SUSTAINABILITY APPROACH
GOVERNANCE
Our societal purpose and commitment to ethical principles, shapes our approach to sustainability governance and management. The Tiger Brands’ board has ultimate oversight on our societal value proposition, and our sustainability performance, activities and approach.
Board oversight
The Tiger Brands board provides ethical leadership and strategic direction in the best interests of stakeholders and the business. The board has ultimate oversight on all aspects relating to the governance and management of the company, including sustainability. The board delegates responsibility for different aspects of sustainability governance and management to specific board committees. The board has delegated primary oversight on sustainability, including climate change, to the social, ethics and transformation committee (SETCO).
The SETCO is responsible for overseeing the governance and management of sustainability, including all aspects relating to environmental, social and governance (ESG) impacts, risks and opportunities, and integrating these issues into Group strategy. The SETCO monitors and reviews the ethical policies and conduct of the company, stakeholder relationships, and positive and negative impacts on people and society. The SETCO works closely with the risk and sustainability committee (RSC), and delegates responsibility for monitoring and reviewing the company’s positive and negative impacts on the environment, health and safety to this board committee.
The RSC is responsible for overseeing the governance and management of risks and opportunities for the group, including risks and opportunities relating to ESG matters, including climate change. The RSC monitors and reviews the processes and procedures for identifying, assessing and prioritising ESG-related risks and opportunities, including climate change, and integrating these issues into group risk management processes. The RSC further monitors and reviews the company’s impacts on environment, health and safety, and reports on these to the SETCO, as well as on ESG-related risks and opportunities, including climate change.
Together, the SETCO and RSC monitor Tiger Brands’ most material impacts on people, society and the environment, as well as the group’s most material ESG-related risks and opportunities, including those impacts, risks and opportunities relating to climate change. These committees meet three times a year, give guidance to the CEO and executive team on the management of these ESG issues, and report to the board after each meeting. The SETCO’s reports to the board include feedback on Tiger Brands’ sustainability performance, activities and approach more generally. Both the SETCO and RSC also play a key role in sustainability reporting, reviewing the report prior to the audit committee, which ultimately reviews the completeness of disclosures in the report, and recommends it to the board for approval.
The terms of reference for each board committee reflect their sustainability mandate. These terms of reference are available online at www.tigerbrands.com
Each committee submits a report to the board on how they have reviewed the sustainability matters under their responsibility.
- Other board committees that play a role in the governance of sustainability, include:
- The nomination and governance committee (NAGC), which monitors and reviews the performance of the board, ensures protocols for ethical governance and succession of leadership are followed, and facilitates the induction, training and ongoing development of board members.
- The remuneration committee (REMCO), which engages on and approves remuneration policy and strategy, including any remuneration incentives linked to sustainability performance targets.
- The audit committee (AC) reviews and approves the sustainability performance data, oversees the external assurance of select elements of this data, and reviews the integrity of the sustainability report, recommending it for sign-off by the board.
The board charter and terms of reference for each committee give due consideration to the relevant provisions of the King IV Code on Corporate Governance, the JSE Listings Requirements, and the Companies Act. The terms of reference of the SETCO further consider the principles of the United Nations Global Compact (UNGC), OECD recommendations on corruption, the South African Employment Equity Act, and the Broad - Based Black Economic Empowerment Act. The terms of reference for both the SETCO and RSC make explicit reference to climate change, regarding the mandate of each committee to monitor and review environmental impacts, risks and opportunities, and oversee the governance and management of Tiger Brands as a responsible corporate citizen.
Board committee roles in ESG matters
| AUDIT | SETCO | RISK AND SUSTAINABILITY |
REMUNERATION | NOMINATION AND GOVERNANCE |
|||||||||
| ENVIRONMENTAL | |||||||||||||
| Climate change | |||||||||||||
| Greenhouse gas emissions | |||||||||||||
| Energy, water and waste | |||||||||||||
| Pollution | |||||||||||||
| Environmental compliance | |||||||||||||
| Biodiversity | |||||||||||||
| Resource scarcity | |||||||||||||
| SOCIAL | |||||||||||||
| Employee relations | |||||||||||||
| Training and education | |||||||||||||
| Diversity and equal opportunity | |||||||||||||
| Non-discrimination | |||||||||||||
| Human rights | |||||||||||||
| Health and safety | |||||||||||||
| Privacy and security | |||||||||||||
| Labour relations | |||||||||||||
| Local community impact | |||||||||||||
| GOVERNANCE | |||||||||||||
| Board diversity and structure | |||||||||||||
| Executive pay | |||||||||||||
| Bribery and corruption | |||||||||||||
| Stakeholder engagement | |||||||||||||
| Procurement practice | |||||||||||||
| Risk management | |||||||||||||
| Internal policies |
More information on the composition, capabilities, and committees of our board, and our practice of good corporate governance, is reported in the IR, available at: www.tigerbrands.com