Performance Evaluation
Performance Evaluation - Board, Committees, Directors, Senior Executives
The Board and management have instituted processes for performance evaluation of the Board, its Committees, Directors and Key Executives.
Board Evaluation
The Board undertakes an annual performance review embracing both a collegiate consideration by the full Board and individual appraisals between the Chairman and each Director.
The Board evaluation process involves firstly a self-assessment of Board and Committee performance through each Director completing a [confidential] questionnaire. The questionnaire covers matters such as the adequacy of the structure and operation of the Board; the Board’s contributions to the Company’s strategic direction and key Company initiatives; the appropriateness and effectiveness of Board Committees; the adequacy of the Board skills; and the adequacy of audit, risk and control and information processes.
Results of the questionnaire are then aggregated and reported to the Board as a basis for collegiate consideration of Board performance, Board contributions and any means by which that can be enhanced.
The “Board as a whole” process is supplemented by individual appraisals between each Director and the Chairman – providing opportunities for consideration of personal contributions, development preferences and issues particular to the Director.
Executive Evaluation
The Managing Director meets with the Board annually prior to the financial year to discuss, review and agree objectives and associated performance indicators for the next year.
The Remuneration Committee of the Board evaluates the Managing Director’s performance and remuneration, including short term and long term incentives annually and reports to the Board to assist its decisions on performance appraisal and remuneration adjustments.
The Managing Director undertakes annual performance reviews with each senior Executive member, with specific focus on performance against set objectives. At this time performance objectives for the ensuing year are also established.
The Managing Director reviews annually the performance of each senior Executive with the Remuneration Committee. The Committee also reviews remuneration recommendations, including short term and long term incentives proposed by the Managing Director.
Last reviewed: 27 July 2007