The Board undertakes a formal and rigorous annual evaluation of its own performance and that of its Committees and individual Directors. The evaluation of the Board and its Committees is a key component of effective corporate governance. It is a vital tool to ensure that the Board discharges its responsibilities effectively and assists in identifying possible ways for improving the performance of the Board.

 

 

 

 

 

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For the financial year ending 31 December 2016, the Board evaluation was facilitated internally by the Group Company Secretary in accordance with the following process:

The evaluation process covered a wide range of issues including leadership, board meeting dynamics, competency of board members, succession planning, information quality and flow, relationship with senior management, quality of board supervision and decision making with emphasis on the Board’s role in strategic decisions.

The Committee evaluations focused on the following areas:

  • Assessing the balance and skills within each Committee
  • Identifying attributes required for any new appointments
  • Reviewing practice and process to improve efficiency and effectiveness
  • Considering the effectiveness of each Committee’s decision making processes
  • Recognising each Committee’s outputs and achievements

As a result of the evaluation of the Board’s performance in December 2015 and the action plan that was subsequently developed, the Company concentrated on improving the opportunities for strategic debate by the Board during 2016. The table below illustrates the findings from the December 2015 performance review, the actions taken by the Board and principal Committees during 2016 and the action identified for 2017 as a result of the December 2016 performance review.

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