Corporate Governance

Hwange Colliery Company Limited follows the principles and general guidelines set out by the King Reports on Corporate
Governance and the National Code on Corporate Governance. As a tri-listed Company, it also complies with the listing
requirements of the Zimbabwe Stock Exchange, Johannesburg Stock Exchange and the London Stock Exchange.

The Board has established policies and procedures regulating its own processes to ensure good corporate governance.

The Company’s Articles of Association provide for a maximum of ten (10) directors of which one (1) of them is a Managing
Director who is given executive functions. The Board is chaired by a non-executive director. Directors meet at least quarterly
and these directors are subject to retirement by rotation and re-election by Shareholders in accordance with the Company’s
Articles of Association. Appointments of new directors, approved by the Board are subject to ratification by shareholders.

In terms of good corporate governance and as provided by the Companies Act (Chapter 24:03) and the Company’s Articles
of Association, directors are required to declare in writing , during the year, whether they have material interests in any
contracts or arrangements of significance with the Company which could give rise to conflict of interest. No such conflicts
were reported during the year under review.

Details of attendance by the Directors at Board and Committee meetings during the current financial year
ended 31 December 2017 are set below: