The Board and Committees

The Board of Directors approved the formation of Board Committees to aid in ensuring compliance with the principles of good corporate governance. The members of such Committees shall be appointed by the Board of Directors annually.

Nomination and Remuneration Committee

The committee aids the Board in short-listing candidates nominated for Board membership, in accordance with the qualifications provided in the Corporate Governance Manual. The Committee also makes recommendations for improving Board organization, operational procedures, performance evaluation mechanisms and director training.

Audit Committee

The committee assists the Board in fulfilling its oversight responsibility relating to: integrity of the Company’s financial statements and financial reporting process; effectiveness of the Company’s internal control systems; independence and performance of the Company’s internal and external auditors; and company compliance with accounting standards and regulatory reporting requirements (including the Company’s disclosure policies and procedures).

Independent auditors are directly responsible to the Audit Committee in ensuring the integrity of the Company’s financial statements. Internal auditors help the Committee identify internal control deviations and financial reporting issues through continuous review of the effectiveness of the Company’s financial risk management, internal controls and corporate governance processes.