The Board, as part of its mandate, has established appropriate structures and procedures for all the Board Members to function independently of management, and this includes the establishment of the Board Charter, outlining its duties and responsibilities.
Who We Are
Victoria Mutual Investment Limited (VMIL) ensures that our Corporate Governance Standards reflect emerging and best practices and meet and exceed our legal and regulatory requirements. Good and effective governance starts with the Board of Directors and the Board composition having well informed Board Members with diverse background, relevant experience to execute the strategic plans of the Company with independence from management.
The Board of Directors is comprised of a diverse set of skills and years of cumulative experience in effectively overseeing the operations of VMIL. The Board and the Board Committees are committed to maximise Board effectiveness, ensure Board independence, and apply robust governance standards.
Our Guiding Principles
The guiding principles and practices are designed to ensure that VMIL always operates in a sustainable and responsible manner
- Oversight and effective relationship with Management to achieve strategic objectives and sound business practices guided by its accountability to shareholders and stakeholders.
- Governance practices are integral to VMIL performance and long-term sustainability.
- Executing functions with integrity, accountability, and honesty .
- Avoidance of conflicts of interest and an obligation to declare any potential or actual conflict interest and obtain guidance.
- Making timely and accurate disclosures.
A Mandate to Drive Sustainable Growth
As part of the Board’s Mandate for continuous sustainability of the Company, the Board in its deliberation has agreed consider the following factors:
- Effective management of Enterprise Risk.
- Robust strategic planning and execution.
- Strong oversight of the effectiveness of internal controls.
- Ensuring equitable treatment of shareholders and other stakeholders.
- Effective oversight of communication and public disclosure to ensure clear and timely communication of important decisions and matters.
- Effective compensation philosophy and talent management plans and initiatives, with a focus on attracting and retaining talent, and ensuring appropriate succession mechanisms and arrangements are in place for Executive Management.
In reflecting our Corporate Governance Standard, there are three Board Committees. Each Committee is composed primarily of Independent Directors and meets at least four times during the year. Each Committee is guided by a Board-Approved Charter which sets out the Committee’s roles, responsibilities and deliverables.