Principles Of Corporate Governance
Key Governance Parameters
The primary objective of any system of good corporate governance is to ensure that Directors, executives and managers, to whom stewardship of companies is entrusted by the shareholders, carry out their responsibilities faithfully, effectively and efficiently.
The Group’s structures, operations, policies and procedures are continuously assessed and updated for compliance with the law and generally accepted standards of good corporate governance.
In line with principles of good corporate governance, the Company constituted two permanent Board Committees to assist the Board in the discharge of its responsibilities as described below:-
The Committee consists of three Non-Executive Directors and the Chief Executive Officer, with the Finance Director attending as ex-oficio. The internal and external auditors attend the meetings and have unrestricted access to the Chairman of the Committee. The Committee meets at least twice a year.
The function of the Audit Committee is to advise the Board on all matters relating to corporate governance and regulatory issues. In particular, it monitors financial controls, accounting policies, accounting systems and assesses the processes of identifying, monitoring and managing business risks. The Audit Committee monitors the Internal Audit Charter, plans, programs, reports and recommends the appointment of external auditors.
The Committee consists of two Non-Executive Directors and the Chief Executive Officer. The Remuneration Committee is responsible for making recommendations on all major policy issues, including Board appointments, investments and the remuneration policy of Executive Directors and senior management.
The Committee also considers, at Board level, remuneration levels and conditions of service of staff to ensure that these are fair, appropriate and in line with the market and the Company’s remuneration policy.