Statement on Corporate Governance
(continued)
1.0 CLEAR ROLES AND RESPONSIBILITIES (continued)
1.2 Roles and Responsibilities of the Board (continued)
(a) Strategy and Planning (continued)
(ii) Review and approve management strategies and plans designed to pursue business objectives and ensure they
continue to remain prudent in the context of the objectives of the business, the economic environment, available
resources and reasonable achievability of results.
(iii) Approve and monitor the progress of major capital expenditure and acquisitions/divestitures.
(iv) Establish procedures for the approval of all significant acquisitions and major contracts and approve all significant
acquisitions and major contracts outside the ordinary course of business.
(v) Approve 12 months’ operational budgets and evaluate results against budgets in the context of business objectives,
strategies and operations plans being pursued. Consider and approve any action/remedial plans to be implemented.
(vi) Approve all major changes to the structure of the organisation.
(b) Human Resource
(i)
Define required board competencies and number and profile of board members.
(ii) Appoint board members.
(iii) Approve induction program for new board members and on-going training programs.
(iv) Ensure easy access to internal and external sources of information and advice.
(v) Manage performance of the board as a whole and of the individual members.
(vi) Evaluate performance of senior management.
(vii) Approve appointment and removal of the Company Secretary.
(viii) Approve executive succession plans.
(c) Remuneration
(i)
Determine remuneration of Directors to ensure that they are consistent with sustainable achievement of business
objectives, prudent management of operations and prompt on-going assessments on the risks to which the
company is exposed.
(ii) Approve employees’ share option schemes for submission to shareholders for approval at General Meeting and any
other executive incentive schemes.
15
Annual Report
2014
Ni Hsin Resources Berhad
(653353-W)
