Tharisa plc is committed to upholding the highest standards of corporate governance as required by international legislation and has established the following committees to ensure the effective and ethical running of the Group.
Audit Committee
On 3 June 2011, the Company established an Audit Committee, the primary duty of which relates to the management of financial risk across the Group, the safeguarding of assets, the maintenance of adequate systems and control process and compliance with legal and accounting standard requirements in the Group’s reporting and accounting statements.
Remuneration Committee
The Company established a Remuneration Committee on 3 June 2011 with written terms of reference. The primary duties of the committee include approving the remuneration policies for the Group and the remuneration for the executive directors and senior management having considered relevant market norms.
Nomination Committee
The Company established a Nomination Committee on 3 June 2011 with written terms of reference. The committee is mainly responsible for reviewing the composition of the Board and to identify and make recommendations regarding the appointment of new directors. The committee also satisfies itself that appropriate succession plans are in place for the Board and senior management of Tharisa.
Safety, Health and Environmental (SHE) Committee
The Company established a SHE Committee on 3 June 2011 with written terms of reference. The primary duties of the committee include is to assist the Board in the oversight of the Group’s safety, health and environmental programs. In particular this includes the monitoring of the Group’s efforts to minimise safety, health and mining related incidents and accidents and to ensure the Group’s compliance with relevant environmental regulations.
Risk Committee
The Company established a Risk Committee on 11 October 2011 with written terms of reference. The duties of the committee are to review the risk philosophy, strategy and policies recommended by management and ensure compliance to these. The committee must also review management reports that detail the overall effectiveness of the Company’s risk management functions and implementation and to take appropriate action where needed.