Board Committees

Board Committees

The Board shall establish and appoint chairpersons to relevant committees and delegate specific mandates to such committees as may be necessary including internal audit, risk management, remuneration, Board nominations, finance, investments, and governance.

However, the Board shall remain accountable for the acts or omissions of such committees. The Board shall also ensure that the committees established are appropriately constituted with members who have the necessary skills and expertise to handle the responsibilities allocated to them and appoint the chairpersons of the committees.

The Board shall ensure that there is a formal procedure for certain functions of the Board to be delegated to the Board committees which shall set the extent of delegation required to enable the Board to properly discharge its duties and responsibilities and to effectively execute its decision-making process.

The Board shall determine the procedure and process within which the committees may be allowed to engage independent professional advice at the Company’s expense.

The Board shall not delegate any matters to a Board committee or a member of Senior Management to an extent that such delegation would significantly hinder or reduce the ability of the Board as a whole to discharge its functions.

The Board shall not delegate any matters to a Board committee, the Chief Executive Officer, Executive Directors or Senior Management, to an extent that such delegation would significantly hinder or reduce the ability of the Board to discharge its functions.

Induction to board committees

Induction underpins the work of every committee, it ensures that members have all the information they need to fulfill their role.  It also creates a more level playing field for new members, ensuring they can effectively engage with members with greater experience.

Induction is one of the most practical ways of ensuring new Management Committee members understand their role, the workings of the organisation and their relationship with others in and outside the organisation.

All organizations, regardless of their size and purpose, should provide an induction program for new Committee members. The better your induction, the more effective new members will be!  Create a standard induction process for new members and reduce your ongoing training requirements.

Some guidelines include:

  • involve the full committee in agreeing what the induction should cover and in discussing and approving any documentation provided at induction;
  • provide all members with an induction pack for reference; and
  • set aside part of a meeting to go through the planned induction with existing members and get their feedback on what was covered or items missing.

An effective induction programme will:

  1. Provide core information and advice to enable a new member to understand the organization and their role; and
  2. Ensure that new members feel welcome, valued, and part of the team

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