The Board evaluates the performance of individual members as part of the Company review process. The evaluation of individual Board members’ performance is performed by the Chairman, and in the Chairman’s case, by the Chief Executive Officer.
The purpose of the Board performance evaluations is to:
- Evaluate Board corporate and operational performance against projections;
- Compare actual results against the standards created in Board policies;
- Ensure that the required competency and skills base are represented on the Board; and
- Evaluate general attributes and contributions made by individual Board members.
As previously noted, the task of evaluating management’s performance occurs on both an informal and formal basis. Informally, management’s performance is assessed continuously by reviewing operating results and the achievement or otherwise of the Company’s objectives. The formal task of reviewing individual executive’s performance is the responsibility of the Remuneration Committee who assesses each senior executive’s performance against pre-agreed targets as part of the annual remuneration review process.
