Responsibility, Accountability, and role of the Board of Directors, its Committees, and its Executive Management
JoPACC has a clearly defined and articulated Responsibilities and Accountabilities (R&A) Matrix, detailing the responsibility and accountability held by each of its BoD and the Executive Management. JoPACC's R&A Matrix recognizes three areas of responsibilities and authorities: strategic, financial and administrative, and human resources. It separates the recommendation, approval, and endorsement of activities between the Executive Management, the BoD, and the General Assembly.
Board-level committees assist the BoD in carrying out its oversight functions over the operations of the company. Each of the committees is comprised of 3 Directors. At least one of the Directors must be an independent Director, and the president of the committee must be an independent Director.
The committees cover the following topics:
Audit
The aim of this function is to assist the BoD in its internal oversight function, more specifically:
- Executing the internal audit function and evaluating its independence and effectiveness
- Maintaining the trustworthiness of JoPACC's financial statements
- Evaluating the external audit function and ensuring its effectiveness
Risk Management
This function aims to assist the BoD in monitoring and overseeing the risk management policies, processes, and practices at JoPACC while setting and monitoring JoPACC's risk appetite.
Compliance
This function aims to assist the BoD in monitoring and overseeing compliance to laws, regulations, and internal policies.
Nomination and Remuneration
The Nomination and Remuneration function's main objectives are:
- To assess the effectiveness and efficiency of the BoD and the Executive Management
- Ensure that the appointment of Directors and the Executive Managers is compliant with the company's policies
- Evaluate the skills and competencies required for the BoD and the Executive Management and ensure the fulfillment of those requirements