Corporate governance is essential to protect the interests of stakeholders in SABMiller. We have put in place a corporate governance structure that is appropriate for your company in the industry in which it operates.

The company is committed to meeting the standards of good corporate governance set out in the Combined Code as appended to the Listing Rules of the UK Listing Authority, the Turnbull Report on Internal Control and appropriate best practice that has evolved from guidance issued by leading institutional investor bodies. In light of its substantial operating presence in the United States, the company is also taking steps over time to become materially compliant with the Sarbanes-Oxley Act 2002 and related regulation.

During the year, reports by Sir Derek Higgs and Sir Robert Smith resulted in a revision of the Combined Code (referred to as ‘the new Combined Code’). This came into effect on 1 November 2003 and applies to the company from 1 April 2004. This report describes the steps that are being taken by the company to bring it into compliance with the new Combined Code.

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