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Corporate governance

Strong, ethical corporate governance, based on the principles of accountability, transparency, competence, responsibility, fairness and integrity, is fundamental to the long-term sustainability of our business and to sustained value creation for all stakeholders. These principles which are implicit in our CARES values are applied in the management of our business and in reporting to shareholders and other stakeholders. Our governance structures, processes and policies, together with our code of ethics, underpin execution of our strategy and support our business model.

A major focus in 2017 was ensuring compliance with the King IV Report on Corporate Governance for South Africa, 2016 (King IV). Its recommendations on corporate governance are more focused and practical with greater emphasis on the outputs and outcomes of governance structures. A gap analysis between King III and King IV was undertaken in the beginning of 2017 and certain new recommendations were identified. These were addressed during the course of 2017 and are disclosed in the 2017 Integrated annual report. Sibanye-Stillwater has embraced the outcomes-based philosophy of King IV and begun the process of aligning our corporate governance structures and practices with the principles of King IV. While this process is still underway, we have nevertheless substantially adopted the disclosure requirements recommended by King IV to the extent possible in the 2017 Integrated annual report. We have embedded the required disclosures throughout the report, demonstrating that our governance is integrated in the business.

Understanding our risks and ensuring we have appropriate measures in place to mitigate and manage these risks, which enable us to take decisive action to realise opportunities in pursuit of our strategy, is vital for us to continue delivering sustainable value. More information is available under Managing material risks in the 2017 Integrated annual report.