Corporate Governance

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Corporate Governance 2017-11-21T13:01:43+00:00

Committees of the Board of Directors

The Board has appointed three standing committees from among its members to assist in the execution of its responsibilities and has agreed on Terms of Reference for each committee. These are the Audit Committee, the Compensation Committee and the Corporate Governance and Nomination Committee and their Terms of Reference. However, as at June 30, 2011, neither of these committees had formally met and therefore the Board was responsible for undertaking the duties of these committees.

Accountability and Audit

The Board, through its Audit Committee, is responsible for monitoring the reporting of financial statements, the financial reporting process and the efficiency of the company’s internal control and risk management systems pertaining to the financial reporting, monitoring the audit of the financial statements and consolidated financial statements. The responsibilities of the Audit Committee include, inter alia:

  • Recommending through the Board of Directors to the shareholders, the appointment of the external auditor and assessing the audit firm’s independence as well as ensuring that key partners in the firm are rotated at appropriate intervals.

  • Recommending the audit fees to be paid and ensuring that any non-audit services provided by the external auditor to the company do not impair the firm’s independence or objectivity

  • Discussing with the auditor before the audit is initiated, the nature and scope of the audit; reviewing the auditor’s quality control procedures and steps taken by the auditor to respond to changes in regulatory and other requirements; reviewing the auditor’s management letter and management’s response, and

  • Reviewing the company’s procedures for handling allegations from whistleblowers.