Board objective

The board’s objective is for the Group to produce increasing returns to shareholders from sustainable operations. In order to achieve this the board will oversee the Group’s operations such that they:

  1. Maintain steady expansion of majority-owned Indonesian plantations and production of crude palm oil;
  2. Adhere strictly to the standards set by the RSPO and seek to purchase third-party fresh fruit bunches only from smallholders registered by the RSPO;
  3. Promote a culture of integrity, excellence and collaboration in a diverse workforce;
  4. Seek to enhance the quality of life of those living in and around its operations.

In pursuing its objective, the board reserves to itself decisions relating to:

  • Setting the Group’s strategy;
  • The framework for the Group’s corporate governance;
  • Changes to the Group’s capital structure or status as a quoted company;
  • Material borrowing;
  • Approval of annual operating and capital budgets;
  • Acquisition or disposal of plantation land or other land assets;
  • Disposal of investments in associated undertakings;
  • Selection of accounting policies and making material accounting judgements;
  • Concluding that the Group is a going concern;
  • Approval and publication of the interim and annual reports;
  • Approving dividends;
  • Approval of the Group’s risk assessment;
  • The approval of policies and/or codes of conduct relating to bribery and corruption, ethical behaviours, whistleblowing, board and employee share dealing, and charitable and political donations;
  • Appointment of the Group’s professional advisers and auditors;
  • Approval of public announcements that are not routine regulatory requirements;
  • Changes to the size, structure and composition of the board;
  • Appointments to the board and selection of the chair and chief executive and membership of board committees as well as appointment of the president director of operations in Indonesia;
  • Determining the independence of board members in light of their character, judgement and relationships;
  • Authorising conflicts of interest where these are permitted under the Group’s articles of association;
  • Remuneration of board members including pension arrangements and expenses, and terms of service;
  • Share option plans for directors or employees;
  • Litigation involving the Group or its employees;
  • Any decision likely to have a material impact on the Group from any perspective, including, but not limited to, financial, operational, strategic or reputational.

13 September 2018