Adapt IT Holdings Limited (Adapt IT) has always operated under the belief that strong corporate governance practices are the foundation of a successful, well run company. Ensuring that Adapt IT is seen as an entity with high ethical standards by investors, customers, vendors and its employees is of significant importance to everyone at Adapt IT.

In addition, Adapt IT has always been diligent in establishing, maintaining and auditing our financial accounting policies, which are consistent with requirements of the International Financial Reporting Standards (IFRS) and for reporting our results with objectivity and the highest degree of integrity. We are committed to providing financial information that is transparent, timely, complete, relevant and accurate.

Further, Adapt IT is committed to establishing an operating framework that exercises appropriate oversight of responsibilities at all levels throughout the group and to managing our affairs consistent with the highest principles of business ethics.

 

Features of this framework include:
  • Adherence to the King III Codes of Good Corporate Governance, Companies Act 71 of 2008, JSE Listing Requirements;
    Four of our seven board members are Non-Executive as well as considered independent according to the rules of the Johannesburg Stock Exchange (JSE);
  • Board members are elected for a three-year term;
  • All members of our board committee members (Audit and Risk; Remuneration and Nominations) are non-executive and independent directors under the JSE rules;
  • The charters of our board committees clearly establish their respective roles and responsibilities;
  • The independent members of our board of directors meet regularly without the presence of executive management;
  • We have an independent Chairman of the Board, Craig Chambers;
  • Our board conducts assessments annually;
  • Equity incentive plans are presented to shareholders for approval;
  • We have a code of business ethics and conduct policy which clearly states the high ethical standards under which we conduct business and all of our employees must affirm annually their acceptance of the code of conduct;
  • We have an ethics hotline available to all employees to facilitate anonymous reporting of any suspected violation of our policies;
  • Ernst & Young Inc, our independent registered auditor, reports directly to the Audit Committee and meets regularly with our Audit Committee without management present; and
  • Our internal audit reports directly to our Audit Committee and meets regularly with our Audit Committee without management present.

 

We are dedicated to maintaining high standards of financial accounting and reporting, including disclosures. Our culture requires integrity and a commitment to strong internal practices and policies. We have the highest confidence in our financial reporting and the underlying system of internal controls, but most importantly, we have high confidence in our people who are the foundation of our success.

 

Sibusiso Shabalala
 Chief Executive Officer
 Adapt IT Holdings Limited
Siboniso Shabalala
 Finance Director
 Adapt IT Holdings Limited