FGV Annual Report 2017

ANNUAL INTEGRATED REPORT 2017 HOW WE ARE GOVERNED 75 GOVERNANCE AT FGV: LEADERSHIP AND EFFECTIVENESS RESPONSIBILITIES, OVERSIGHT AND INDEPENDENCE THE BOARD IS COLLECTIVELY RESPONSIBLE FOR THE OVERSIGHT AND SUCCESS OF OUR BUSINESS BOARD COMMITTEES The Board delegates certain of its responsibilities to several Board Committees, which operate within clearly defined Terms of Reference, primarily to assist the Board in discharging its responsibilities whilst the ultimate responsibility for final decision lies with the full Board. All deliberations and decisions taken by the Board Committees are documented and approved by the respective Board Committee Chairman prior to submission as Board Papers for deliberation at Board Meeting. The Board reviews the Board Committees' authorities and Terms of Reference from time to time to ensure their relevance. The Board Committees’ Terms of Reference are available on our website, www.feldaglobal.com . AUTHORITY LIMITS FGV Board’s delegation of powers to the Board Committees, the GP/CEO, and the EXCO are aligned to the Board Charter and are expressly set out in an approved FGV Group’s Discretionary Authority Limits (DAL) and Employee Approving Authority (EAA). The Board approved the revised EAA on 1 April 2017 and the revised FGV Group’s DAL on 22 February 2018, which is used consistently throughout FGV Group. FGV Group’s DAL and EAA establishes a sound framework of authority and accountability within the Group, including segregation of duties, which facilitates timely, effective and quality decision-making at the appropriate levels in the Group’s hierarchy. EXCO The EXCO is established to support the GP/CEO in the stewardship of the Group to centrally monitor the Group’s performance, co-ordinate and align the Group’s management and business operations to achieve FGV Group’s vision, mission, strategies, through good corporate governance principles and best business and control practices based on the directions, guidance, decisions and policies of the Board and the Board Committees. The EXCO meets once a month or more frequently as circumstances dictate. The EXCO held 22 meetings in the FYE 2017.