The Board is responsible for the overall management and performance of the Group and has adopted written working rules specifying its responsibilties.

The Chairman of the Board is responsible for leading the Board, facilitating its work and ensuring that the Board is capable of operating in the interests of the Group’s shareholders. The Chairman also serves as the Board's spokesperson.

The Board’s responsibilities to shareholders encompass:

• setting the Group’s strategy
• providing leadership within a framework of controls for managing risk
• maintaining the policy and decision-making framework in which the Group’s strategy is implemented
• ensuring that necessary financial and human resources are in place to meet strategic goals
• monitoring performance against key financial and non-financial indicators
• overseeing the system of risk management
• setting values and standards in governance matters

The Board has a formal agenda of matters reserved to it for decision-making, which include: strategy formulation, approval of annual and interim statements, approval of annual budget and business plan, approval of acquisitions and disposals, approval of major capital investments, monitoring of internal controls and important policy matters.

The Board reviews and determines the compensation of the Executive Chairman and the CEO. The Compensation Committee discharges the Board’s responsibility in reviewing and determining Executive Chairman’s and the CEO’s remuneration. The Board also approves the organisational structure of the Company.

The Board plans to assess its activities and work procedures regularly with the assistance of outside parties, as applicable. All Directors are required to deal at arm’s length with the Group and its subsidiaries and to disclose circumstances that might be perceived as a conflict of interest.