Corporate Governance Policies
Responsibility for Ormita’s proper corporate governance rests with the Board and Senior Management Teams in each country.
Management’s guiding principle in meeting this responsibility is to act honestly, conscientiously and fairly, in accordance with the law, in the interests of the Company’s shareholders and those of employees and other stakeholders.
The Ormita International Limited Board’s broad function is to:
- chart strategy and set financial targets for the Company;
- monitor the implementation and execution of strategy and performance against financial targets; and
- appoint and oversee the performance of executive management and generally to take and fulfil an effective leadership role in relation to the Company.
Power and authority in certain areas is specifically reserved to the Board - consistent with its function as outlined above. These areas include:
- oversight of the Company including its control and accountability system;
- appointment and removal of senior management;
- reviewing and overseeing systems of risk management and internal compliance and control, codes of ethics and conduct, and legal and statutory compliance;
- monitoring senior management’s performance and implementation of strategy; and
- approving and monitoring financial and other reporting and the operation of committees.
