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Principle Board requirement
Comment
Applied/
partially
applied/
not
applied
Chapter 2: Boards and directors
2.23
The board should delegate certain
functions to well-structured
committees, but without abdicating
its responsibilities.
Without abdicating its own responsibilities, the board delegates
certain functions to specific committees:
Q
Audit committee
Q
Risk committee
Q
Investment committee
Q
Remuneration and nomination committee
Q
Social and ethics committee
Each committee has a formal charter approved by the board and
reviewed regularly.
Applied
2.24
A governance framework should be
agreed between the group and its
subsidiary boards.
All policies and procedures are followed by subsidiary boards.
Applied
2.25
Companies should remunerate
directors and executives fairly and
responsibly.
The board is responsible for ensuring Hyprop has an appropriate
remuneration strategy. The remuneration and nomination committee
has an independent role, making recommendations to the board for
its consideration and final approval to ensure the group remunerates
directors (including fees for non-executive directors) and executives
fairly and responsibly; and that disclosure of directors’ remuneration
is accurate, complete and transparent. Remuneration is set out in the
remuneration report. Fees for board and committee members are
approved annually at the annual general meeting.
Applied
2.26
Companies should disclose the
remuneration of each individual
director and prescribed officers.
The remuneration of directors and prescribed officers is disclosed
and applied in note 24 of the financial statements.
Applied
2.27
Shareholders should approve the
company’s remuneration policy.
Details of the remuneration policy are on page 66. The remuneration
policy is submitted to shareholders to consider and endorse by way
of a non-binding advisory vote at the annual general meeting.
Applied
75
Hyprop Investments Limited
Integrated Report 2015