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CORPORATE GOVERNANCE |
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Principles of Good Corporate Governance at Ranco
- Shareholders will establish an appropriate constitutional and governance framework for the company.
- The company strives to establish an effective board, which is collectively responsible for the long-term success of the company, including the definition of the corporate strategy. However, an interim step on the road to an effective (and independent) board may be the creation of an advisory board.
- The size and composition of the board will always reflect the scale and complexity of the company's activities.
- The board will meet sufficiently regularly to discharge its duties, and will be supplied in a
timely manner with appropriate information.
- Levels of remuneration should be sufficient to attract, retain, and motivate executives and non-executives of the quality required to operate the company successfully for years.
- The board is responsible for risk oversight and should maintain a sound system of internal control to safeguard shareholders' investment and the company's assets. The set of guiding principles that the board will follow are as follows: delegation of authority, checks & balances, professional decision making at all levels, accountability at all levels, transparency in decision making & its implementation, avoiding conflicts of interest to the best that it can & alignment of incentives across all levels.
- There will be continuous dialogue between the board and the shareholders based on mutual understanding of objectives. The board as a whole is responsible for ensuring that a satisfactory dialogue with shareholders takes place. The board will never forget that all shareholders have to be treated equally.
- All directors will receive induction on joining the board and will regularly update and refresh their skills and knowledge.
- Since we are a Family-controlled company/group, we will continuously make efforts to establish family governance mechanisms that promote coordination and mutual understanding amongst family members, as well as organize the relationship between family governance and corporate governance to create harmony between various group companies and the outside world and also bring highest standards of work ethics for all board members and executives working for our group companies.
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