Governance

The Board sets the Company's strategic direction and delegates responsibility for the management of the Company to the Chief Executive Officer.

The Board strives to create shareholder value and to ensure that shareholders' funds are prudently safeguarded. Its functions include:

• Appointing, evaluating and rewarding the performance of the CEO;
• Approving major strategies, budgets, plans and policies;
• Assessing performance against strategies to monitor both the suitability of those strategies and the performance of management;
• Reviewing operating information to understand at all times the state of health of the Company;
• Considering recommendations on key issues such as investments and divestments, restructuring, funding and significant capital expenditure;
• Approving policies on the management of business risks, safety and occupational health, and environmental compliance;
• Ensuring that the Company acts legally and responsibly on all matters and that the highest ethical standards are maintained.