An extensive discussion of the corporate governance discipline and risk factors within the group is provided in the Annual Financial Statements 2003, which is available from the company website at www.anglogold.com. AngloGold?s corporate governance guidelines incorporating the board charter, business principles, code of ethics for financial officers, board committees? terms of references and key policies of the company, is also available from the company website.

During the year the board resolved to place the corporate governance discipline within the mandate of its audit committee. The committee has been renamed the Audit and Corporate Governance Committee and comprises solely independent non-executive directors. The board also formally appointed a Nominations Committee, comprising a majority of independent directors and chaired by the board chairman, to advise it on selection criteria and assess candidates for appointment to the board.

Key policies adopted by the board during the year under review are: directors? professional advice policy (PDF - 9KB), director?s fit and proper standards (PDF - 8KB), and an induction policy for new directors (PDF - 12KB). The induction programme for new directors will be finalised during 2004.

A confidential reporting policy was also adopted by the board to provide a mechanism for the reporting of unethical or illegal activities occurring with the group. The policy provides for the reporting to be made to the group internal audit manager, who is functionally and administratively independent of management, and provided it is made in good faith, protects whistle-blowers from suffering any adverse consequences arising out of making such reports (See case study).