Good corporate governance is not an elixir to every issue that a company is confronted with, but it does set the them apart in testing times, helps them respond appropriately and cushions it against the effects of crises.
We recognise that a well-governed company involves putting in place good corporate governance practices that will ensure the Company’s long-term success. Our 2018 Code of Corporate Governance sets out the practices, processes and principles. that we must comply with.
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 set up to lead and direct Olam’s business and strategy effectively to ensure its long-term success.
The Board and Management’s collective efforts to continually strengthen processes, procedures and systems have positioned the Company to respond swiftly and make wise decisions when events such as the COVID-19 pandemic impacted companies and economies globally. The Code is applicable to Olam for the 2021 Annual Report.
Adopted on 8 December 2021, the new Constitution of Olam Group Limited complies with the relevant requirements of the Listing Manual and is substantially the same as the constitution of Olam International Limited, save for necessary amendments made to refer to Olam Group Limited, which has succeeded Olam International Limited.
The Board has adopted a Board Diversity Policy (Policy) as it recognises the importance and value of diverse perspectives not just in the boardroom but also at the senior leadership level.
Frequently Asked Questions
What percentage of your Board is independent?
Seven out of 11 Directors or 63.6% of the Board is independent. Our approach to independence and diversity is explained in the annual Governance Report.
Do you have a whistleblowing policy in place?
Olam has in place a Whistleblowing Policy as part of our Ethical Business Programme, which also includes the Code of Conduct Policy and the Anti-Bribery and Corruption Policy. This is explained in our annual Governance Report. The Code of Conduct Policy details the whistleblowing process flow from identification to resolution phase.