Role of BOD.docVIP

The board’s role is to provide entrepreneurial leadership of the company within a framework of prudent and effective controls which enables risk to be assessed and managed. The board should set the company’s strategic aims, ensure that the necessary financial and human resources are in place for the company to meet its objectives and review management’s performance. The board should set the company’s values and standards and ensure that its obligations to its shareholders and others are understood and met. Role of BOD Leadership role To formulate policies and to determine overall strategic direction of the company proactively participate in strategic decisions; challenge management with questions based on informed knowledge; oversee management’s plans, decisions, and actions; Control role To monitor executive management so that they consistently pursue shareholders’ wealth maximization / interest policies and procedures that help ensure the necessary actions are taken to address risks impeding the achievement of the company’s objectives; Responsibilities of BOD Relates to leadership role To provide strategic leadership role policies To supervise strategic formulation process and review the organization’s strategies To appoint, supervise and remunerate top management Reviewing and adopting a strategic plan for the company - the board should adopt a strategic and business plan aligned to ensure obligations to shareholders and stakeholders are met; Overseeing the conduct of the company’s business to evaluate whether the business is being properly managed - the board should therefore provide entrepreneurial leadership; To ensure proper board succession planning, appointment, training and remuneration of directors. Succession planning, including appointing, training, fixing the compensation of and, where appropriate, replacing senior management - the board should oversee the human capital development process, monitoring and compensation against pre-determined evaluatio