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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