Integrated report

Organisational overview and activities

Governance structure

The governance structure for the group is set out below:

Assore’s subsidiary operations (refer “Group structure of operating companies”) have their own boards of directors, who are 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 eight members, with four representatives each from Assore and ARM. In addition, Assmang has an Audit Committee, chaired by Assore’s CEO, with two additional representatives from ARM.

Assmang has established a Social and Ethics Committee (SEC), that reports to its board. Assore is entitled to appoint one person to the SEC, while ARM is entitled to appoint the chairman and one other member.

Assore Executive committee