Corporate Governance
OFA acknowledges the importance of good corporate governance practices and procedures and regards a pre-eminent board of directors, sound internal controls and accountability to all shareholders as the core elements of its corporate governance principles. OFA endeavors to ensure that its businesses are conducted in accordance with rules and regulations, and applicable codes and standards.
The Board of Directors (the “Board”) of OFA has delegated its certain functions and authorities to its committees to oversee specific matters. The terms of reference of such Board committees are set out below.
Terms of Reference of the Nomination Committee
The terms of reference of the Nomination Committee include the following specific duties:-
(a) Review the structure, size and composition (including the skills, knowledge and experience) of the board at least annually and make recommendations on any proposed changes to the board to complement the corporate strategy, with due regards to the Board Diversity Policy;
(b) Identify individuals suitably qualified to become board members and select or make recommendations to the board on the selection of individuals nominated for directorships;
(c) Assess the independence of independent non-executive directors; and
(d) Make recommendations to the board on the appointment or re-appointment of directors and succession planning for directors.