Principle 1. Lay solid foundations for management and oversight
The Board has established a framework that:
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enables it to provide strategic guidance and effective supervision of management;
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clarifies the respective roles and responsibilities of Board members and senior executives;
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ensures a balance of authority so that no single individual has unfettered powers; and
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identifies significant business risks and ensures that those risks are well managed.
To help manage these responsibilities, the Board has established an Audit Committee and a Remuneration, Nomination and Succession Committee.
The day-to-day management of the Company has been delegated to Mr McQuitty, Managing Director of the Company.
The Board has also adopted a Board Charter which details the functions and responsibilities of the Board and those delegated to management. In addition, letters of appointment have been signed by non-executive directors and each executive director has signed an employment or service agreement.
A copy of the Board Charter can be accessed on the link below.