Recently while scanning through the annual report of Stadium Ltd, a company listed on the JSE, you came across the company's schedule of directors and committees.

 These appeared as follows:

1.           Board of directors (governing body)

 Chief executive officer                                –      Donald Winthrop

Managing director – Administration             –      Charles Tree

Finance director                                           -     Monty Mann

Operations director                                    –      Christo Wells

Human resources director                          –      Jerry German

Marketing director                                      –      Koos Katswinkel

Non-executive director                               –      Caz Kallim

Independent non-executive director            –      Mary Maswai

The company has not appointed a chair.  The most senior director who arrives at the directors' meeting acts as chair.

2.           Committees

 2.1   Nomination committee                   –   Donald Winthrop    (chairman)

                                                                 –   Charles Tree

This committee makes recommendations to the shareholders regarding who should be appointed as directors.  If the two directors on the committee disagree, Donald Winthrop has the casting vote.

2.2   Remuneration committee       –   Donald Winthrop (chair)   

                                                       –   Monty Mann

                                                       –   Koos Katswinkel

2.3   Audit committee                 –   Monty Mann (chair)

                                                    –   Christo Wells                                                                                                   

                                                    –   Mitchell Street (internal audit manager)

                                                    –   External Audit

                                                    –   Fred Carver (finance manager)

All committees meet as and when required.  The board meets every six months.

3.     Risk committee

 The risk committee was disbanded at the beginning of the year.  The directors know the business and the risks involved.

REQUIRED

Comment on the information presented above in relation to the requirements of the King IV Report.