TWK History

In June 1940, a group of 52 members belonging to the Piet Retief Wattle Growers and Timber Association, with a total membership of 114 and owning over 40,000 acres (16,000 hectares) of wattle plantations, met with the goal of registering their association as a co-operative. Consequently, on 21 June 1940, the Transvaal Wattle Growers Co-operative Agricultural Company Limited was established. The primary objective of the co-operative was to facilitate the marketing of its members' timber and bark. Nonetheless, the board of directors soon realised that their responsibilities could not be restricted to this sole objective. It became evident that they should also supply the required production materials to their members. During the 42nd Annual General Meeting in 1982, the name was changed to the Transvaal Wattle Growers Co-operative Limited, which was abbreviated to TWK. Over the years, TWK has evolved into a remarkable company, providing various products and services to its members and the community to meet their needs.

"We are farmers with a shared interest and goal - united and co-operative." (JC (Tol) Veldman, former general manager, 1991.)

TWK Ethics

TWK, its subsidiaries, and staff are committed to conducting themselves with honesty and integrity while performing their duties and in their personal conduct, in accordance with the highest moral and ethical standards. The TWK Code of Ethics is a document that contains the operation of our business in a legal and ethically acceptable manner. Each employee and director have pledged to the Code of Ethics that requires them to carry out their duties impartially and to act appropriately towards customers, suppliers, and other stakeholders to maintain a reputation of upholding integrity and responsible behaviour. Grievance and disciplinary procedures exist to promote and ensure the application of the Code of Ethics.

TWK Tip-Offs Anonymous whistleblowing hotline

TWK has made a free and anonymous ethics line available to demonstrate its commitment. Deloitte, an independent service provider, manages the service. If you have any information about fraud, corruption, or other workplace dishonesty, call the confidential, free Tip-offs Anonymous® hotline.

TWK Ethical Code

The purpose of TWK's Ethical Code is to provide a framework for the standard of business conduct and ethics that all business divisions, directors, and employees within the TWK group are required to adhere to. This is done to promote and enforce ethical business practices and standards throughout the Group. The TWK Ethical Code can be viewed through the link or attachment below.

TWK Values

Growth

TWK is dedicated to providing excellence and constantly surpassing previous efforts.

Strive

We aim to be the supplier, market, employer, and investment of choice.

Renew

We are proactively committed to meeting the needs of our stakeholders without compromising the future of generations to come.

Sustain

We maintain a fresh outlook on business, supported by experience and knowledge.

Conserve

We take responsibility for protecting the environment in which we work, preserving a legacy for the future.

Develop

We invest time, resources, and knowledge in our youth, employees, clients, and the communities in which we operate.

Our Vision

Together, we will achieve sustainable growth.

Our Mission

Our mission is to deliver value-adding products and services to the agricultural and related industries and to the communities in which we operate.

At TWK, we take corporate governance seriously, and it is our commitment to responsible corporate citizenship and effective governance that drives our philosophy. We strive to implement our business practices with integrity, sustainability, equity, and accountability. To ensure that we are meeting the highest standards of corporate governance, we regularly test our corporate best practices against applicable guidelines and regulations.

Our commitment to corporate governance is evident in the way we continuously evaluate and consider all relevant legislation, operating codes, and practices to ensure that our conduct aligns with the recommendations of the King Code. Although we may deviate from specific guidelines, we believe that such deviations are warranted and in the best interest of our company and all stakeholders. Moreover, we always have a process in place to ensure compliance in our journey towards corporate governance.

We have successfully implemented the basic principles and practical application of the King Codes throughout our organisation. We comply with the provisions and recommendations of the King Codes where possible, and we continuously seek ways to improve our management practices and structures to meet the expectations of our stakeholders.

Corporate governance at TWK is more than just a set of rules and regulations; it is the basis for managing our business on a day-to-day basis. We have a well-balanced board of directors, with a clear division of responsibilities, and a Board-approved decision-making framework that delegates certain powers to management. Our directors have unrestricted access to all information, records, documents, and property of the group, and they may obtain independent professional advice regarding the affairs of the company.

We have various committees in place to assist the Board, including the Audit and Risk Committee, the Social and Ethics Committee, the Remuneration Committee, and the Nomination Committee. These committees function according to approved frameworks, and the chairpersons and members of the respective committees are elected by the Board based on their expertise in a particular area.

Conflicts of interest are strictly regulated in terms of the Companies Act, and we have a management system in place to ensure that all directors and management act independently in the performance of their duties. At every Board meeting, directors and management have the opportunity to disclose any material interest that may impact the group, and annual evaluations are conducted to assess the effectiveness of the Board as a unit, as well as the individual contributions of the directors.

 Corporate Governance

At TWK, we believe that good corporate governance is a journey and not a destination, and we are committed to continuously improving our management practices and structures to ensure that we meet the expectations of our stakeholders.

At TWK and its subsidiaries, integrity and honesty are at the forefront of all operations, both in professional and personal conduct. The TWK Code of Ethics sets out the standards by which business is conducted, ensuring compliance with legal and ethical practices. Each director and employee are committed to upholding the Code of Ethics, which emphasises fairness in all dealings with customers, suppliers, and other stakeholders, thus maintaining a reputation for responsible and ethical behavior.

To ensure compliance with the Code of Ethics, grievance and disciplinary procedures have been established. These procedures promote adherence to the Code, thus ensuring its application.

A closed period for trading TWK shares is enforced by the Group, which precedes the publication of interim and annual financial results, as well as during certain strategic transactions and related matters, in accordance with the Share Trading Policy. During such periods, directors, staff members, related persons, and entities defined in the Share Trading Policy cannot conduct transactions related to TWK shares.

The Group has a proactive approach to risk control and management, which is an integral part of its corporate governance framework. Risk assessments are carried out regularly, and appropriate controls are applied to manage risk. The Audit and Risk Committee evaluates the internal control process, providing reasonable assurance to the Board and management that risks are managed effectively to ensure sustainability. The Internal Audit Department strengthens the company's internal control and risk management.

The internal audit function is carried out independently and in accordance with a specific audit plan approved by the Audit and Risk Committee. The primary purpose and mission of the internal auditors are to support the Group in identifying operational risks, carrying out an independent assessment of compliance with group policies, risk controls, internal control systems, and accounting practices and, where necessary, recommending improvements.

The sustainability of the TWK Group is the pirmary focus of the Board. TWK is committed to expanding the sustainability of its business, which is achieved by reducing risk, improving existing operations, and utilising opportunities. The Group conducts its business in an environmentally responsible manner, and new projects are only undertaken if they can be operated sustainably and in compliance with set financial benchmarks. The solvency and liquidity for future periods are evaluated regularly by the Board.

The Group follows a practice of monthly financial audits and reporting of all operational departments. Senior management meets regularly to take stock of performance, commercial, and strategic issues. Compliance with legislation is a priority, and continuous awareness campaigns and training are conducted throughout the Group.

The Remuneration Committee independently approves and oversees the implementation of a remuneration policy that encourages the achievement of the Group's strategy. The Group's staff is a valuable resource in achieving the organisation's objectives, and the implementation of internal control systems. The Group is committed to creating and maintaining an environment that provides equal opportunities for all employees, and the remuneration policy outlines the governance framework through which remuneration is determined and managed throughout the Group.

Broad-Based Black Economic Empowerment

TWK supports broad-based black economic empowerments that align with the Group's business strategies and consider the importance of meaningful empowerment for sustainable growth. The Group believes in making a difference in the communities it operates in and supports various organisations through donations and sponsorships. TWK remains involved in supporting black emerging farmers that gained access to land through land reform processes.