SEO Version
FORTERRA
ANNUAL REPORT 2013
CORPORATE GOVERNANCE
REPORT
40
The Chairman’s responsibilities include:
•
Leading the Board in working with Management to set Forterra’s strategy and business direction
and to assess and address enterprise and operational plans and risk of Forterra.
•
Facilitating the effective contribution of non-executive Directors and the Board as whole.
•
Setting and approving the agenda of all Board meetings.
•
Encouraging constructive relations and timely communication of information within the Board
and between the Board and Management.
•
Ensuring processes are in place for effective communication with Unitholders.
•
Enhancing standards of corporate governance.
The CEO is also a member of the Board, and has executive responsibilities over the business decisions
and operational matters of the Trustee-Manager. As a result, the CEO is responsible, along with the
senior management team of the Trustee-Manager, to ensure that the Trustee-Manager is operated in
accordance with the strategy and business direction set by the Board.
The Board has further appointed Mr. John Lim as the lead independent director. In addition to the
Chairman or CEO, Mr Lim is available to Unitholders to address or respond to their concerns or issues.
The lead independent director has the discretion to call for periodic meetings of the independent
directors, after which he then provides feedback to the Chairman. Led by Mr. Lim, the first meeting
of independent directors was held in February 2014 and Mr. Lim advised the Chairman that the
independent directors had no concerns and were satisfied that a strong and independent element
existed on the Board and that they were able to participate and contribute effectively in meetings.
Principle 4: Board Membership
The Trustee-Manager believes that board renewal is an ongoing process to ensure good governance
and to maintain relevance to the changing needs of the Trustee-Manager and Forterra.
The Trustee-Manager recognizes the importance of an appropriate balance and diversity of skills,
industry knowledge, backgrounds, experience, professional qualifications, nationality and age in building
an effective Board.
On 10 March 2014, the Board constituted the Nominating Committee, to make recommendations to the
Board on all appointments and re-appointments of independent directors to the Board.
Prior to 10 March 2014, the Trustee-Manager, which is not itself a listed entity, appointed the directors.
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