The Huge Group has appointed a lead independent director in line with the King III code, which will come into effect next year.
Ken Jarvis has been moved from non-executive director to lead independent director, a change Huge says is ”in line with the imminent implementation of King III and further enhances the company's compliance therewith”.
A lead independent director acts as a liaison between the independent directors of the board and the chairman.
Jarvis was previously CIO of the South African Revenue Service and was responsible for its turnaround from 2002-2006. He has worked at companies such as IBM, Nedacom, Momentum Life, Nedcor Bank, Amplats and MultiChoice.
The draft King III Code was released by the Institute of Directors in Southern Africa in February. A revised version is expected to become available later this year and will come into effect in 2010.
The third code became necessary because of the new Companies Act and changes in international governance trends.
It entails significant implications for companies and boards of directors such as directors' duties, integrated sustainability reporting, shareholder remuneration policy, risk-centric internal audit, the role and function of sub-committees, the role of the lead independent director, IT governance and security.
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