Mwana Africa plc recognises the importance of sound corporate governance and the guidelines set out in the Principles of Good Corporate Governance and Code of Best Practice (the “Combined Code”). Whilst AIM companies are not obliged to comply with the Combined Code, the Board does intend to comply with the Combined Code so far as is appropriate having regard to the size and nature of the various companies making up Mwana Africa plc. The Board will take such measures so far as practicable to comply with the Combined Code.
The Board holds quarterly board meetings throughout the year and is responsible for formulating, reviewing and approving Mwana’s strategy, planning, budgets, major items of capital expenditure, acquisitions, risk, human resource and environmental management.
Mwana Africa has also established Audit and Remuneration Committees, details of which are provided below.
The Audit Committee meets at least twice a year and is responsible for ensuring that the financial performance of the Company is properly reported on and monitored. It liaises with the auditors and reviews the reports from the auditors relating to the accounts and internal control systems.
A Remuneration Committee reviews the performance of the Executive Directors and sets the scale and structure of their remuneration on the basis of their service agreements with due regard to the interests of the Shareholders and the performance of the Company. The Remuneration Committee also makes recommendations to the Board concerning employee incentives, including the allocation of share issues to employees. Directors of the Company are not permitted to participate in discussions or decisions of the committee concerning their own remuneration.
