At Petra Foods, we have always embraced high standards of corporate governance. Each year, we review and re-commit ourselves to the belief that corporate fairness, transparency and accountability will help us create long term value for all our stakeholders. These principles and philosophy are applied throughout our organisation, from the Board of Directors all the way through to our operations.
In adhering to the Code of Corporate Governance, our actions include the following:
- Up to half the Board comprises non-executive directors and there is a clear separation of the role of the CEO and the Chairman.
- One of our four executive directors serves as the “first among equals” on the Board in his position as Chief Executive Officer.
- The Board meets regularly and is provided with relevant updates and information.
- All directors are expected to act in good faith, provide independent insights and have in mind at all times the interests of Petra Foods and all its shareholders, equally
- The Board is supported by the Audit Committee, the Remuneration Committee and the Nominating Committee. These committees provide independent supervision of Management. In 2009, we formed the Cocoa Risk Committee which works closely with Management in effectively managing risks, exposures and dynamics of a highly competitive cocoa ingredients industry; oversees the Group’s framework and guidelines to ensure adequacy, care and diligence in complying with the guidelines and generally advising the Board on cocoa related issues and risks