By Tshepo Matseba
Daybreak Farms, a vertically integrated poultry business under the ownership of the Public Investment Corporation SOC Ltd (PIC), celebrates a significant governance transformation journey set in motion with the appointment of a board of directors in October 2022.
The appointed board, led by Ms Vuyelwa Matsiliza, brought in a wealth of experience and expertise necessary to drive governance enhancements and facilitate the financial revitalization of Daybreak Farms. Committed to strategic oversight, the board has established four sub-committees, including the Audit Committee, Social and Ethics Committee, Remuneration Committee, and the inaugural Investment Committee.
Over the past six months, Daybreak Farms has undertaken the recruitment of key senior management and executive positions, facilitating the development and implementation of a delegation of authority matrix aimed at balancing functional empowerment and executive accountability. The company anticipates the full constitution of its C-Suite team by April 1, 2024, signalling the commencement of a performance-driven culture under the leadership of the new CEO, Mr Richard Manzini.
Integral to the governance overhaul is the appointment of a Company Secretary in June 2023, tasked with supporting the board through robust governance frameworks, legislative compliance and strategic decision-making support. The recent annual general meeting (AGM) held last year, marked a pivotal milestone, presenting audited financial statements, adopted resolutions and the inaugural Environment, Social, and Governance (ESG) Report to shareholders.
Further reinforcing governance measures, Daybreak Farms has appointed an esteemed audit firm SAB&T Chartered Accountants, trading as Nexia, for a three-year audit commitment. Additionally, policies and procedures have undergone comprehensive review by SNG Grant Thornton to ensure alignment with best practices, with board adoption expected in March 2024.
The year ahead will see the company augmenting the internal audit function with another specialised external assurance layer to further strengthen the internal control environment. ICT governance and system generated data to drive agile informed decision making is a key focus area. Following a new ethics survey, transformation of the actual and perceived ethics quotient of Daybreak will be driven by a robust ethics risk assessment, strategy and plan. A company-wide drive to motivate declarations of interest and anti-bribery and corruption undertakings revealed telling trends which will also support further safeguarding against irregular procurement practices. A new whistle blowing hotline service provider is being procured as part of operationalising an ethics and investigations committee.
With a steadfast commitment to transparency and accountability, Daybreak Farms aims to achieve its next governance milestone—a fully integrated annual report aligned with international standards and data assurance. The report of will further seek to articulate Daybreak Farms commitment to inculcating ESG principles in its operations.