in January<br \/>\n\t\t\t\t2013, Chief Operating Officer of the Group. In March 2014, Darren assumed the role of CEO of Food<br \/>\n\t\t\t\tServices and was appointed CEO of the Group in March 2016.<\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tGeneral management, franchise management, marketing, strategy and stakeholder relationships<\/p>\n<\/section><\/div>\n<div class=\"col-md-6\">\n\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-2.png\" alt=\"\"><\/p>\n<section>\n<h4>Nelisiwe Shiluvana (44)<\/h4>\n<h5><em>Group Financial Director<\/em><\/h5>\n<p>\t\t\tBCompt (Hons), CA(SA), ACMA, CGMA<\/p>\n<p>Nelisiwe has more than 18 years of experience in commerce and consulting. She joined Famous Brands<br \/>\n\t\t\t\tin\u00a02021 as Group Finance Executive.<\/p>\n<p>Before joining Famous Brands, she was a partner in consulting for 6 years at a Big 4 audit firm, working<br \/>\n\t\t\t\twith\u00a0clients from diverse sectors. Prior to her role in consulting, she was a Senior Manager at Telkom<br \/>\n\t\t\t\tSA in statutory reporting and later a Senior Manager at Telkom Mobile operations finance and capital<br \/>\n\t\t\t\tmanagement.<\/p>\n<p><strong>Area of expertise<\/strong><br \/>\n\t\t\t\tFinancial management and accounting, financial\u00a0controls and stakeholder management.<\/p>\n<\/section><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<h3>Executive Management<\/h3>\n<div class=\"row\">\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-3.png\" alt=\"\"><\/td>\n<td>\n<h4>Celeste Appollis (52)<\/h4>\n<h5><em>Company Secretary and Head\u00a0of Legal<\/em><\/h5>\n<p>\t\t\t\t\tBA LLB H.Dip. (Company Law)\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-4.png\" alt=\"\"><\/td>\n<td>\n<h4>Derrian Nadauld (50)<\/h4>\n<h5><em>Chief Operating Officer \u2013 Leading Brands<\/em><\/h5>\n<p>\t\t\t\t\tNDip Catering Management and Certificate Marketing Management\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-5.png\" alt=\"\"><\/td>\n<td>\n<h4>Jabulani Mahange (63)<\/h4>\n<h5><em>Group HR Executive<\/em><\/h5>\n<p>\t\t\t\t\tBA, BED (Wits), PDM (Wits), MBL\u00a0(SA)\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-6.png\" alt=\"\"><\/td>\n<td>\n<h4>Ntando Ndaba (38)<\/h4>\n<h5><em>Group Risk Executive<\/em><\/h5>\n<p>\t\t\t\t\tBTech\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-7.png\" alt=\"\"><\/td>\n<td>\n<h4>Andrew Mundell (55)<\/h4>\n<h5><em>Group Executive \u2013 Supply\u00a0Chain<\/em><\/h5>\n<p>\t\t\t\t\tBSc Agric (Hons), M.B.A. (UCT)\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"col-md-6\">\n<table class=\"exec\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p139-8.png\" alt=\"\"><\/td>\n<td>\n<h4>Philip Smith (61)<\/h4>\n<h5><em>Managing Director \u2013 AME<\/em><\/h5>\n<p>\t\t\t\t\tA Levels (UK)\n\t\t\t\t<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<h3>Key governance matters addressed during 2024<\/h3>\n<table>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Operational<\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-1.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Considered and approved the 2024 Group Budget and Group Business Plan.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Strategy and financing <\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-1.png\" alt=\"\"><br \/>\n\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-2.png\" alt=\"\"><br \/>\n\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-3.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Reviewed and approved the 2024 to 2026 corporate strategy, focusing on brand health and\u00a0performance<br \/>\n\t\t\t\t\tdrivers such as an IT and digital strategy and related IT and\u00a0digital structure\u00a0and initiatives.\n\t\t\t\t<\/li>\n<li>Considered the 2025 to 2027 corporate strategy, business plan and financial roadmap. <\/li>\n<li>Approved the capital allocation for developing the Midrand Campus. <\/li>\n<li>Approved the purchase of shareholding in Munch Software and Famous Brands Restaurant\u00a0Holdings Ltd in<br \/>\n\t\t\t\t\tMauritius. <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Risk management, internal control and compliance<\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-4.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Reviewed compliance of AFS with the JSE\u2019s proactive monitoring recommendations. <\/li>\n<li>The Internal Financial Controls Programme was reviewed to support the CEO and Group\u00a0Financial<br \/>\n\t\t\t\t\tDirector\u2019s attestation statement.<\/li>\n<li>Monitored the implementation of POPIA, AARTO and Extended Producer Responsibility compliance.<\/li>\n<li>Monitored the implementation of the General Laws Amendment Act and the consequent changes to the<br \/>\n\t\t\t\t\tCompanies Act.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Succession and\u00a0talent management <\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-4.png\" alt=\"\"><br \/>\n\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-5.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Approved CEO and Exco performance scorecards for 2024.<\/li>\n<li>Approved the adoption of a new Long-Term Share Incentive Plan for executives.<\/li>\n<li>Approved the performance conditions and targets for the 2023 LTI allocation.<\/li>\n<li>Approved executive director remuneration, including salary increases and STI allocations,<br \/>\n\t\t\t\t\tand\u00a0approved executive LTI allocations.<\/li>\n<li>Approved a 6% increase of non-executive director fees, subject to shareholder approval.<\/li>\n<li>Reviewed the CEO and Group Financial Director\u2019s performance scorecards. <\/li>\n<li>Reviewed Executive Management succession plans.<\/li>\n<li>Reviewed Board succession and composition in line with the Diversity Policy as\u00a0well\u00a0as\u00a0the\u00a0ongoing<br \/>\n\t\t\t\t\ttraining of Board members.<\/li>\n<li>Approved the appointment of Nelisiwe Shiluvana as Group Financial Director.<\/li>\n<li>Approved the Board appointment of William Mzimba.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Corporate and performance reporting<\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-4.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Reviewed and approved the annual Board workplan and evaluated Board and Committee\u00a0performance.<\/li>\n<li>Approved the 2023 AFS and IAR and market communications relating to the 2023 annual\u00a0results and 2024<br \/>\n\t\t\t\t\tinterim results. <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\">\n<td class=\"border-right\">\n<h5>Corporate citizenship<\/h5>\n<p>\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-4.png\" alt=\"\"><br \/>\n\t\t\t<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p140-1.png\" alt=\"\">\n\t\t<\/td>\n<td>\n<ul>\n<li>Monitored progress against achieving the Company\u2019s selected SDG targets.<\/li>\n<li>Reviewed progress made with transformation and the B-BBEE scorecard.<\/li>\n<li>Reviewed the progress made with the Group\u2019s CSI initiatives.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"border-t-orange\"><\/tr>\n<\/table>\n<p><a class=\"anchor\" id=\"Performance_evaluations\"><\/a><\/p>\n<h2>Performance evaluations <\/h2>\n<p>The Board is satisfied that its evaluation process is improving its performance and effectiveness. In October 2023,<br \/>\n\tFamous Brands conducted a formal internal evaluation of the Board\u2019s overall effectiveness across several categories.<br \/>\n\tThe Board evaluation results show that the Board functions well and allows for a robust discussion of important<br \/>\n\ttopics and the expression of varied perspectives. Improvements were noted in: <\/p>\n<ul>\n<li>The thorough process in determining the independence of non-executive directors.<\/li>\n<li>Good progress has been made regarding diversity (race and gender) of the Board, and in its contributing to the<br \/>\n\t\teffectiveness of the Board. <\/li>\n<li>Improved an ongoing engagement and communication with stakeholders outside of the Integrated Annual Report.<\/li>\n<\/ul>\n<p>Key focus areas for 2025 include:<\/p>\n<ul>\n<li>Succession plans for key executives.<\/li>\n<li>Succession plans for key executives.<\/li>\n<li>Implementation of a formal legal and regulatory compliance framework.<\/li>\n<\/ul>\n<h3>Meeting attendance <\/h3>\n<div class=\"ri\">\n<img decoding=\"async\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p141.png\" alt=\"\">\n<\/div>\n<table width=\"100%\" class=\"footnote\">\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>*<\/sup><\/td>\n<td>Resigned 31 July 2023.<\/td>\n<\/tr>\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>**<\/sup><\/td>\n<td>Retired 20 July 2023.<\/td>\n<\/tr>\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>***<\/sup><\/td>\n<td>Appointed 1 October 2023.<\/td>\n<\/tr>\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>****<\/sup><\/td>\n<td>Appointed 1 August 2023.<\/td>\n<\/tr>\n<tr>\n<td width=\"15px\" valign=\"top\"><sup>*<\/sup><\/td>\n<td>By invitation.<\/td>\n<\/tr>\n<\/table>\n<h2>Ethical and effective leadership<\/h2>\n<h3>The Board<\/h3>\n<p>The Board is held accountable for ethical and effective leadership through a Code of Conduct and annual performance<br \/>\n\tevaluations. At each Board meeting, potential conflicts of interest are noted, and the members\u2019 declarations of<br \/>\n\tinterests are periodically reviewed and amended. The Nomination Committee assesses potential conflicts of interest.<br \/>\n\tThe Committee expresses its concerns to the Board Chairman, or the Chairman of a pertinent Committee tasked with<br \/>\n\tspeaking with the director in question.<\/p>\n<h3>The Company<\/h3>\n<p>Famous Brands has a Code of Ethics that is reviewed each year. Employees must comply with the Code of Ethics. <\/p>\n<p>The following policies are in place to foster an ethical culture:<\/p>\n<ul>\n<li>A Gift Policy.<\/li>\n<li>A Whistle-blowing Policy.<\/li>\n<li>Conflict of Interest Declaration Policy.<\/li>\n<\/ul>\n<p>Famous Brands has an Ethics Management Programme facilitated by The Ethics Institute. The programme aims to foster<br \/>\n\tethical conduct, due care and compliance with our Code of Ethics. In 2024, 88\u00a0employees underwent ethical leadership<br \/>\n\tprogramme training (2023: 43). Furthermore, 95 and 203\u00a0employees completed the e-learning workplace ethics training<br \/>\n\tand the whistle blower induction training, respectively. <\/p>\n<h3>Future focus areas for ethics <\/h3>\n<p>In 2023, we conducted an ethics assessment by The Ethics Institute and in 2024 we developed and began implementing a<br \/>\n\tplan to reinforce ethical behaviour throughout the Group. This plan includes:<\/p>\n<ul>\n<li>Measures to entrench the Famous Brands\u2019 values.<\/li>\n<li>Measures to improve ethics commitment and accountability.<\/li>\n<li>Increased focus on the topic of ethics including channels for employees to ask questions.<\/li>\n<li>Ethics awareness training for new and existing employees.<\/li>\n<li>Improving the fairness and perceived fairness of certain people practices.<\/li>\n<\/ul>\n<p>For 2025, our focus areas are aligned with the ethics strategy and management plan:<\/p>\n<ul>\n<li>Further entrench the Famous Brands\u2019 values conversations.<\/li>\n<li>Implement ethics management campaigns, including in the Company-owned stores in Mauritius.<\/li>\n<li>Review and redistribute the Code of Ethics.<\/li>\n<li>Embed the Supplier Code of Ethics.<\/li>\n<li>Ongoing ethics awareness and training for all levels, including management.<\/li>\n<li>Reinforce conflict of interest disclosures.<\/li>\n<\/ul>\n<p>\n\tFamous Brands offers all employees training on ethical behaviour and major workplace issues. Training modules<br \/>\n\tinclude:<\/p>\n<ul>\n<li>Meeting etiquette.<\/li>\n<li>Workplace ethics.<\/li>\n<li>Workplace professionalism.<\/li>\n<li>Dealing with bullying.<\/li>\n<li>Sexual harassment.<\/li>\n<li>Risk management.<\/li>\n<li>POPIA.<\/li>\n<li>The Labour Relations Act.<\/li>\n<li>The Basic Conditions of Employment Act.<\/li>\n<li>Occupational health and safety.<\/li>\n<\/ul>\n<p>Famous Brands has an anonymous ethics hotline in South Africa and selected African markets. In 2024, we received 7<br \/>\n\tdisclosures, 8 concept queries and 165 dropped or no response calls. All 7 disclosures were investigated and\u00a0closed<br \/>\n\tappropriately.<\/p>\n<h3>Technology governance<\/h3>\n<p>Famous Brands uses technology to assist with various aspects of its business. Read more about our <a href=\"https:\/\/famousbrands.co.za\/iar2024\/how-we-unlock-value-for-stakeholders\/consumer-technology-supporting-strategy\/\" class=\"link\">consumer-facing<br \/>\n\ttechnology initiatives<\/a>.<\/p>\n<div class=\"ri\">\n<img decoding=\"async\" class=\"flyinLeft animate__animated\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p142.png\" alt=\"\">\n<\/div>\n<h4>Governance Hierarchy Model <\/h4>\n<p>The IT governance operating structures enable this hierarchy model, as reflected in the diagram below. IT strategic<br \/>\n\tplanning, project management, managed security processes and continuity, and performance and conformance management<br \/>\n\tsupport the IT Governance Framework.<\/p>\n<div class=\"ri\">\n<img decoding=\"async\" class=\"flyinRight animate__animated\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p143.png\" alt=\"\">\n<\/div>\n<h4>Processes and procedures<\/h4>\n<p>Several policies govern what constitutes the appropriate use of IT resources and infrastructure. They include rules<br \/>\n\tfor using the internet, email, company systems, buying and disposing of IT equipment, and\u00a0creating passwords. <\/p>\n<p>The Famous Brands Group\u2019s IT Steering Committee oversees IT governance, with the Board providing direction through<br \/>\n\tthe Audit and Risk Committee. This committee meets quarterly to discuss subjects outlined in its Charter document,<br \/>\n\tincluding alignment of the annual IT strategic objectives to the overall business objectives, prioritisation of<br \/>\n\tprojects, IT policy reviews, implementation, and the three-year IT Security plan, among other things. It also<br \/>\n\tperforms bi-annual reviews of the disaster recovery plans and business resumption contingencies. In addition, the IT<br \/>\n\tSteering Committee holds weekly IT feedback sessions with Exco to facilitate better alignment, update them on<br \/>\n\ttechnology projects the teams are working on, and update them on the IT security plan, including any potential IT<br \/>\n\tmatters that can disrupt business operations. There are four main teams, overseeing the following tasks:<\/p>\n<ul>\n<li>Central coordination for the project programme.<\/li>\n<li>Operating systems and architecture.<\/li>\n<li>Applications.<\/li>\n<li>Consumer-facing technology.<\/li>\n<\/ul>\n<p>In 2024, the Audit and Risk Committee monitored the implementation of the following critical technology projects:<\/p>\n<ul>\n<li><strong>Cyber security<\/strong>: Implementation of the final year of the three-year IT security plan. The objective going forward<br \/>\n\t\tis to institute an annual and ongoing cyber\u00a0security programme. The 2025 IT security plan was approved. <\/li>\n<li><strong>Enterprise architecture<\/strong>: An assessment of the current architecture and a roadmap to\u00a0enhance this architecture.\n\t<\/li>\n<li><strong>Server replacement<\/strong>: We invested in replacing the total Famous Brands server farm with a best-in-class high<br \/>\n\t\tavailability redundancy architecture. <\/li>\n<li><strong>Enterprise resource planning (ERP)<\/strong>: Migration of Botswana Retail Group, Cater Chain Food Services and Venus<br \/>\n\t\tSolutions Limited to SAGE X3. <\/li>\n<li><strong>Warehouse management system<\/strong>: Overseeing the implementation of the warehouse system across eight distribution<br \/>\n\t\tcentres. <\/li>\n<li><strong>Consumer-facing technology<\/strong>: Overseeing initiatives to enhance the consumer experience and improve key<br \/>\n\t\ttechnologies used by franchise partners (<a href=\"https:\/\/famousbrands.co.za\/iar2024\/how-we-unlock-value-for-stakeholders\/consumer-technology-supporting-strategy\/\" class=\"link\">read more<\/a>).<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-9\">\n\t\tThe Audit and Risk Committee will monitor critical technology deployment planned for 2025. These include:<\/p>\n<ul>\n<li>The implementation of the 2025 IT security plan to enhance the Group\u2019s cyber security profile.<\/li>\n<li>Convert Wimpy UK to SAGEX3 and to the SAGE300 HR systems.<\/li>\n<li>A number of other plants will also be converted to SAGE300 HR.<\/li>\n<li>Finalise the implementation of the new warehouse management system at the last distribution centre.<\/li>\n<li>Oversee the upgrade of the Famous Brands franchisee online ordering system to improve purchases by<br \/>\n\t\t\t\tfranchise partners from our Supply Chain.<\/li>\n<\/ul><\/div>\n<div class=\"col-md-3\">\n<td><img decoding=\"async\" class=\"flyinUp animate__animated\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p144.png\" alt=\"\"><\/td>\n<\/p><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<p><a class=\"anchor\" id=\"Compliance\"><\/a><\/p>\n<h2>Compliance<\/h2>\n<p>Our Legal Department monitors our compliance with legislation and regulations, including expected regulatory changes.<br \/>\n\tFamous Brands is developing a comprehensive regulatory compliance framework to map the legislation across each<br \/>\n\tgeography. We implemented a new GRC tool to enhance the management of regulatory compliance in our markets.<br \/>\n\tIn\u00a02024,\u00a0this included monitoring developments regarding the Employment Equity Amendment Bill, effective in<br \/>\n\tSeptember 2023. <\/p>\n<p>We have processes and procedures to ensure ongoing compliance with POPIA and monitor our POPIA compliance through<br \/>\n\tData Protection Agreements (DPAs), training and regular reviews. We continued to implement data protection<br \/>\n\tactivities across all AME entities\u2019, including training. This was supported by\u00a0the\u00a0drafting and publication of a<br \/>\n\tRetention of Records Policy. There are POPIA information officers at all subsidiary entities.<\/p>\n<p>These officers are registered with the Information Regulator.<\/p>\n<p>We reviewed and updated our Promotion of Access to Information Act (PAIA) manual.<\/p>\n<p>In December 2023, Famous Brands received a follow-up request for information in terms of PAIA from the Animal Law<br \/>\n\tReform of South Africa (ALRSA) regarding records relating to the supply and distribution of eggs (or chickens)<br \/>\n\tin\u00a0South Africa. Famous Brands, however, is not a supplier nor a distributor of eggs (or chickens), and we<br \/>\n\taccordingly informed ALRSA, while referring them to the\u00a0information and records which were provided previously. <\/p>\n<p>South Africa\u2019s Extended Producer Responsibility regulations came into effect in May 2021. Famous Brands has<br \/>\n\tregistered various producer responsibility organisations and is paying over levies as per the schedules (<a href=\"https:\/\/famousbrands.co.za\/iar2024\/sustainability\/our-sustainability-journey\/#Extended_Producer_Responsibility\" class=\"link\">read more)<\/a>. <\/p>\n<p>Famous Brands achieved 100% NOSA compliance for seven plants, with no plants receiving less than a\u00a0four-star rating.\n<\/p>\n<p>Our planned future focus areas include:<\/p>\n<ul>\n<li>Implement and roll-out the legal and regulatory compliance framework and GRC tool within the Group.<\/li>\n<li>Develop and implement a legal and regulatory compliance programme.<\/li>\n<\/ul>\n<p><a class=\"anchor\" id=\"Combined_assurance\"><\/a><\/p>\n<h2>Combined assurance<\/h2>\n<div class=\"row\">\n<div class=\"col-md-8\">\n<p>The Audit and Risk Committee assists the Board in embedding the combined assurance model across the\u00a0Group.\n\t\t<\/p>\n<p>The Committee monitors Famous Brands\u2019 internal control system, which is designed to assess, manage, and offer<br \/>\n\t\t\treasonable assurance against significant misstatement and loss. The Audit and Risk Committee works with the<br \/>\n\t\t\tGroup Risk Executive to ensure that risks and opportunities are accurately recognised, evaluated and<br \/>\n\t\t\tquantified. Divisional management supports the Board through the Group Risk Forum.<\/p>\n<p>The Group\u2019s combined assurance model enhances the assurance obtained from management and internal and<br \/>\n\t\t\texternal assurance providers while developing a strong ethical environment and mechanisms to ensure<br \/>\n\t\t\tcompliance. <\/p>\n<p>The Internal Audit and Risk departments ensure adequate controls are in place. As part of the annual external<br \/>\n\t\t\taudit, KPMG Inc. evaluates, certain key controls and the accounting treatment of significant transactions<br \/>\n\t\t\tand account balances, as determined per their risk assessment and approved audit plan. In 2025, a GRC tool<br \/>\n\t\t\twith a built-in combined assurance reporting module will be implemented across the Group.<\/p>\n<\/p><\/div>\n<div class=\"col-md-4\">\n<td><img decoding=\"async\" class=\"flyinRight animate__animated\" src=\"https:\/\/famousbrands.co.za\/iar2024\/images\/p145.png\" alt=\"\"><\/td>\n<\/p><\/div>\n<div class=\"clearfix\"><\/div>\n<\/div>\n<h3>Internal audit<\/h3>\n<p>In 2024, Famous Brands conducted 10 internal assurance audits across the Group (2023: 10). Internal resources were<br \/>\n\tresponsible for 90% of these audits (2023: 70%). <\/p>\n<p>The audit approach for the year was narrow and deep, with a key focus on supply chain, company-owned restaurants,<br \/>\n\tfranchising, trademarks, and IT cyber security. The focus areas for internal audit in 2025 will be on continued roll<br \/>\n\tout of Sage X3 and Sage300 with a key emphasis on general financial controls, AME Company-owned restaurant<br \/>\n\toperations in Kenya and Mauritius, the Midrand cold storage construction project and final implementation of the<br \/>\n\twarehouse management system.<\/p>\n<h2>Company Secretary <\/h2>\n<p>Celeste Appollis, the Company Secretary, ensures that the Board is aware of its fiduciary duties and that the Board<br \/>\n\tand\u00a0management execute their functions per the Limits of Authority Framework. The Board and each director have<br \/>\n\tunfettered access to the Company Secretary. She also facilitates the appointment, induction and ongoing training<br \/>\n\tof\u00a0all directors. <\/p>\n<p>The Board has evaluated the Company Secretary function as set out by the JSE Listing Requirements and Companies Act.<br \/>\n\tIt is satisfied that Celeste has the required experience and expertise to fulfil the role. The Board is confident<br \/>\n\tthat there is an arm\u2019s length relationship between her and the Board to allow her to execute her role properly. The<br \/>\n\tBoard has trust in the arrangement for accessing professional governance services. As the Company Secretary, Celeste<br \/>\n\tcan contact the Chairman to express any concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board confirms that responsible corporate governance principles are embedded within the Group. As set out in the Board Charter, Board members demonstrate integrity, competence, accountability, and transparency. Our seven core values shape our governance philosophy and, together with King IV, guide the Board and management in their leadership decisions and behaviour. This results in&#8230;  <a href=\"https:\/\/famousbrands.co.za\/iar2024\/governing-for-value-creation\/our-corporate-governance-approach\/\" class=\"more-link\" title=\"Read Our corporate governance approach\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"parent":4737,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Our corporate governance approach - Famous Brands IAR 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/famousbrands.co.za\/iar2024\/governing-for-value-creation\/our-corporate-governance-approach\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our corporate governance approach - Famous Brands IAR 2024\" \/>\n<meta property=\"og:description\" content=\"The Board confirms that responsible corporate governance principles are embedded within the Group. As set out in the Board Charter, Board members demonstrate integrity, competence, accountability, and transparency. Our seven core values shape our governance philosophy and, together with King IV, guide the Board and management in their leadership decisions and behaviour. This results in... 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