Page 35 - UBF AR 2018 - E Version

CORPORATE GOVERNANCE

Section Principle Degree of Compliance

2.00 The Responsibilities of the Board of Directors
2.01 Strengthening the safety and soundness of the Company

(a) Approve, oversee and communicate the A Board Approved Budget Forecast up to 2020/21 is in
strategic objectives and corporate values place. The Strategic Intent outlines the corporate values
and medium term objectives of the company.

These strategic objectives and corporate values have been
communicated to the Management and are discussed and
reviewed by the Board, Board Committees and Management
periodically.

(b) Approve the overall business strategy, The strategic intent document has been approved by the
including the overall risk policy and risk Board.
management The company is in the process of developing an overall
risk policy with consultation of the Group Integrated Risk
Management Committee.

(c) Identifying and managing risk The Company has an Integrated Risk Management Committee
which has a mandate to identify the overall risk of the Company.
A framework is in place for the Management and staff to report
risk events to the Integrated Risk Management Committee. The
composition of the Integrated Risk Management Committee
and frequency of meetings is disclosed under the “Annual
Report of the Board of Directors on the state of affairs of the
Company”.

(d) Communication policy with all The Company has a Board approved communication policy.
stakeholders

(e) Integrity of the internal control system There is a mechanism at the company to identify the
and management information system accuracy of the internal control by the Board of Directors
through the process over design and effectiveness of
internal control over financial reporting. Further Internal
Audit Division of the company adds value to the process
verifying the effectiveness of the above process. Financial
information and reporting submitted to the Board are being
checked and verified through the Financial audit.

Further the company will take necessary measures to
initiate a process by the Internal Audit department to
review the accuracy of all Non-financial information which
is used by the Board and the Board sub committees.

The findings and the process, will be presented to the
Board for the Board to review the adequacy and integrity
of management information.

(f) Identifying and designating Key The Board has identified The Board of Directors, Chief
Management Personnel Executive Officer, the Chief Operating Officer, the Head of
Finance, and the Compliance Officer as Key Management
Personnel.

(g) Authority and responsibilities of the Article 99-104 of the Company’s Articles of Association
Board and Key Management Personnel; defines the authority of the Board of Directors.
The Company has a Board approved schedule of matters
Annual Report 2018 specifically reserved for the Board defining the areas of
authority and key responsibilities of the Board of Directors
which is covered under the Code of Corporate Governance
which has been approved by the Board. The areas of
authority and key responsibilities of the KMP’s are defined
in their job descriptions which will be approved by the
Board.

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