Shareholder centre
Corporate Governance :: The Board
As set out in the Board Charter 
, the responsibilities of the Board include:
- determining the company’s strategic objectives and approving the annual operating plans and financial targets, capital expenditure plans and the like
- assessing and monitoring performance, including management's performance, against the strategic objectives, operating plans and financial targets
- approving all changes to the Group's corporate structure which are of strategic importance
- determining Group financial, treasury and information technology strategies and policies, and dividend distribution, lending and borrowing, tax, and investment and foreign exchange policies
- approving capital expenditure, operating expenditure, asset acquisitions and divestments, and settlement of legal proceedings, in all cases where outside the normal course of business and above delegated limits
- approving all transactions relating to major business and company acquisitions, mergers and divestments
- approving the Managing Director’s appointment and remuneration
- setting the Charters for the Board Committees and receiving and acting on (as it sees fit) recommendations and reports from the Board Committees.
In practice, nearly all the matters that the Board has reserved to itself are developed and formulated by management and presented to the Board for its deliberation. To facilitate this, the Managing Director is a member of the Board and attends all Board meetings where such matters are discussed. In addition, the Chief Financial Officer and the Chief Executives of the business units regularly attend Board meetings as required.
At each meeting the Board considers a variety of reports, including overall Group and business unit operations, financial performance and Group investments and investment returns.
The Board recognises that the performance of Directors and the Managing Director are crucial to the success of the company and to the interests of shareholders. To that end, the Board reviews, at least annually, its own composition and performance.
