The Board confines itself to making broad policy decisions and exercising a number of reserved powers to consider and approve financial statements in interim report and annual report and to consider the dividend policy and dividend amount and to monitor the corporate governance of the Company.
The Board confines itself to making broad objectives and strategic decisions while delegating responsibilities for more detailed consideration to various committees including the Audit Committee, Remuneration Committee, Nomination Committee, Strategic Planning Committee and Risk Management Committee which are established under the Board. Each of these committees has its respective terms of reference and reports its work to the Board regularly and makes suggestions on the matters under discussion. With delegated authority by the Board, the senior management will implement those strategic plans, policies and business plans conferred by the Board and/or the Committees.
The independent non-executive directors (INEDs) play an important role in corporate governance. Half of the members of the Audit Committee, Remuneration Committee and Nomination Committee are INEDs, and the Strategic Planning Committee and Risk Management Committee comprise INEDs as their members. In this connection, the INEDs provide their independent opinions on matters including strategy, corporate performance and accountability at various committee meetings and Board meetings.