The primary function of the board is to ensure that appropriate strategies are implemented to increase shareholder value, whilst at the same time ensuring that the company complies with its environmental and social responsibilities.

The board of directors is responsible for guiding and monitoring the company on behalf of the shareholders by whom they are elected and to whom they are accountable.

The board seeks to identify the expectations of the shareholders, as well as other regulatory and ethical expectations and obligations. In addition, the board is responsible for identifying areas of significant business risk and ensuring arrangements are in place to adequately manage those risks.

To ensure that the board is well equipped to discharge its responsibilities it has established guidelines for the nomination and selection of directors and for the operation of the board.

The responsibility for the operation and administration of the company is delegated, by the board, to the CEO and the executive management team. The board ensures that this team is appropriately qualified and experienced to discharge their responsibilities and has in place procedures to assess the performance of the CEO and the executive management team.

The Board currently consists of 3 Directors, due to the size of the current board, matters normally delegated to committees such as remuneration and audit are encompassed within the normal operations of the Board.

The board is responsible for ensuring that management’s objectives and activities are aligned with the expectations and risk identified by the board. The board has a number of mechanisms in place to ensure this is achieved including:

  • board approval of a strategic plan designed to meet stakeholders’ needs and manage business risk;
  • ongoing development of the strategic plan and approving initiatives and strategies designed to ensure the continued growth and success of the entity; and
  • implementation of budgets by management and monitoring progress against budget via the establishment and reporting of both financial and non-financial key performance indicators.

Other functions reserved to the board include:

  • approval of the annual and half-yearly financial reports
  • approving and monitoring the progress of major capital expenditure, capital management, and acquisitions and divestitures
  • ensuring that any significant risks that arise are identified, assessed, appropriately managed and monitored
  • ensuring that management has the resources to implement the strategic plan
  • reporting to shareholders.