Massmart believes that the first steps towards good corporate governance must include embracing the requirements of the relevant governance framework and corporate best practice. The Group is committed to complying with legislation, regulations and best practices relevant to our business in every country where we conduct business. In this regard, we also comply with various legislation, codes and regulations that apply to the different aspects of our business operations, including but not limited to:
- Labour related legislation
- Food, Health products and Tobacco related legislation
- SRI-Index Requirements
- JSE listing Requirements
In this context we recognise that the first step towards good corporate governance must include embracing the requirements of the King III Report on Corporate Governance with sustainable and effective corporate governance best demonstrated through a consistent pattern of ‘doing the right thing’, through good times and bad. In early 2009, in response to changes to South African corporate legislation and shifts in global corporate practices, a draft King III Report was released for comment and the final report was released on 01 September 2009.