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Authority of the Chairman
- Call Board meetings, preside over the Board and shareholders’ meetings.
- Approve and determine items on the agenda together with the President and CEO.
- Attend Board and shareholders’ meetings, ensure their meetings are in compliance with IRPC’s Articles of Association, encourage directors and shareholders to express their views freely based on the information duly provided.
- Promote and support directors and shareholders to obtain adequate information, and express opinions independently.
- Promote the exercise of rights and equitable treatment of shareholders.
- Encourage directors to fulfill its duties and responsibilities to the best of its ability under the framework of good corporate governance, and to support the President and CEO.
- Supervise and monitor the performance of the Board and its committees to ensure that IRPC’s objectives are accomplished; and
- Exercise the casting vote at Board meetings in the event of equality of votes.
Board’s Duties and Responsibilities
- Articulate IRPC’s vision, direction, and strategies in a way that supports sustainable growth while balancing economic, social, and environmental factors. Board members shall freely express their views. They shall value all information that might prove beneficial to the process of establishing business direction. The Board shall weigh potential financial and non-financial risks to ascertain the management can efficiently implement the defined vision, direction, and strategies to accomplish the goals.
- Review and determine IRPC’s principal policies, strategies, objectives, financial targets, and action plans at least once a year. It shall also regularly monitor reports on the implementation of action plans according to IRPC’s direction and strategies.
- Establish reliable accounting, financial reporting, and auditing systems. It shall also supervise assessment of internal control and internal audit, ensuring their efficiency and effectiveness.
- Weigh potential major risk factors and determine a comprehensive framework of risk management. It shall ensure that an efficient risk management system or procedure are in place as well as identify business opportunities that may arise from these risks.
- Establish a procedure to assess the effectiveness of the company’s internal control system and provide a sufficient and efficient internal control system regularly.
- Monitor all potential conflicts of interest and address such issue as soon as it occurs. It shall review all significant business transactions, focusing on maximizing benefits to shareholders and all stakeholders.
- Set up an effective recruiting system with a transparent and equitable hiring procedure for key management roles.
- Create an appropriate system or mechanism to determine fair compensation for IRPC’s senior management, taking into accounts IRPC’s operating results and business plans, creating short- and long-term incentives.
- Approve the President and CEO’s directorships in other companies. As for other senior executive officers’ directorships in other companies shall be approved by the President and CEO. The appointment of IRPC executives to serve on the boards of subsidiaries or joint venture companies according to the proportion of its shareholding or a shareholders’ agreement, falls within the Board’s purview.
- Determine the components and operational goals for the President and CEO’s performance review, with due consideration to IRPC’s business plans and the Balanced Scorecard management approach. Moreover, the Board shall regularly evaluate the performance of the President and CEO, whose compensation is linked to the performance review results, creating short- and long-term incentives.
- Provide suitable communication channels with shareholders and stakeholders. It shall also assess IRPC’s disclosures to ensure their accuracy, clarity, transparency, reliability, and conformity with standards.
- Lead by example with regard to work ethic that aligns with IRPC’s corporate governance guidelines and emphasize on business practices that promote sustainable well-being and social responsibility.
- Advocate the full range of anti-graft and anti-corruption activities and promote sound corporate governance.
- Set up plans for an assessment of the company’s code of conduct and its good corporate governance policy at least once per year.
- Appoint a qualified individual to serve as company secretary to assume duties and responsibilities set forth in the Securities and Exchange Act and other relevant laws.
