The Board is responsible for the long-term growth and financial performance of the Group. The Board charts the strategic direction of the Group and monitors executive and senior management performance on behalf of shareholders. To achieve this, the Board is engaged in the following activities:
- Demonstrating leadership and defining the Group’s purpose;
- Providing input and final approval of the Group’s corporate strategies and performance objectives developed by executives and senior management;
- Approval and monitoring of financial and other reporting;
- Approving the Group’s Statement of Values and Code of Conduct to underpin the desired culture within the organisation;
- Monitoring of executive and senior management performance, including the implementation of corporate strategies, instilling of the Group’s values and ensuring appropriate resources are available;
- Appointment and monitoring of the performance of the Chief Executive Officer and the Company Secretary;
- Setting the risk appetite within which management are expected to operate;
- Ensuring that the Group has appropriate systems of risk management and internal controls, reporting mechanisms and delegation authority limits in place;
- Liaison with the Group’s external and internal auditors through the Audit and Risk Committee;
- Approval and monitoring the progress of major capital expenditure, capital management, acquisitions and divestments;
- Satisfying itself that the remuneration policies are aligned with the Group’s purpose, values, strategic objectives and risk appetite;
- Any other matters required to be dealt with by the Board from time to time depending upon circumstances of the Group;
- Other matters referred to in the Board and Board Committee charters.
The Board operates under a charter that details the functions and responsibilities of the Board. The charter is reviewed annually to ensure it remains consistent with the Board’s objectives and responsibilities.
Management is responsible for the implementation and execution of corporate strategies and performance objectives and all aspects of the day to day running of the Group. Management is also responsible for ensuring the Group operates within the risk parameters set by the Board and for providing the Board with accurate and timely information to enable the Board to carry out its duties.