Section 22 · Business Plan
Governance and Compliance
Although not required by law for private companies, Pork Master Farms will voluntarily adopt corporate governance practices aligned with the principles of the King IV Report on Corporate Governance. This commitment to good governance is designed to provide investors with confidence in…
22.1 Corporate Governance Framework
Although not required by law for private companies, Pork Master Farms will voluntarily adopt corporate governance practices aligned with the principles of the King IV Report on Corporate Governance. This commitment to good governance is designed to provide investors with confidence in the management of the Company, to facilitate future growth and potential listing, and to establish a culture of accountability and transparency from inception.
22.2 Board of Directors
The Board of Directors will initially comprise the two founding shareholders and one independent non-executive director. The independent director will be appointed within six months of the Company commencing operations and will ideally bring expertise in agricultural finance, corporate governance, or agri-food supply chains. Board meetings will be held quarterly, with formal minutes maintained and circulated to all shareholders.
| Director | Role | Key Responsibility | Remuneration |
|---|---|---|---|
| Thabo Nkosi | Managing Director (Executive) | Overall strategy, finance, stakeholder management | Full-time salary |
| Lerato Maseko | Operations Director (Executive) | Production, quality, animal health, HR | Full-time salary |
| To Be Appointed | Independent Non-Executive | Governance, audit oversight, strategic input | Board fees (R120,000 p.a.) |
22.3 Financial Controls and Reporting
The Company will implement robust financial controls from inception, including segregation of duties for procurement and payment functions, dual signatories on all bank accounts for transactions exceeding ZAR 50,000, monthly management accounts prepared within 15 working days of month-end, quarterly VAT submissions, and annual financial statements audited by a registered external auditor. The Company will appoint a reputable firm of chartered accountants to provide audit, tax advisory, and accounting support services.
22.4 Shareholder Agreement
A comprehensive shareholders’ agreement will be executed by all parties prior to the commencement of operations. This agreement will govern matters including decision-making authorities, dividend policy, share transfer restrictions, pre-emptive rights, deadlock resolution mechanisms, tag-along and drag-along rights, non-competition undertakings, and investor exit mechanisms. The shareholders’ agreement will be drafted by an independent law firm specialising in commercial and agricultural law.
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