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Section 770 of The Companies Act No. 17 of 2015: Quoted companies: corporate governance

    

(1) The audit committee of a quoted company shall—
(a) set out the corporate governance principles that are appropriate for the nature and scope of the company's business;
(b) establish policies and strategies for achieving them; and
(c) annually assess the extent to which the company has observed those policies and strategies.
(2) The audit committee of the quoted company is responsible for—
(a) organising the company to promote the effective and prudent management of the company and the directors oversight of that management; and
(b) establishing standards of business conduct and ethical behaviour for directors, managers and other personnel, including policies on private transactions, self-dealing, and other transactions or practices of a non-arm's length nature.
(3) The audit committee of a quoted company is also responsible for—
(a) overseeing the operations of the company and providing direction to it on a day-to-day basis, subject to the objectives and policies set out by the audit committee and any other written law;
(b) providing the directors with recommendations, for their review and approval, on the objectives, strategy, business plans and major policies that are to govern the operation of the company; and
(c) providing the directors with comprehensive, relevant and timely information that will enable the directors to review the company's business objectives, business strategy and policies, and to hold senior management accountable for the company's performance.

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Disclaimer: This document is not to be taken as legal advise.

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