Corporate

Delegation of Authority Policy

The Delegation of Authority Policy sets out the matters specifically reserved for determination by the Board, and those matters delegated to management.

Matters reserved for Board

The matters specifically reserved for the Board under the Delegation of Authority Policy include decisions about Company strategy and policies, as well as matters involving amounts over specified limits (which varies depending upon the nature of the transaction).  The Board also has authority for succession planning for the Managing Director and Chief Executive Officer. 

The Board reserves to itself all matters with the potential to have a material impact on the reputation of the Company.

Delegation to management

All matters not specifically reserved for the Board and necessary for the day to day management of the Company are delegated to management.  Executive management can sub-delegate authority where appropriate.  Comprehensive guidelines have been developed and approved by the Board on management delegated authority.

Reporting to the Board

As part of the framework set up by the Delegation of Authority Policy, management is required to report regularly to the Board concerning the authority exercised and matters which come, or may come within, the scope of the matters reserved for the Board.  The reports cover a range of matters, including sub-delegations, litigation activity, financial performance, derivative activity, counterparty risk, and risk management.

Responsibilities