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RoleofGroupManagingDirector(MD)
TheMDisaccountableandreportstotheboardandisresponsibleforrunningthegroupsbusiness.
A. TheMDisresponsibleforthefollowing, within theauthority
limitsdelegatedto them bythe
board:
1. BusinessStrategyandManagement The successful achievement of
objectives and execution of strategy following
presentationto,andapprovalby,theboard
Recommendingtotheboardanannualbudgetand3yearfinancialplanandensuringtheirachievementfollowingboardapproval
Optimising as far as is reasonably possible the use and adequacy
of the groupsresources.
2. InvestmentandFinancing
Examiningalltradeinvestmentsandmajorcapitalexpenditureproposedbysubsidiary
companiesortradingdivisionsandtherecommendationtothegroupboardofthose,
which,inagroupcontext,arematerialeitherbynatureorcost
Approvingmajorproposalsorbids3. RiskManagementandControl
Managingthegroupsriskprofile,includingthehealthandsafetyperformanceofthebusiness,inlinewiththeextentandcategoriesofriskidentifiedasacceptablebythe
board
Ensuringappropriateinternalcontrolsareinplace.4.
BoardCommittees
Makingrecommendationsonremunerationpolicy,executiveremunerationandtermsofemploymentoftheseniorexecutiveteambelowboardlevel,includingthecompany
secretary,totheRemunerationCommittee.
5. Communication
Providing a means for timely and accurate disclosure of
information, including anescalationrouteforissues
InconjunctionwiththeChairmanEnsuringeffectivecommunicationwithshareholders.6.
Other
Setting group HR policies, including management development and
successionplanning for the senior executive team and approving the
appointment andterminationofemploymentofmembersofthatteam
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B. Thedutieswhichderivefromtheseresponsibilitiesinclude:
Leading the executive directors and the senior executive team in
the day to dayrunning of the groups business, including chairing
the Executive Committee and
communicatingitsdecisions/recommendationstotheboard
Ensuringeffectiveimplementationofboarddecisions
Regularlyreviewingtheoperationalperformanceandstrategicdirectionofthegroups
business
Regularlyreviewingthegroupsorganisationalstructureandrecommendingchangesasappropriate
Formalising the roles and responsibilities of thesenior
executive team below
boardlevel,includingcleardelegationofauthorities
Supervising theactivities of subsidiary companies and trading
divisionsmost seniorexecutives
Developingseniorteamswithinsubsidiariesanddivisionsensuringsuccessionplanning
Developingthefollowingpoliciesforboardapprovalandthenimplementingthem
- Codeofethicsandbusinesspractice- Sharedealingcode-
Healthandsafetypolicy,risksandprocedures(tobereviewedannually)-
Communications policy (including procedures for the release of
price sensitive
information)
- Investorrelationspolicy(InconjunctionwiththeChairman)-
Corporate social responsibility policy (including environmental,
employee
communicationsandemployeedisability)
- Charitabledonationspolicy Ensuring that all group policies and
procedures are followed and conform to the
higheststandards
TogetherwiththeChairmanprovidingcoherentleadershipofthecompany,including,representingthe
Group tocustomers, suppliers, government, shareholders,
financial
institutions,employees,themedia,thecommunityandthepublic
KeepingtheChairmaninformedonallimportantmatters.
Approvedbytheboard:28February2011
