Government Structures

The Company is 99.9% Black owned.  The total number of shareholders is 218.  Out of the total number, 31 shareholders are black females. All shareholders are small bus operators in the Eastern Cape.

Board of Directors

AB350’s Board is made up of 9 directors elected by the regions as per the Memorandum of Incorporation. The Board consists of five non-executive directors and four executive directors, including the Executive Chairman of the Board. Board members are confirmed in a shareholder’s Annual General Meeting. AB350 has no independent directors and the Chairman of the board is also not independent. The responsibilities of the Board are set out in the Board charter, evidencing a clear division of responsibilities.

Board Committees

The Board of Directors has delegated specific responsibilities to two sub-committees that assist the board in fulfilling its stated objective and are both chaired by independent individuals. There are three sub-committees i.e., Audit Committee, the Social and Ethics Committee, and the Human Resources Committee. The role and responsibilities of each of these committees are recorded in their formal terms of reference. The Audit committee consists of three independent non-executive members and two non-independent non-executive directors. Executive management and external audit partners attend meetings at the invitation of the committees. The Human Resources committee is composed of three independent non-executive members. The Social and Ethics Committee consists of three non-executive and independent members who were appointed based on various fields of specialty required for such committees.