The Board of directors is ultimately responsible for ensuring that governance standards are met and it is therein assisted by senior management who aim to instil a culture of compliance and good governance throughout the Group.
The Board consists of ten non-executive elected directors and two executive directors. The chairman of the board is a non-executive director. The terms of service of the executive directors are limited to their terms of service as employees, while the elected non-executive directors rotate on a three-yearly basis.
The Board is responsible for the overall performance of the group and compliance with good corporate governance. The Board fulfils its responsibility by giving strategic leadership, appointing competent management, delegating responsibilities in a structured manner, assessing business plans and budgets and monitoring their implementation and results, and overseeing the risk management programme. In the implementation of these duties, the Board also pays attention to the sustainability of the business within the framework of the community and environment.
In conducting its responsibilities, the Board meets regularly and also makes use of the committees to advise it on auditing, human resources, financing and investments matters. The committees function on the basis of clearly defined mandates that set out their duties, powers and responsibilities.