Mondi’s dual listed company structure requires us to comply with the principles contained in the South African King III Code of Corporate Governance Principles (available at www.iodsa.co.za) and the September 2014 edition of the UK Corporate Governance Code issued by the Financial Reporting Council (available at www.frc.org.uk).
It is the view of the Boards that, except as referred to below, Mondi has complied throughout the year with all the provisions of these codes.
The Boards determined that the DLC sustainable development committee provided the appropriate oversight for the sustainability reporting in the Integrated report and financial statements 2015 rather than the DLC audit committee, as recommended under King III. Due to the nature of Mondi’s business the DLC sustainable development committee regularly reviews all key sustainability issues for the Group, meeting six times a year and reporting directly to the Boards.
Therefore it is considered to be better placed to review the integrity of the sustainability reporting. The DLC sustainable development committee has therefore provided the assurance on sustainability issues in the Integrated report and financial statements 2015.
The Boards note the review of King III that is currently being undertaken. We are monitoring developments and await the final outcome at which time we will review any potential implications for Mondi.
The Boards have adopted a share dealing code for dealing in securities of Mondi Limited and Mondi plc which is based on regulatory and governance best practice. The code sets out the restrictions placed on directors, senior management and other key employees with regard to their share dealing to ensure that they do not abuse their access to information about the Group pending its public release and availability to shareholders and other interested parties.
For further details regarding Mondi’s corporate governance please refer to the report contained in the Integrated report and financial statements 2015.
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The principal objects of Mondi Limited and Mondi plc are to act as the dual holding companies of the Mondi Group under the DLC structure and to carry on any trade or business whatsoever.