AquaHarvest Farms (Pty) Ltd Business Plan › Section 24 › Corporate Governance

24.1 Board of Directors

AquaHarvest will establish a Board of Directors comprising the three executive founders and two independent non-executive directors. The Board will be constituted in accordance with the Companies Act 71 of 2008 and will voluntarily adopt applicable principles of the King IV Report on Corporate Governance for South Africa (2016). The Board will meet quarterly, with additional meetings convened as required.

24.2 Board Committees

The following Board committees will be established to provide focused oversight of key governance areas:

• Audit & Risk Committee: Chaired by an independent non-executive director; oversees financial reporting, internal controls, risk management, and external audit relationship

• Social & Ethics Committee: Chaired by an executive director; monitors B-BBEE compliance, employment equity, environmental management, and community development initiatives

• Remuneration Committee: Chaired by an independent non-executive director; sets executive remuneration policy, approves annual salary increases, and manages the Employee Share Trust

24.3 Reporting Framework

The Company will prepare annual financial statements in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) as issued by the International Accounting Standards Board. Financial statements will be audited by a registered auditor in compliance with Section 30 of the Companies Act. Management accounts will be prepared monthly, with quarterly Board reporting packs including financial performance, production KPIs, sales pipeline, and risk register updates.

24.4 Key Performance Indicators

The following operational and financial KPIs will be tracked on a monthly basis and reported to the Board quarterly:

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