Sustainability For more than 100 years, the Group has played a key leadership role in the development of sustainable institutional capacity in all fields associated with its business interests. Our group chief executive has long been a leader of construction industry transformation. He has led the development of government’s Construction Industry Development Board (CIDB) since 1997, first as task team chairperson and then as first chairperson of the CIDB. We have also contributed to the development of the Construction Charter and are engaged in many initiatives to meet the requirements of the Mining Charter. Murray & Roberts has qualified for the JSE SRI index for the second consecutive year. Fifty-eight companies in the FTSE/JSE All Share Index participated in the 2005 review of which forty-nine, including Murray & Roberts, met the criteria. The SRI Index is the first of its kind for an emerging market. It measures a company’s commitment to and performance against the environmental, social and economic pillars of sustainability practice with corporate governance as the foundation. Corporate governance Murray & Roberts has a corporate governance framework that has been in operation for many years. It is constantly reviewed to ensure compliance with latest corporate governance practice in South Africa and internationally as appropriate. Our corporate governance policies and practices are set out on pages 47 to 49 of this report. Risk management Murray & Roberts has introduced a comprehensive risk framework to manage rather than eliminate the risk inherent in achieving its business objectives. A risk committee is mandated by the audit & risk management committee to manage risk at an executive level and assist the Board to fulfil its corporate governance supervision responsibilities relating to risk management. The full report of the committee is set out on pages 50 and 51 of this report. Black economic empowerment Murray & Roberts believes that broad-based empowerment of business in South Africa is essential for long-term economic and social stability. We have developed a unique advanced model for delivering this belief in terms of the Broad-Based Black Economic Empowerment Act and various industry charters. Our belief and strategy are supported by clear statements of intent by our Murray & Roberts embraces a value system that places sustainable development and value creation at the heart of its business aspiration where sustainability reporting is guided by the King Report and the JSE Socially Responsible Investment (SRI) index. Public & Private Shareholders Subco 1 Subco 2 Black Executives Trust General Staff Trust Murray & Roberts Holdings Ltd. Murray & Roberts Subsidiaries Broad-based Community Trust

Preference share

subscription of

R99 million

Preference share subscription of R173 million Funding/Subscription The Murray & Roberts broad-based empowerment and employee equity ownership arrangement Shareholding Loan of R148 million

Payment of

R74 million

100% 100% 90% 3,5% 2,0% 3,0% 10% 1,5% 100% Black Employee Benefits Trust