CAV Annual Report 2021
1. CORPORATE GOVERNANCE REPORT 1.1. INTRODUCTION
dtic . They strive to balance the pursuit and achievement of business objectives and compliance with the principles of good governance. 1.2. GOVERNANCE STRUCTURE The CAV Board Charter sets out the specific responsibilities to be discharged by the Board members collectively and the individual roles and responsibilities, membership require- ments, and procedural conduct expected from them to guide its effective functioning. The Board is accountable for the strategic direction as well as the governance and oversight of the CAV project whilst the CAV Management is responsible for the day-to-day operations of the entity. The CAV reports to the Executive Authority, the Minister of Trade, Industry and Competition ( the dtic ), through the Industrial Development Division (“IDD”). The CAV currently has two governance committees, the Audit and Risk Management Committee and the Human Resources and Remuneration Committee. These established Committees advise the Accounting Authority on matters assigned to them as per the Terms of Reference.
Corporate governance is the set of rules, practices, processes, customs, policies, laws and regulations that influences the way a company is controlled, directed and managed. The CAV’s Board of Directors acts as the focal point for and custodian of corporate governance for the company. The Board has reaffirmed its commitment to align CAV’s corporate governance with national and international best practices. The CAV’s Board subscribes to the principles of good corporate governance and business practices. The principles of honesty, fairness, integrity, responsibility, accountability and transparency guide all its decisions and activities. CAV is committed to effective corporate governance to ensure that the interests of the organisation and its stakeholders remain paramount. The Board’s function is to direct the organisation’s strategy to achieve sustainable economic, social and environmental performance. The Board Members have extensive experience and skills required to enable them to exercise their fiduciary duties effectively. They are responsible for ensuring that the organisation is financially sustainable and led by an independent non-executive Chairperson that reports to the
The following structure represents the governance structure of the CAV:
Minister of the dtic
Executive Authority
Board of Director
Accounting Authority
GOVERNANCE
Human Resources & Remuneration Committee including nominations responsibilities
Audit and Risk Committee including social ethics responsibilities
Governance Committee
Figure 4: CAV Governance Structure
CENTURION AEROSPACE VILLAGE NPC I ANNUAL REPORT I 2020/21
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