 |
 |
|
- Board Structure
- The GJFML board is made up of five directors, all of whom have been in office from the commencement date of GJT;
Of the five directors, the board considers the following three directors to be external and independent directors:
The two executive directors currently in office are:
- Neil Werrett, Managing Director and Chief Executive Officer
- Peter Murphy, Executive Director and Chief Operating Officer
The role of the board includes:
- providing strategic direction and deciding upon GJT's business strategies and objectives;
- monitoring the operational and financial position and performance of GJT;
- identifying the principal risks faced by GJT and monitoring the effectiveness of systems designed to provide reasonable assurance that these risks are being managed;
- taking steps to ensure that GJT's financial and other reporting mechanisms result in adequate, accurate and timely information being provided to the board;
- taking steps to ensure that unitholders and the market are fully informed of all material developments; and
- evaluating the performance of the Managing Director and other senior executives in the context of GJT's strategies and objectives, and planning for executive succession.
- Board Independence
- Directors of GJFML are considered to be independent when they are independent of management and free from any business or other relationship that could materially interfere with, or be perceived to interfere with, the exercise of their responsibilities as directors. The determination of materiality requires consideration of both qualitative and quantitative factors. Qualitative factors include whether a relationship is strategically important, the nature of the relationship and the contractual and other arrangements that govern that relationship. An item is considered to be material if it is equal to or greater than 10% of the appropriate base amount and immaterial where it is equal to or less than 5% of the appropriate base amount.
As part of an effective organisational structure, the board has delegated certain of its responsibilities to the audit committee and day-to-day management to senior executives. In order to aid them in performing their duties the individual directors are entitled to have access to all records relating to GJT, to the executive team and management and to seek independent professional advice, at GJFML's expense.
|
|
