FGV Annual Report 2018

REINFORCED OUR STANDARDS OF GOVERNANCE 01 02 05 03 07 06 04 08 09 71 ANNUAL INTEGRATED REPORT 2018 GOVERNANCE AT FGV: LEADERSHIP AND EFFECTIVENESS RESPONSIBILITIES, OVERSIGHT AND INDEPENDENCE BOARD COMMITTEES The Board delegates certain 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 recommended by the respective Board Committee prior to submission as Board papers for deliberation at Board meetings. 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 (Audit Committee, Nomination and Remuneration Committee, Board Governance & Risk Management Committee, Board Tender Committee and Investment Committee) are available on our website, www.fgvholdings.com AUTHORITY LIMITS FGV Board’s delegation of powers to the Board Committees, the GCEO, and the Group Management Committee are aligned with the Board Charter and are expressly set out in an approved Group’s authority limits. The limits established 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. GROUP MANAGEMENT COMMITTEE The Executive Committee (EXCO) was established to support the GP/CEO in the stewardship of the Group to centrally monitor the Group’s performance, coordinate and align the Group’s management and business operations. This is 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 19 meetings in the FY2018. Effective 16 November 2018, the EXCO is now known as the Group Management Committee.