Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 122

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 122
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, including a duty to act in good faith
in the best interests of the company, a duty to act honestly and to use reasonable diligence in the discharge of the duties of their office.
Directors generally owe fiduciary duties to the company, and not to the company’s individual shareholders. Our shareholders may
not have a direct cause of action against our directors. The company has a right to seek damages if a duty owed by directors is breached.

The directors have, without exception, attended all board
meetings held during the reporting period.

Foreign Private Issuer and Controlled Company Exemptions

In general, under the Nasdaq corporate
governance standards, foreign private issuers, as defined by the rules adopted under the Securities Exchange Act of 1934, as amended (the
“ Exchange Act”), are permitted to follow home country corporate governance practices instead of the corporate governance practices
of the Nasdaq. Accordingly, we follow certain corporate governance practices of our home country, Singapore, in lieu of certain of the
corporate governance requirements of the Nasdaq in respect of the following:

  the requirement under Section 5605(e)(2) of Nasdaq listing                                                                                

  the requirement under Section 5605(d) of Nasdaq listing rules                                                                           

  the requirement under Section 5605(b)(2) of Nasdaq listing                                                           

  the requirement under Section 5605(c) of Nasdaq listing rules                                                              

  the requirement under Section 5610 of Nasdaq listing rules                                                                              

In the event we no longer qualify
as a foreign private issuer, we intend to rely on the “controlled company” exemption under the NASDAQ corporate governance
rules. A “controlled company” under the Nasdaq corporate governance rules is a company of which more than 50% of the voting
power is held by an individual, Group or another company. Our controlling shareholder and chief executive officer, Zak Calisto, controls
a majority of the combined voting power of our outstanding ordinary shares, and will be able to nominate a majority of directors for election
to our board of directors. Accordingly, we would be eligible to, and, in the event we no longer qualify as a foreign private issuer, we
intend to, take advantage of certain exemptions under the Nasdaq corporate governance rules.

The “foreign private issuer”
exemption and the “controlled company” exemption do not modify the independence requirements for the audit committee, and
we comply with the requirements of the Sarbanes-Oxley Act and the Nas