Board Charter and Responsibilities

The Company has in place a Board Charter that sets out, amongst others, the responsibilities, authorities, procedures, evaluation and structure of the Board and Board Committees as well as relationship between the Board with its management and shareholders. The Board Charter is reviewed and updated periodically.

To enhance accountability, the Board Charter also sets out specific functions reserved for the Board and those delegated to the Management.

The principal functions of the Board are as follows:

  • Ensuring that the Company’s goals are clearly established and strategies are in place for achieving them;
  • Reviewing and approving major corporate strategies, plans and annual budget;
  • Monitoring the performance of the corporate strategies;
  • Approving capital expenditure, capital management and acquisitions/divestments;
  • Monitoring the performance of management in the implementation of strategies and policies.

To facilitate efficient management, the Board has approved authority to the management for certain specified activities through a clear and formally defined Limits of Authority (“LOA”), which is the primary instrument which governs and manages the business and operations decisions in the Group. Whist the objective of the LOA is to empower Management, the key principle adhered to the formulation of the LOA is to ensure that a system of internal controls and checks and balances are incorporated therein. The LOA is implemented in accordance with the Group’s policies and procedures and in compliance with the statutory and regulatory requirements. The LOA is periodically reviewed and updated to ensure relevance to the Group’s operations.