Corporate Governance
Arcil’s corporate governance philosophy recognizes the accountability of the Board. It emphasises the importance of making the Board transparent to all its constituents, including shareholders, other stakeholders, employees, customers, and regulatory authorities. It encompasses several voluntary practices aimed at a high level of business ethics, effective supervision and enhancement of value for all stakeholders. The Board’s role, functions, responsibility and accountability are clearly defined. In addition to its primary role, the functions of the board include:
- Formulation of strategy and business plans;
- Reviewing and approving financial plans and budgets;
- Monitoring performance
- Ensuring ethical behaviour and compliance with laws and regulations;
- Reviewing and approving borrowing limits; and
- Keeping shareholders informed regarding plans, strategy and performance.
To enable the Board of Directors to discharge these responsibilities effectively, the executive management submits periodic reports on performance. The separation Board’s supervisory role from the executive management is achieved through committees of directors which oversee specific operational areas and functions of executive management. Such committees comprise a majority of non-sponsor independent directors and are chaired by a non-sponsor director. These committees meet at regular intervals and the decisions taken by these committees are reported to the Board periodically.
