Summary of Corporate Governance
The Board of Directors holds scheduled Board meetings approximately each quarter plus such other ad hoc meetings as are deemed necessary to deal with urgent business matters.
The Board is responsible for leading and controlling the Company, for creating value for shareholders and in particular for formulating, reviewing and approving the Company’s strategy, budget, significant items of capital expenditure, acquisitions and senior personnel appointments. Additionally the Board is responsible for ensuring the Company has the appropriate people, financial resources and controls in place to deliver its strategy and long-term objectives. The Company has established subcommittees of the Board, comprising an Audit Committee, Nominations and Governance Committee and Remuneration Committee.
The directors believe that the Board and its committees have the appropriate balance of skills, experience, independence and knowledge of the Company to enable them to discharge their respective duties and responsibilities effectively. The Board is responsible for creating value for shareholders, determining strategy, investment policy, approving significant items of expenditure and consideration of significant financing, risk, and legal matters.
The Board and Committee agendas are shaped to ensure that discussion is focused on the Company’s strategic priorities and more immediate activities, as well as reviews of significant issues arising during the year. The Board and committees are provided with all the necessary high quality information, including regular management information, the Company’s ongoing financial and strategic performance, Health and Safety updates and Technological and Operations updates in a timely manner. The Board also maintains regular communication with shareholders, stakeholders and customers, to facilitate proper assessment of matters requiring decision or insight and to enable them to effectively discharge their duties.