Corporate governance

The Nomination and Remuneration Committee’s role is two-fold. With regard to the ‘Nomination’ component, the committee assists the Board in discharging its responsibilities relating to the composition of the Board and its committees by recommending suitable persons for nomination, assessing the performance of the Board members and monitoring the independence of independent Board members. It also assists the Board on appointment and succession planning of the senior management; and evaluates the balance of skills, knowledge, diversity and experience, as well as making appropriate recommendations to the Board on such matters.

The ‘Remuneration’ component of the committee’s role is to assist the Board in determining its responsibilities in relation to setting, recommending and monitoring the level of remuneration and verifying that the remuneration and benefits granted to the executive Board members and the senior management are reasonable and in line with the Company’s performance.

The committee plays an effective role in reviewing the Company’s recruitment, retention, training and termination policies including determining the role and capabilities required for appointments at senior management level. The committee is also responsible for approving the design of, and determining targets for, any performance related pay schemes included under the Company Incentive Plans.

The Nomination and Remuneration Committee comprises at least three members, all of whom are independent non-executive directors.

Current composition of the Nomination and Remuneration Committee:

  1. Mr Farooq Arjomand
  2. Mr Yahya Nooruddin
  3. Vacant – to be nominated

The Chairman of the Nomination and Remuneration Committee is Mr Farooq Arjomand.

The Committee meets formally at least once every year and otherwise, as and when required.