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GOVERNANCE > Overview

corporate governance
overview


  Our approach to governance

Taste Holdings believes that good corporate governance, which includes transparency and accountability, is key to the integrity of our organisation and our ability to manage risk and perform at optimum levels. Underpinning our disciplined approach to governance is our determination to ensure we maintain a balance between good governance and the spirit of entrepreneurship that has built our business.

We recognise that strategy, performance, sustainability and risk are inseparable.

Our board also takes into consideration the concerns and priorities of our wider stakeholder environment in its strategic guidance and decision-making process.

To ensure that we consistently practise effective corporate governance throughout the Taste Holdings group, our board materially applies the principles of King III and the Listings Requirements of the JSE (see the King III Index and our reporting in terms of section 3.84 of the JSE Listings Requirements on our website).

  Governance and management systems

Good governance is the cornerstone of the Taste Holdings group's board and committee structure. Our board recognises its leadership role in taking responsibility for the governance of the group and it sets the company's values and is responsible for establishing and maintaining a strong ethical culture throughout the group.

Our board performs its governance responsibilities within a framework of policies and controls which provide for effective risk assessment and management of our economic, environmental and social performance. The board’s responsibilities are outlined in its charter which the board reviews and adopts annually. Mandates, charters and terms of reference governing the board and its committees are available from our company secretary.

The board also plays an important role in setting ethical standards of conduct for the group.

The board charter, which is closely aligned with the recommendations of King III, details the responsibilities and duties of the board, which are also addressed in our memorandum of incorporation.

Shareholders are required to elect the members of our audit and risk committee, which is a statutory committee in terms of the Companies Act, at our annual general meeting. The members of our social, ethics and transformation committee, which is also a statutory committee, are reappointed annually by the board.


PROGRESS TO DATE

Reducing energy consumption and carbon tootrlm

Taste uses energy in its outlets to cook and/or prepare food and to manufacture jewellery. The forecast increases in the cost of electricity will affect franchisee and business profitability.


PROGRESS

Establishing an accurate baseline measure depends on the accuracy of the municipal billing systems and accurately measuring energy consumptions across more than 250 outlets has proved challenging. Despite the hurdles, we have implemented several measures to reduce consumption in existing and new outlets and standard installations now include:

  • Replacing halogen lights with LED lamps that consume only 6% at the former’s energy
  • Replacing air-conditioning units with evaporative coolers that consume only 20% of the former’s energy
  • Installing geyser and external signage timers to more than halve energy consumption
  • Using imported energy-efficient ovens in new pizza outlets.

LEADERSHIP DEVELOPMENT

WHY IT IS A PRIORITY

Developing the appropriate skills to deliver a profitable future strategy is an imperative. Developing a pipeline for future business unit leaders is similarly a priority.


PROGRESS

Taste has made significant progress in line with its goal for developing South African leadership skills including:

  • Conducting individual assessments on 32 senior managers & Implementing coaching interventions in each case
  • istigating employee personal development plans
  • Canvassing more than 150 employees to assess the company wide strength and weaknesses;
  • Implementing an in-house FIHBHGO tor Non-financial Managers course in Johannesburg and Cape Town tor 25 managers
  • Ensuring the alignment at incentives to strategy as a priority across all layers at employees; and
  • Establishing share incentive scheme tor executive committee members.

 

 

 

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