Page 35 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Corporate Governance Report Cont’d

The Board is fully committed to the structured training and continuous development of its Directors and has
implemented a Directors’ Development Policy for this purpose. Every Board member attends a minimum of one (1)
training programme each year, and this year’s programme was facilitated by the Lagos Business School. In addition,
Board members attend mandatory training programmes as may be directed from time to time by regulatory
authorities.

11. Board Remuneration
The Board Remuneration policy of Honeywell Flour Mills provides a framework for the remuneration of Executive and
Non-Executive Directors, which enables the Company offer competitive and fair rates of pay and benefits to attract and
retain people of proven ability, experience and skills whilst ensuring that there is no discrimination based on gender, race,
ethnicity, religion or sexual orientation. It also enables the alignment of strategic objectives and the delivery of
shareholder value.
The Nominations, Governance & Remuneration Committee (‘NGRC’), composed solely of Non-Executive Directors,
recommends the remuneration packages of Executive Directors. The Committee sets Key Performance Indicators
covering both financial and non-financial measures for the executives at the beginning of each year. Executive Directors
are subject to the Company’s clawback policy for the recovery of excess or undeserved reward. The remuneration of
the Executive Directors, which includes both fixed and variable components, consists of base/guaranteed pay,
performance incentives, benefits & allowances, and terminal benefits.

The remuneration of the Non-Executive Directors consists of Directors’ fees, sitting allowances and reimbursable
expenses. They do not receive performance-based compensation.

36 HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 World of Possibilities