The 2018 Code of Corporate Governance (the Code) is applicable to Olam for the 2021 Annual Report – Governance Report – which describes the Company’s practices and processes observed that meet the provisions, or any variation thereof, under the Code.
Olam complies with the principles of the Code and recognises that a well-governed company involves putting in place good corporate governance practices that will ensure the Company’s long-term success.
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.
Good 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 Olam respond appropriately and cushions it against the effects of crises.
Olam’s corporate governance will be a continual work in progress so as to uphold the substance and spirit of good corporate governance. Olam focuses on governing purposefully, keeping in mind the Code while continuing to deliver on its vision and objectives. The actions taken by Olam to address differences between the Code’s requirements and Olam’s practices are explained in the Governance Report.
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. A well-rounded Board for the foreseeable future to support the achievement of the Company’s strategic objectives will remain a priority for the Board’s succession planning.
The Policy sets out the approach to diversity for the Board and the senior leadership team of the Company. The Board proactively identifies key gaps in its diversity representation (e.g. gender diversity), and commits to developing a bench of individuals, who are suitable and qualified, for succession. There will be no discrimination of candidate(s) for Board membership on grounds of gender, race, ethnicity and nationality.
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.