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GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CORPORATE GOVERNANCE REPORT
9.6 The company should disclose more information on the link
between remuneration paid to the executive directors and
key management personnel, and performance.
The annual reviews of the remuneration are carried
out by the RC to ensure that the remuneration of the
Executive Directors and key management personnel
is commensurate with their performance and that of
the Company, giving due regard to the financial and
commercial health and business needs of the Group.
The performance of the CEO (together with other key
management personnel) is reviewed periodically by the
RC and the Board.
ACCOUNTABILITY AND AUDIT
Accountability
Principle 10:
The Board should present a balanced and understandable assessment of the company’s performance,
position and prospects.
Guidelines Of The Code
Grand Banks Corporate Governance Practices
10.1 The Board’s responsibility to provide a balanced and
understandable assessment of the company’s performance,
position and prospects extends to interim and other price
sensitive public reports, and reports to regulators (if
required).
The Board provides a balanced and understandable
assessment of the Group’s performance, position
and prospects in its annual financial statements and
quarterly announcements to shareholders.
10.2 The Board should take adequate steps to ensure
compliance with legislative and regulatory requirements,
including requirements under the listing rules of the
securities exchange, for instance, by establishing written
policies where appropriate.
The Board reviews compliance issues, if any, with
management on a quarterly basis.
10.3 Management should provide all members of the Board
with management accounts and such explanation and
information on a monthly basis and as the Board may
require from time to time to enable the Board to make
a balanced and informed assessment of the company’s
performance, position and prospects.
Management provides the Board with a continuous flow
of relevant information on a timely basis so that it can
effectively perform its duties. Management also provides
to the Board timely, comprehensive quarterly financial
statements and analysis of the results relative to both
budget and prior years’ performance, so that the Board
may effectively perform its duties. On a monthly basis,
Board members are provided with summary financial
data and other operating information for effective
monitoring and decision making.
