| Principle of Corporate Governance
Corporate Governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society.
Principle One - Leadership
The board will exercise leadership, enterprise integrity and judgment in directing the company to achieve continuing prosperity and to act in the best interest of the company based on transparency, accountability and responsibility.
Principle Two - Strategy & Value
The board will determine the company's purpose and values, determine the strategy to achieve its purpose and implement its values in order to ensure that the company survives and practices are in place to protect company's assets.
Principle Three - Company's Performance
The board will monitor and evaluate the implementation of strategies, policies and business plans and the operational results on regular basis.
Principle Four - Compliance
The board will ensure that the company complies with all relevant laws, regulations and codes of best business practice.
Principle Five - Communication
The board will ensure that the company communications with shareholders and other stakeholders effectively.
Principle Six - Accountability to shareholders
The board will serve the legitimate interests of all the shareholders of the company and account to them fully. The Board will ensure equality in its responsibility to the shareholders and will act in the best interest of the company rather than in the interest of any interest group/shareholder.
Principle Seven - Relationship with stakeholders
The board will identify the company's internal and external stakeholders and agree on policies determining how the company will relate to them.
Principle Eight - Board Appointments
The board will ensure that through a managed and effective process – board appointments are made that provide a mix of proficient directors each of whom are able to add value and to bring independent value and to bring independent judgment to bear on the decision making process.
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