Etics Corporate Governance

Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations.
At Edcon, they apply sound corporate governance as a means of ensuring the sustainability of the organisation and its business. To them, sustainability means that Edcon will continue to survive and thrive to the benefit of all their stakeholders, always with due cognisance of their integrated economic, social and environmental performance.

The fact that they are a privately owned enterprise does not detract them from applying corporate governance principles and practices in line with King III guidance. Furthermore, Edcon complies with all legislation to which it is subject.
Edcon has a unitary board structure comprising of two executive directors and five non-executive directors.

Their Board of Directors has delegated authority for the day-to-day affairs of each of their divisions to executive managers. Their executive management team is mandated to assist in reviewing the operations and performance of Edcon and its subsidiaries, developing strategy and policy proposals for consideration by their Board of Directors and implementing the directives of the Board.

The directors and executive managers are indirect equity investors in Edcon. The non-executive directors may be deemed beneficial owners of securities in Edcon, which in turn is a shareholder of Edcon. The executive managers are beneficiaries of the Founder Investor Trusts, which in turn are shareholders of Edcon Holdings (Pty) Limited. In addition, historically disadvantaged employees own, through the Edcon Staff Empowerment Fund, a significant portion of shares in Edcon.
The directors complete questionnaires on an annual basis to evaluate the...