PDF 25 MB - Sun International | Investor Centre

The chief executive is mandated and held accountable for amongst
other things:
the implementation of the strategies and key policies determined
by the board;
managing and monitoring the business and affairs of the
company in accordance with approved business plans and
budgets;
prioritising the allocation of capital and other resources; and
establishing best management and operating practices.
The role and function of the chief executive is formalised and the
board, through the remuneration committee, annually evaluates
the performance of the chief executive against specified criteria.
Succession planning
Executive and senior management
Succession planning for the purposes of identifying, developing and
advancing future leaders and executives of the group is an on-going
element of the board’s responsibility which is carried out through the
remuneration committee. Detailed succession plans are presented to the
remuneration committee in this regard.
Non-executive directors
Board and committee succession planning is carried out through the
nomination committee. The nomination committee reviews the composition
of all committees and the committee members’ readiness to succeed a
committee chairman if the need so arises.
Carousel
CORPORATE GOVERNANCE REPORT continued
In addition, the succession of the board chairman is a matter that has
been addressed and will be formalised in the forthcoming year.
Board and committee evaluations
The board evaluates its own performance, processes and procedures in
terms of a self-evaluation process which is to be conducted annually, the
last evaluation having been carried out during July and August of 2010.
The nomination committee appraises the performance of the board
chairman the board and each board member. The LID is tasked with
leading the assessment of the board chairman’s performance based on
board members completing a written evaluation questionnaire.
The remuneration committee appraises the executive performance of the
chief executive and his direct reports. The results of these appraisals
are considered by the remuneration committee in the evaluation of
and the determination of the remuneration of the chief executive and his
direct reports.
Board committees are also reviewed by way of self-evaluations which are
to be conducted annually, the last evaluations having taken place during
July and August of 2010. The chairman of the nomination committee
reports the findings of all evaluations to the board and action plans
to improve outcomes, where necessary, or to implement suggestions
for improvements made by the directors or committee members, are
implemented in terms of best practice.
The evaluations of the board chairman, the board, the board members
and the committees conducted in 2010 indicated mainly positive results
reflecting an improvement in most elements of effectiveness and performance
compared to the previous evaluations which were conducted in 2008.
Significant improvement and effectiveness was reported as a result of the
group’s decision in 2009 to split its previously combined nomination and
remuneration committee into separate committees.
105