Page 38 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Corporate Governance Report Cont’d

The Board consists of a Non-Executive Chairman, 3 Independent Directors,
4 Non-Executive Directors and an Executive Director, supported by an
experienced and competent Company Secretary.

A Board Diversity Policy has been developed to ensure that the Board
remains sensitive to the need for diversity in all forms including gender,
age and experience.

In addition to the statutory Audit Committee, the Board has established a
Nominations, Governance & Remuneration Committee and a Business
Development Committee all of which are governed by robust charters.

Part A: Board of Directors
Training and induction of Directors is governed by the Board’s Director
& Officers of the Board
Development Policy. During the year under review, Board members’
training was facilitated by the Lagos Business School.

The Board is guided by its Appointment Policy in making appointments to
the Board. The policy sets out the criteria for Board appointments and
provides for the extensive screening and vetting of potential Directors.
Upon appointment, new Directors are mandated to undergo an induction
programme.

The robust Board Remuneration Policy provides a framework for the
remuneration of Executive and Non-Executive Directors, to enable the
Company remunerate fairly, responsibly and transparently.

A robust Enterprise Risk Management framework is utilized in monitoring
business risks.

A whistle-blowing framework has long been established and is
continuously communicated to stakeholders
Part B: Assurance

The Company has an effective Internal Audit function which provides
assurance to the Board on the effectiveness of the Company’s governance,
internal control & governance systems.

World of Possibilities HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 39