Massmart believes that the first steps towards good corporate governance must include embracing relevant governance and regulatory frameworks, as well as corporate best practice. More than this, the Board believes that good governance contributes to value creation in the long term and improves the trust and confidence of the Group’s stakeholders. We believe that Massmart’s governance framework and related business support structures support its core purpose, values and strategy, and ensure its conduct is congruent with it being a responsible corporate citizen. King IV, which is the primary South African corporate governance framework, forms the backbone to Massmart’s own corporate governance framework. In addition, Massmart applies high ethical standards to its operating environment as reflected in the Group’s Code of Ethical Conduct.
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: