The primary responsibility of the Structural Monitoring Systems (SMS) Board is to represent and advance Shareholders’ interests and to protect the interests of all stakeholders. To fulfill this role, the Board is responsible for the overall Corporate Governance of SMS, including its strategic direction, establishing goals for management and monitoring the achievement of these goals.
The responsibilities of the Board include:
- Protection and enhancement of Shareholder value.
- Formulation, review and approval of the objectives and strategic direction of the Company.
- Approving all significant business transactions including acquisitions, divestments and capital expenditure.
- Monitoring the financial performance of the Company by reviewing and approving budgets and monitoring results.
- Ensuring the adequate internal control systems and procedures exist and that compliance with these systems and procedures is maintained
- The identification of significant business risks and ensuring that such risks are adequately managed.
- The review of performance and remuneration of executive directors and key staff.
- The establishment and maintenance of appropriate ethical standards.
- Evaluating and, where appropriate, adopting with or without modification, the ASX Corporate Governance and Best Practice