CORPORATE GOVERNANCE

 

The Group is committed to high levels of corporate governance which is essential for the sustainable development of the Group and for long term shareholder value creation.

The responsibility to safeguard and respect the interests of all stakeholders is recognised by Management. In place throughout the Group are responsive systems of governance and practice which the Board and Management regard as entirely appropriate. The Group structures, operations, policies and procedures are continuously assessed and updated for compliance with the law and generally accepted standards of good corporate governance. The Group’s objective is to be profitable in a manner which conforms to strict requirements for transparency, acknowledges its accountability to broader society and complies with all legislations, relevant International Financial Reporting Standards and sound management practices.

 

BOARD

 

The Group is headed by a Board which leads and controls the Group. The Board is made up of 4 Executive and 3 Non-Executive Directors, 2 of whom are independent, who were chosen for their wide range of professional and commercial competencies. The Chairman of the Board is an Independent Non-Executive Director.

The Board meets at least quarterly with the responsibility for strategic and policy decisions, the approval of Budgets and the monitoring of the performance of the Group. Executive Management presents structured reports, to allow the Board to evaluate performance.

The Board has constituted the Audit and Remuneration Committees to assist it in the discharge of its responsibilities.

 

AUDIT COMMITTEE

 

An Audit Committee, consisting of Non-Executive Directors and the Chief Executive Officer, meets twice a year with the Group’s External Auditors, Internal Auditors and Executive Management.

Its major functions are the thorough and detailed review of fnancial statements, internal controls and related audit matters through independent judgement and risk management matters contributions of Non-Executive Board Members. In addition, the Committee has the responsibility of ensuring credibility, transparency and objectivity of external fnancial reporting. The Internal Auditors and External Auditors have unrestricted access to the Audit Committee.

 

REMUNERATION COMMITTEE

The Remuneration Committee consists of Non-Executive Directors. The Committee has the responsibility of ensuring that Directors and Executives are fairly remunerated.