Our Board of Directors recognise the need for the highest standards of corporate behaviour and accountability in order to fulfill its responsibilities to the Group’s stakeholders, who include its shareholder, customers, employees, suppliers, the community and the environment.
In keeping with this, the Board’s responsibilities include determining and reviewing the Group’s strategic direction and operational policies; establishing targets for management and monitoring the achievement of these targets; reviewing and approving the Group’s annual business plan; approving all significant business transactions; monitoring risk exposures and risk management systems including those relating to occupational health and safety, and; approving and monitoring reporting to the shareholder.
The Group also operates in accordance with Governance Protocols established by the shareholder, which cover, amongst other things, the function, composition, nomination, performance and remuneration processes of Directors together with the reporting obligations of the Group and Board performance.
The Board consists of six independent non-executive Directors, including the Chairman, who each bring a balance of skills, experience and diversity to help the company meet its strategic objectives.
Non-executive Directors meet periodically, in line with better governance, without the Chief Executive Officer or other management present. In accordance with the company’s constitution, one third of the Directors must retire each year, however if eligible, may offer themselves for re-election.
The Board is fully involved with setting the strategic direction of the Company, as well as reviewing the current performance on a monthly basis, with the overall vision to achieve growth in the performance of Citywide.
The Board of Directors oversees the Executive Management team.