Board Committees & Independence
Board Committees
The Board operates on the principle that all significant matters are dealt with by the Board. However, in order to assist the Board in carrying out its duties and to enhance the effectiveness of the Board, the Board has nominated the following Board Committees delegated with specific responsibilities with written terms of reference:
Executive Committee:
To co-ordinate, guide and monitor the management and performance of the Company in line with the strategies, business plans and budgets established by the Board and to assist the Board with detailed reviews of information and operational issues.
Audit Committee:
To assist the Board in fulfilling its oversight responsibility with regard to financial reporting process, the system of internal control, the process for monitoring compliance with laws and regulations, appointment, independence and performance of the internal and external auditors; and to oversee and ensure implementation of Corporate Policies on Insider Trading and Combating the Financial Crime.
Independence
The Board has sufficient number of independent non-executive directors (three out of nine) in its composition that represents a commitment to the independence of the Board and a focus on matters of importance to its stockholders.