Trustco Group Holdings Ltd and its subsidiaries (the Group) are committed to the principles of openness, integrity and accountability as advocated in the King Report on Corporate Governance. Accordingly, the directors endorse and during the period under review, have applied the Code of Corporate Practices and Conduct ("the Code") as set out in the King Report. In supporting the Code the directors recognize the need to conduct the business of the enterprise with integrity and in accordance with generally accepted corporate practices. Monitoring the Group’s compliance with the Code forms part of the mandate of the Group’s Audit and Risk Management Committee.
Key governance developments:
During the year under review, the following developments were key to the Group’s corporate governance process:
• Ongoing compliance with the Code and other industry specific legislation and regulations.
• The Group’s code of conduct throughout the operations, which sets out minimum standards of ethical behavior for all employees of the Group.
• Approval of plans to substantially increase the resources of the compliance monitoring/audit department.
• Ongoing awareness and cognizance of international/emerging governance trends. These are considered for implementation only where appropriate.
• Keeping abreast of all relevant legislation and regulations as well as major developments that could impact on the Group and its operations.
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