The Board and Management ensures that the Company’s corporate governance would support its core values of delivering the best possible customer services, empowering employees, maintaining, and upholding ethical practices, supporting continuous learning, and accountability. The Board and Management continue to demonstrate commitment to act responsibly, ethically and with the highest standard of integrity. The Company ensures that it adheres to good corporate governance standards and practices by closely monitoring developments in corporate governance principles and practices (standards) locally and globally. Its directors and employees are expected to always observe the highest standards of governance and ethical behavior.
The Board of Directors and their Roles The Board is accountable to its shareholders, for the overall governance and oversight of the Company’s activities and performances. The Board operates in accordance with the powers and responsibilities set out in the Code of Corporate Governance and exercises those powers in performing the following functions:
• Implement a process for the selection of directors who can add value and contribute independent judgement to the creation of business strategies and policies.
• Provide sound strategic policies and guidelines to the Company on major capital expenditures.
• Ensure adherence to all applicable laws, regulations and best business practices.
• Develop the overall business strategy of the Company, risk management and operational matters.
• Keep the activities of the Board within its authority under the articles of incorporation and by-laws and in accordance with existing laws, rules and regulations.
• On an ongoing basis, critically monitor the effectiveness of the business strategies and the effectiveness of management in delivering those strategies. The Board has delegated responsibilities of administering the Company’s day-to-day business operations to the President and has ensured that it does not encroach upon those areas of day-to-day operational activities that are clearly the responsibilities of Management.