We apply good corporate governance to ensure sustainable growth and are committed to upholding the highest standards of ethics and good governance. We assume ultimate accountability and responsibility for the Company’s performance and affairs.
Governance Framework:
The Board is committed to applying the principles of corporate governance and it recognises that good and effective corporate governance is essential in protecting the interests of all stakeholders.
The governance structures and processes are regularly reviewed and updated to accommodate internal developments and reflect best practice.
The Board is accountable and responsible overall for the performance of the Company. Its role includes the establishment, review and monitoring of corporate strategic objectives, including effective and efficient implementation of the Business Turnaround Plan. It approves major transactions, and oversees the Group’s systems of internal control, governance, risk and opportunity management and compliance with all relevant laws, regulations and codes.
The detailed description of the Board’s responsibilities is contained in the Board Charter. New directors are informed of their duties through an induction process. The independence of directors is regularly assessed in accordance with the Companies Act guidelines. More than half of the Board is made up of independent directors and the rest consists of two shareholder representatives and two executive directors.
The Board delegates certain functions to the Board Committees and management to assist in properly discharging its duties.
KING IV:
Foskor ensures compliance with King IV principles through our formal governance framework that has been established by the Board and through an assurance system embedded throughout all operations. This approach helps place an emphasis on integrated thinking and value creation in the Company.
