The Principles aim to assert standards of corporate governance to which the Phunga Holdings believes in and that all companies should aspire. The Principles are intended to be of general application across all the subsidiaries, irrespective their nature of activities.
Corporate governance is concerned with the relationships between a business’s management and its board of directors, its shareholders and lenders, and its other stakeholders such as employees, customers, suppliers, and the community of which it is a part3. The subject thus concerns the framework through which business objectives are set and the means of attaining them and otherwise monitoring performance are determined.
The release of King III report on 1 September 2009 represents a significant milestone in the evolution of corporate governance in South Africa and brings with it significant opportunities for organisations that embrace its principles.
At Phunga Holdings, we believe that free enterprise prospers in an environment of good and balanced corporate governance. While we understand that achieving good governance is a complex task, we believe that sound governance practices must be central our business decisions.
We therefore subscribe and uphold corporate governance as an integral part of our organisation.
We are sincerely proud to pronounce that our boards lead by example, setting the right tone and behaving accordingly, paying attention to the ethical health of their organization: This means that our directors regard one of their responsibilities as being guardian of the corporate conscience.
King III has broadened the scope of corporate governance in South Africa with its core philosophy revolving around leadership, sustainability and corporate citizenship and therefore Phunga Holdings as one of the biggest consulting firm in South Africa, continues to embrace and comply with the code unshakably.