• Develop and recommend to the Board a set of corporate governance guidelines to be followed by the company and to review them periodically
• Implement policies and processes relating to corporate governance principles
• Assist the Board in evaluating and making recommendations to the Board of Directors
concerning the appointment of Directors to Board committees
• Evaluate implementation against the recommendations of the Committee.
Audit Committee
Scope
• Discussions with the Internal and Statutory Auditors periodically about internal control system and the scope of audit including observations of the auditors
• Review of the half-yearly and annual financial statements before submissions to the Board
• Ensure compliance of internal control system
• Supervise the financial reporting system
• Review the adequacy of internal controls in the company, including the plan, scope and performance of the internal audit function
• Discuss with management the company's major policies with respect to risk assessment and risk management
• Ensure compliance with accounting standards
• Validate whether or not the Management has put in place the required accounting policies and systems.
Compensation Committee
Scope
• Review and approve compensation policy (including performance bonus, incentives, perquisites and benefits) for the Senior Management Team
• Approving stock option and/or incentive compensation, if any, including the review and approval of existing plans with or without modifications
• Review and approve the staffing and training plan for Senior Management
Strategic and Investment Committee
Scope
• Participate with management to develop or modify the company's strategies
• Participate with management to develop or modify the company's merger and acquisition plans
• Review the company's capital investment proposals and ongoing projects in line with its business plan
• Assess and provide guidance on internal and external trends and developments that impact both the strategy, execution and investment plan
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