Board objective
The board’s objective is to continue to promote the success of the Group for the benefit of its members as a whole and with regard to the interests of all its stakeholders.
In achieving this, the board will prioritise the Group’s strategic priorities as follows:
- Responsibility – acting responsibly is at the heart of what we do and who we are. We are active members of the RSPO, we do not deforest, and we are good stewards of the land we cultivate. We provide housing, along with medical, educational and leisure facilities for our workers and their families.
- Excellence – this comes from investing for the long term. Our investment is not only in plantation assets but also in our employees, their diversity and inclusion, and in their training and development. In this way, we are consistently able to deliver both high yields and high oil-extraction rates from our estates and mills.
- Growth – we seek to grow and develop the business. Growth continues to come from the increasing maturity of the Group’s young estates, from the ongoing focus on improving yields, and from the planned acquisition and sustainable development of new areas of land.
- Yield – the Group’s investment strategy has already led to a significant improvement in shareholder returns. In line with its growth programme, the Group plans to deliver ever-increasing returns to shareholders.
In pursuing its objective, the board reserves to itself key decisions relating to anything likely to have a material impact on the Group from any perspective, including, but not limited to, financial, operational, strategic or reputational.
These include:
Strategy setting
- Setting the Group’s overall strategy and long-term objectives;
- Changes to the Group’s principal activities;
- Changes to the Group’s capital or corporate structure or status as a quoted company;
- Any matter relating to the Group’s issued share capital;
- Setting dividend policy and proposing dividends.
Strategy execution
- Approval of the Group’s risk assessment;
- Acquisition or disposal of plantation land or other material assets;
- Disposal of investments in associated undertakings;
- Material borrowing;
- Approval of annual operating and capital budgets;
- Appointment of the Group’s professional advisers and auditors;
- Material litigation involving the Group or its employees;
- Approval of policies, relating to matters including but not limited to climate and ESG, bribery, whistleblowing, modern slavery, code of conduct, board and employee share dealing, and charitable and political donations.
Communicating with shareholders and other stakeholders
- Identifying and ensuring appropriate engagement with stakeholders;
- Approval of the interim and annual reports and accounts;
- Approval of public announcements that are not routine or regulatory requirements;
- Concluding that the Group is a going concern;
- Selection of accounting policies and making material accounting judgements.
Corporate governance
- The framework for the Group’s corporate governance and compliance against the chosen standard;
- Ensuring maintenance of a sound system of internal control;
- Changes to the size, structure and composition of the board;
- Appointments to the board and selection of the chair and chief executive, as well as appointment of the president director of operations in Indonesia;
- Approving membership and terms of reference of board committees;
- Determining the independence of board members in light of their character, judgement and relationships;
- Evaluating performance of the board and directors;
- Authorising conflicts of interest involving board members where these are permitted under the Group’s articles of association;
- Remuneration of board members including pension arrangements and expenses, and terms of service;
- Establishing long-term incentive plans for directors or employees.
12 December 2023
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