Purposeful Governance for Sustainable Growth
The 2018 Code of Corporate Governance (the Code) is applicable to the Company for its 2020 Annual Report. Olam complies with the principles of the Code and describes the practices and processes observed that meets with the provision, or any variation thereof, under the Code.
Today, the Board comprises more than 50% independent directors with the Board Chair being independent since 2015. With the optimal mix of expertise and experience, the Board is equipped to effectively lead and direct the Company’s business and strategy, ensuring the long-term success of the Company.
Olam recognises that a well-governed company involves putting in place good corporate governance practices that will ensure the Company’s long-term success. The Board and Management’s collective efforts to continually strengthen processes, procedures and systems positioned the Group to response swiftly and make wise decisions when COVID-19 pandemic impacted companies and economies globally.
Corporate governance is not an elixir to every issue that the Company is confronted with, but it sets the Company apart in such times of testing, helps the Company respond appropriately through crisis and cushions it from the effects and impact of economic spiral.
Corporate governance will be a continual work in progress so as to uphold the substance and spirit of corporate governance. The Company focuses on governing purposefully, keeping in mind the Code while continuing to deliver on the Company’s vision and objectives. In keeping with this objective, actions taken by the Company to address differences between the Code and the Company’s practices have been explained in this Governance report.
Olam believes in a diverse and inclusive community. The Company is committed to a culture that embraces the views of individuals from all backgrounds, experiences, knowledge, skill-sets and abilities, which are essential to creating a thriving and innovative community that will positively impact our people and our stakeholders. The Board recognises the importance of diversity, which will lead the way for the Company to thrive in a varied and collaborative culture. At the Board level, it is essential to demonstrate diversity through having an optimal mix of expertise and experience in the boardroom.
Adopted in April 2018 by our shareholders, Olam’s Constitution is largely comprised of the provisions of the Company’s existing memorandum and articles of association, as updated to incorporate various changes, primarily to give effect to the changes to the Companies Act introduced by the Amendments Act, as well as for consistency with all the SGX-ST Listing Rules.
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