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Corporate Governance and Ethics

XStore believes in good governance and ethics in the operation of its business activities. These are the factors that we strive to effect in our business.

1. Lay solid foundations for management and oversight

The Owner is responsible for:

  • Oversight of the Company, including its control and accountability systems
  • Formulation of policy
  • Input into and final approval of management’s development of corporate strategy and performance objectives
  • Reviewing and ratifying systems of risk management and internal compliance and control, codes of conduct and legal compliance
  • Approving and monitoring financial and other reporting
  • Approving and monitoring the progress of major capital expenditure, capital management and acquisitions and divestitures
  • Approving credit facilities in excess of a defined amount

2. Promote ethical and responsible decision-making

The Owner ensures that the Company promotes ethical and responsible decision-making and complies with all relevant policy, laws, regulations and codes of best business practice using the Company’s ethics and operating principles. The ethics and operating principles address the following matters: conflicts of interest, corporate opportunities, confidentiality, fair dealing, protection of and use of the Company's assets, compliance with laws and regulations and encouraging the reporting of unlawful/unethical behaviour.

3. Make timely and balanced disclosure

The Owner shall promote timely and balanced disclosure of all material matters concerning the Company.

4. Recognise and manage risk

The Owner has a responsibility to review the adequacy and effectiveness of the Company’s risk management strategies and review and approve the Company’s risk management framework. To achieve this, the Company has developed an enterprise risk management policy and a risk appetite statement that governs the manner in which risk is managed in the Company. In addition, there is a Company chief risk officer as well as

5. Encourage enhanced performance

The Owner is committed to encouraging enhanced Owner and management effectiveness through periodic performance evaluations and reviews.

6. Recognise the legitimate interests of stakeholders

The Company is subject to a number of legal requirements that affect the way business is conducted. These include contractual requirements, Companying practice, compliance, consumer protection, respect for privacy, employment law, occupational health and safety, equal employment opportunity and environmental controls.

In addition to its obligation to its stakeholders, the Company has other obligations to non-shareholders such as employees, customers and the community as a whole.

The Owner has a responsibility to set the tone and standards with respect to the corporate social responsibility of the Company and to oversee adherence to these. The Company’s ethics and operating principles, which state the value and policies of the Company assists the Owner in this task and acts as a guide for employees and management in conducting business and general behaviour.