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Introduction

Introduction

The Gold Fields code of ethics commits the company to conducting its business in an ethical and fair manner, promoting a culture that is non-sectarian and apolitical and which is socially and environmentally responsible. This is underpinned by the company’s core values of safety, responsibility, honesty, respect, innovation and delivery. The Board of Directors takes ultimate responsibility for the company’s adherence to sound corporate governance standards and see to it that all business judgements are made with reasonable care, skill and diligence.

Gold Fields’ shares are listed on the JSE Limited (the JSE) as a primary listing and the company is therefore required to comply with the JSE Listings Requirements in respect of the King II and King III Reports on Corporate Governance (“King III”). The company’s shares also trade in the United States of America (USA) on the New York Stock Exchange (NYSE) and are registered with the United States Securities and Exchange Commission (SEC). As such, the company is subject to the disclosure and corporate governance requirements of the NYSE, in so far as these relate to foreign private issuers such as Gold Fields. The company also has a secondary listing on the NASDAQ Dubai Limited, Euronext in Brussels and the SWX Swiss Exchange and is subject to the disclosure requirements of these exchange.

Gold Fields adheres to the following key corporate governance principles:

  • Code of ethics: No material transgression of our ethics policy has been reported via a dedicated hotline, or other means. In addition, no significant fines or non-monetary sanctions for non-compliance with legal requirements have been levelled against the company;
  • Compliance with King III: The Board adopted the recommendations on good corporate governance as contained in the King III Report on Corporate Governance and the King Code of Governance Principles for South Africa. However, the company has assessed the compliance level in respect of King III and identified areas that require improvement. The Board is in the process of embedding the principles and recommendations of King III across the Group and will be in a position to report fully on the level of compliance in the next annual report which will be for the six months financial period ending 31 December 2010.
  • Compliance with King II: The Board is of the opinion that for the period under review, the company has complied with the provisions of the South African Code of Corporate Practices and Conduct as recommended in the King II Report.