Principle 7

Principle 7: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement

The Board evaluates its own processes and performance including the work of its committees, to ensure its on-going effectiveness on a continuous basis. A formal board evaluation takes place annually, in accordance with the procedures adopted by the Board.  When appropriate, board evaluations are conducted by an external firm.  All issues highlighted in board evaluations are considered by the Board and form an integral part of the broad spectrum of feedback the Board considers in the evolution of the Company’s strategy and long-term planning. The performance and contribution of all Directors is reviewed as part of the Board evaluation process.

The board ensures that appropriate processes and systems are in place to support succession planning both at board level and for the executive management of the Company.