Observing high standards of corporate governance whilst delivering sustainable profitable growth
Olam International Limited (‘Olam‘ or the ‘Company‘) is committed to observing a high standard of corporate governance in keeping with its overarching philosophy of delivering sustainable profitable growth and building capabilities with integrity. In keeping with its commitment, since 2012 Olam has increased compliance of the principles and guidelines of the Code of Corporate Governance (the ‘Code’), such as the appointment of a Lead Independent Director, the proportion of Independent Directors on the Board, greater Board diversity, engagement of key stakeholders, poll voting at shareholder meetings, implementing a Board Corporate Responsibility and Sustainability Committee, and a Board Risk Committee. Where there are differences between the Code and the Company’s practices, we have listed them within the report.
The Board constantly reviews the Company’s corporate governance practices and seeks to align its practices with the Code. In FY15 under review, the Board has continued the renewal programme in line with the succession plan, bearing in mind Guideline 2.4 of the Code on the tenure of Independent Directors. Independent Directors who have served on the Board beyond 9 years are retired gradually. The Company continues to focus on the substance and spirit of the Code, while continuing to deliver on the Company’s vision and objectives.