Financial Management Essay

In: Business and Management

Submitted By 007JT
Words 764
Pages 4
Composition of the Board of Directors
The Company’s remuneration policy, as determined by the remuneration committee, is presented to shareholders for endorsement at the last annual general meeting. This is in accordance with the Corporate Governance - King III Report requirements that ensures that shareholders should approve the company’s remuneration policy. Shareholders should pass a non-binding advisory vote on the company’s yearly remuneration policy and the board should determine the remuneration of executive directors in accordance with the remuneration policy put to shareholders vote.
The King III Report also requires companies to remunerate directors and executives fairly and responsibly. As for Impala Platinum Holdings, the composition of the committee is in line with King III recommendations whereby the remuneration committee ensures that the policy strives for competitive and fair reward, to recognise and reward individual and team achievement and to contribute to the attraction, retention and motivation of employees, organisational growth and prosperity.
The board should be assisted by a competent, suitably qualified and experienced company secretary. The board should appoint and remove the company secretary and should empower the company secretary to enable the person to properly fulfil his duties. The company secretary should provide guidance to the board on the duties of directors and good governance. The company secretary should ensure board and committee charters are kept up to date. As for Impala Platinum Holdings they incorporate with the King III Report as they outline that the primary roles of the company secretary are to ensure that the board remains mindful of its duties and responsibilities and to equip the board to discharge such duties and responsibilities. In addition to guiding the board on discharging its responsibilities, the…...

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