Sun Africa Hotels believes corporate governance is an essential part of a culture that enables us to meet our short-term objectives while striving to realise the long-term vision of the group. Good corporate governance ensures that company is run as efficiently as possible in the interests of management, board and investors. This in turn promotes greater confidence within the company and creates better conditions
Our goal has therefore been to foster a culture of good governance, recognising that it is key to the sustainability and integrity of the group and central to the health of our economies and their stability. Our approach focuses on the four pillars underpinning corporate governance:
Complying with governance and regulatory standards across our footprint needs a sound professional compliance function. This established function offers sound guidance and advice to the group, and its monitoring activities ensure that any improper conduct or failure to comply with regulatory requirements is immediately addressed. Group compliance policies and guidelines are aligned to industry best practice.
Group Internal Audit
Continual and rapid changes as well as the complexity of our business, organisational dynamics and the regulatory environments in which we operate require an established, effective internal audit function. Our group internal audit function consistently evaluates the efficiency of control systems and contributes to ongoing effectiveness through sound management reporting.
Enterprise Risk Management
Corporate scandals and diminished confidence in financial reporting among investors and creditors have again emphasised the need for a structured and disciplined approach to understanding and managing business risks. Integrated enterprise risk management addresses this need and the group risk committee is responsible for entrenching this culture throughout the group.
Our primary focus is to ensure our accounting records are accurate, complete and compliant with International Financial Reporting Standards. We rely on PKF’s superior functional capabilities, in-depth industry knowledge and experience in meeting this essential requirement.
Delegation of Authority
The group has adopted a delegation-of-authority framework that sets out the authority levels and responsibility allocated to board committees, executives and management. This framework strengthens corporate governance as responsibility and process for all levels of activity within the business are clearly identified and controlled.
Although privately held, the group conducts its business in line with international corporate governance best practice.