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Organisational overview and activities

Governance structure

The governance structure for the group is set out below:

Note: Mr MC (Cyril) Ramaphosa (and his alternate, Mr RM Smith) resigned from the board on 19 August 2011, following the buyback of Shanduka's black-empowered interest in Assore (refer "Black Economic Empowerment Status report").

Assore’s subsidiary operations (refer “Group structure of operating companies”) have their own boards of directors,ho arew appointed in terms of their respective memoranda of incorporation, and shareholder agreements where Assore’s interest is less than 100%.

The board of directors of Assmang has a unitary structure, with six directors appointed by each of the parties to the joint venture. Assore has the right to appoint the chairman of Assmang (who is Assore’s chairman), while ARM is entitled to appoint its deputy chairman.Assmang is regulated by a joint-venture agreement covering all aspects of its operation, and is managed by its Operations Committee (OpsCom), which is chaired by ARM’s representative (the Presiding Officer). The OpsCom has six members, with three representatives each from Assore and ARM. In addition, Assmang has an Audit Committee, chaired by Assore’s CEO, with two additional representatives from ARM.