The Company recognises that corporate governance is important to protect shareholders and their investments and to promote accountability, transparency, probity and focus.
During 2012, key steps were taken to develop and enhance the Company’s corporate governance in line with Dubai Holding’s strategic objectives. The Board was strengthened by the appointment of Stephen Murphy as Non-Executive Chairman and Gerald Lawless was named President and Group Chief Executive Officer allowing him to take on a more focused executive management role at this important stage of the Company’s international growth strategy.
The Company has established a robust corporate governance framework implemented by the Board of Directors and Committees of the Board. It focuses on legal and regulatory compliance, effective risk management and internal control, and has in place a business conduct and ethics policy.
In order to support and provide a framework for the Company’s strategic decision making, Dubai Holding has established an investment mandate. The Company makes decisions in a transparent manner with appropriate disclosures of interests so that its shareholder can hold Directors and management accountable. The Company is monitored through internal audit, which is managed through the Audit and Risk Committee and a risk working group.
Introduction to The Board
The Board’s role is to provide entrepreneurial leadership of the Company within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board is responsible for formulating the business strategy and ensuring that the necessary financial and human resources are in place to meet its objectives. It is also responsible for monitoring and reviewing the operating and financial performance of the Company. The full responsibilities of the Board and the authority it delegates to its Committees and to management are outlined in terms of reference for the Board and each of the Committees.
The Board comprises five members including two Executive Directors and three Independent Non- Executive Directors providing strong and relevant experience. The Non-Executive Directors bring independent judgement and contribute depth and diversity of views to the Board to enable a more effective decision-making process. They constructively challenge and help develop proposals on strategy and scrutinise the performance of management in meeting agreed goals and objectives. In 2012 the Board met on five occasions.
The biographies of the Board members can be found here.