AVBOB Integrated Annual Report 2018

Since the Board relies extensively on management and the internal assurance providers to support it in the discharge of its responsibilities, it has suitably empowered them to fulfil these requirements. The Board ensures that management’s actions are regularly monitored and evaluated. Directors also have full and unrestricted access to Group information, records, documents and premises to enable them to fulfil their responsibilities. Meetings The Board meets quarterly and additional meetings are arranged as and when necessary. Two formal training sessions are held annually. These meetings are scheduled to coincide with the Group’s reporting calendar to allow for detailed consideration of interim and final results, strategy and business planning. The details of attendance of each Director at meetings are set out in the Directors’ Report. Charters The Board and Board Committees’ terms of reference are encapsulated in approved charters that are in line with the Regulations governing the Society, as well as with the principles and recommendations of King IV and the Companies Act. These charters are reviewed every three years or in the year a material change is made. Board Committees In terms of the Board charter, the Board has the authority to delegate certain functions to well- established Board Committees. The Board understands and accepts its ultimate accountability and responsibility for all actions of these Committees which are established to assist the Board and do not diminish the Board’s responsibility in any way. The Group’s Board Committees also act as the Committees for subsidiaries in the Group. The Committees report to the Board at its quarterly meetings or as and when required. Through their reports the Board evaluates the performance and effectiveness of each Committee. The Board is of the view that the Committees have, during the period under review, effectively discharged their responsibilities as contained in their respective charters. The Chairpersons of the Committees are required to attend the AGM to answer any questions that may arise. The Committees listed and discussed below existed during the current year: Planning Committee The Planning Committee is chaired by the Chairperson of the Board and comprises one Executive Director and three Non-executive Directors. The Committee members are appointed annually by the Board. The Non-executive Directors are all considered to be independent. The Committee deals inter alia with the business plan and annual budgets, and meets either on an annual basis or as and when necessary. 26