Steamships currently has as part of the decision making process, the following board committees:
While the Board maintains overall responsibility for the systems of internal control and monitors their effectiveness, it is assisted in discharging its responsibilities by the Audit Committee, which is composed of an independent non-executive chairman and two non-executive directors who are representatives of major shareholders.
Formal terms of reference for the Audit Committee were in place during 2012. A formal charter will be developed and adopted in early 2013. The Audit Committee recommends the appointment and remuneration of the external auditors, reviews the Group's financial statements and the adequacy and effectiveness of existing internal and external audit arrangements. It also considers management of the Group's risk. The findings and recommendations of the Committee are reported to the Board. The Committee meets twice a year, at which time it receives and discusses reports from senior management and from external auditors. The members of the Audit Committee, their qualifications and their attendance at meetings of the Committee held during 2012 are shown in the Steamships Annual Report.
Steamships’ Board has established a remuneration committee comprising the Steamships Chairman, the Managing Director and a Non-Executive Director. Steamships acknowledges the ASX recommendations that suggest this committee be chaired by an independent director, however the Board considers this committee structure appropriate given Steamships’ shareholder structure.
The Remuneration Committee meets annually to determine the compensation of the Managing Director and the senior executive staff. Attendance at committee meetings is noted in the Steamships Annual Report. The Committee also reviews the Group’s staff development plans and is responsible for the succession planning of all senior manager positions. The recommendations of this Committee are minuted.
Strategic Planning Committee
The Board has formed a Strategic Planning Committee that meets annually and provides a detailed review of the annual budget and the three-year planning process in discussion with the divisional general managers. This review in no way diminishes the responsibility of the full Board to review and approve the Group’s strategy at a more macro level.
The selected strategy is implemented by means of programs, budgets and procedures. Implementation involves the organisation of the Group’s resources and motivation of the staff to achieve objectives.
Level 5, Harbourside West, Stanley Esplanade
P.O. Box 1
National Capital District
Papua New Guinea
- (675) 3137400