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Responsibility Of The Board

RESPONSIBILITIES OF THE BOARD

The Board is saddled with the responsibility of determining the strategic objectives and policies of the Company with a view to delivering long‐term value by providing overall strategic direction within a framework of rewards, incentives and controls.

The Board also ensures that Management strikes an appropriate balance between promoting long‐term growth and delivering short‐term objectives. In fulfilling its primary responsibility, the Board is aware of the importance of achieving a balance between conformance to corporate governance principles and economic performance of the Company.

Powers reserved for the Board include, among others, the approval of the Company’s strategy and financial objectives, as well as monitoring the implementation of the strategy and objectives; approval of the Company’s investment policy and framework, as well as investments and strategic commitments that may have material effects on the assets, profits or operations of the Company, and any material changes in the nature of the business of the Company; approval of the Company’s financial statements and any significant change in the accounting policies and/or practices; appointment or removal of Company Secretary; approval of major changes in the Company’s corporate or capital structure; recommendation to shareholders of the appointment or removal of Auditors and the remuneration of Auditors; approval of resolutions and corresponding documentation for shareholders in general meeting(s).

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