Interfront Annual Report 2022

PART C: GOVERNANCE 46 The independent, Non-Executive Chairperson and the two Executive Directors have been the longest-serving members of the accounting authority and have completed ten years in their respective positions at the time of reporting. Principle 29 of the King IV Report on Corporate Governance provides that a non-executive member of the governing body may continue to serve, in an independent capacity, for longer than nine years if certain conditions are met. These are that after assessment by the governing body concluded every year after for nine years, it is found that the member exercised objective judgement and there is no interest, position, association or relationship which, when judged from the perspective of a reasonable and informed third party, is likely to influence them unduly or cause bias in their decision making. This assessment was conducted by the Interfront Board on 10 June 2021, under the guidance of the Company Secretary. It was found that Mr Mustaq Enus-Brey has no interest, position, association or relationship with Interfront or any of its associates or staff which are likely to influence him unduly or cause bias. Currently, the Interfront Financial Director is also filling the role of Acting Managing Director. The Delegation of Authority was thus amended due to the Financial Director retaining her responsibilities and position as Financial Director to ensure the effective segregation of duties. The roles of the Chairperson and Managing Director are separate. The Board Chairperson is a member of the Remuneration, Social and Ethics Committee, but not a member of the SARS/Interfront Audit and Risk Committee. On 10 June 2022, Mr Beyers Theron and Ms Yolandè van der Merwe retired from their positions as Non-Executive Directors of the Board. Mr Erick Smith was appointed as a Non-Executive Director by the Shareholder on 14 June 2022. In exercising its powers and setting direction, the Board, as the accounting authority, must ensure that company activities are conducted in a manner that minimises any divergence of interests between Interfront and its Shareholder and that Interfront is managed in the best interests of its Shareholder and other stakeholders. 4. INTERFRONT BOARD (CONT.)