Vodacom Tanzania Public Limited Company (‘Vodacom Tanzania’) is committed to the highest standards of business integrity, ethics and professionalism.
Corporate governance principles include discipline, independence, responsibility, fairness, social responsibility, transparency and the accountability of directors to all stakeholders.
These principles are entrenched in Vodacom Tanzania’s internal controls and policy procedures governing corporate conduct and are aligned with the Capital Markets and Securities Authority’s guidelines on corporate governance practices by public listed companies in Tanzania.
Vodacom Tanzania has a unitary Board of 12 directors, of whom four (including the Chairman) are independent non-executive directors, six are non-executive (but not independent as they represent major shareholders), and two are executive directors.
The Board is satisfied that the balance of knowledge, skills, experience and diversity on the Board is sufficient. The Board takes overall responsibility for Vodacom Tanzania’s success.
Its role is to exercise leadership and sound judgement in directing Vodacom Tanzania to achieve sustainable growth and act in the best interests of its shareholders.
The Board charter details the responsibilities of the Board, which include:
• Appointment of the Managing Director and Finance Director; • Effective oversight of Vodacom Tanzania’s strategic direction; • Approving major capital projects, acquisitions or divestitures; • Exercising objective judgment on Vodacom Tanzania’s business affairs, independent from management; • Ensuring that appropriate governance structures, policies and procedures are in place; • Ensuring the effectiveness of Vodacom Tanzania’s internal controls; • Reviewing and evaluating Vodacom Tanzania’s risks; • Approving the annual budget and operating plan; • Approving the consolidated annual and interim financial results as well as all communications to shareholders; • Approving the senior management structure, responsibilities and succession plans; and • Information and technology governance.