ArcelorMittal South Africa
Annual Report 2009
44
Corporate governance
complied in all material respects with these
regulations.
While the board is satisfied with its level of
compliance with the governance requirements
of the JSE, it recognises that practices and
procedures can always be improved.
JSE SRI Index Annual Review 2009
ArcelorMittal South Africa qualified for the
2009 JSEs Socially Responsible Investment
(SRI) Index. The JSE identified the 30 best
performers as those companies which have met
the relevant required environmental threshold,
as well as all applicable core indicators in the
socialand governance areas. ArcelorMittal
South Africa was rated as one of the best
performers this year in the high environmental
impact category.
Changes made during the year and
plansfor the year ahead
The boards governance policies and procedures
are continually updated to ensure ongoing
adherence to the JSE Listings Requirements,
Kingand current legislation. During the period
under review, the following changes were made:
• The Human Resources Committee was
renamed the Remuneration Committee and
Mr LP Mondi was appointed as a member
with effect from 4 February 2010.
• The AuditCommittee and Risk Committee
were combined to form the Audit and Risk
Committee. Mr EK Diack was appointed
as Chairman and Messrs DCG Murray and
M Macdonald as members with effect from
4 February 2010.
Introduction
ArcelorMittal South Africa is listed on the JSE Limited (JSE). The
company is subject to the JSE Listings Requirements, the guidelines
contained in the 2002 King Report on Corporate Governance for
South Africa (King), Companies Act No 61 of 1973, as amended
(the "Act"), as well as other legislation applicable to companies in
South Africa.
The board ensures that conduct of its business is done according to the
highest standards of corporate governance. The board strives to foster
a culture that values and rewards exemplary ethical standards, personal
and corporate integrity.
The board is committed to the principles of openness, integrity and
accountability and supports the principles contained in King.
Statement of compliance
The JSE Listings Requirements require that listed companies report on
the extent to which they comply with the principles incorporated in
King. An assessment was completed and presented to the board. The
board, to the best of its knowledge and belief, is of the opinion that
throughout the accounting period under review, the company has
applied the principles of King.
ArcelorMittal South Africa has further reviewed the rules and
regulations of the JSE Listings Requirements and is satisfied that it
The board of directors takes ultimate
responsibility for the companys
adherence to sound corporate
governance standards and sees to it that
all business judgements are made with
reasonable care, skill and diligence.