Harnessing corporate governance practices for sustainable profitable growth
The 2012 Code of Corporate Governance (the Code) is applicable to the Company for its 2017 Annual Report. Olam complies with most of the principles and guidelines of the Code. Today, the Board comprises more than 50% independent directors with the Board Chair being independent since 2015. With the optimal mix of expertise and experience including gender diversity, the Board is equipped to effectively lead and direct the Company’s business and strategy, ensuring the long-term success of the Company.
The Company continues to focus on the substance and spirit of the Code, while continuing to deliver on the Company’s vision and objectives. Where there are differences between the Code and the Company’s practices, we have clarified them within the report.
Adopted in April 2018 by our shareholders, Olam’s new Constitution is largely comprised of the provisions of the Company’s existing memorandum and articles of association, as updated to incorporate various changes, primarily to give effect to the changes to the Companies Act introduced by the Amendments Act, as well as for consistency with all the SGX-ST Listing Rules.