Role of the Board
As required by Section 6 (4) of the State Owned Enterprises Act 2007, the Board is responsible for charting the Company’s strategic direction, for the setting of objectives, policy guidelines, goals management, and for monitoring the achievement of these matters.
The Board is also responsible for reviewing the Business Plan, Corporate Plan and Statement of Corporate Intent, and approves Operating and Capital Budgets each year. The Board also reviews matters of a major or unusual nature, which are not in the ordinary course of business.
The role and duties of the Directors are defined in regulations 17 to 27 of the SOE Regulations, 2010. A key responsibility of the Directors is to achieve the principal objective of the Authority, as stated in Section 5 of the SOE Act: The principal objective of every State Owned Enterprise shall be to operate as a successful business and to this end, to be
- a) As profitable and efficient as comparable businesses that are not owned by the Crown or established as statutory bodies by an Act of Parliament,
- b) A good employer, and
- c) An organization that exhibits a sense of social responsibility by having regard to the interests of the community in which it operates.
Statutory Duties of the Board
In addition to the above duties, the Board of Directors of SIEA collectively and individually have agreed on the fulfillment of the following duties toward the company:
- When exercising powers or performing duties, Directors must act in good faith and in what the Director believes to the best interests of the State Owned Enterprise.
- A Director of a State Owned Enterprise, when exercising a power as Director, must exercise that power for a proper purpose.
- A Director of a SOE must not:
- a) Agree to the business of the SOE being carried out on or in a manner likely to create a substantial risk of serious loss to the SOE creditors or,
- b) Cause or allow the business of a SOE to be carried out on or in a manner likely to create substantial risk of loss to the SOE creditors.
- A Director must not agree to the SOE incurring an obligation unless the Director believes at the time, on reasonable grounds, that the SOE will be able to perform the obligation when it is required to do so.
- A Director of a SOE, when exercising powers or performing duties, must exercise the care, diligence, and skills that a reasonable Director would exercise in the same circumstances.
- Another controlling measure imposed on Directors is the requirement to enter any conflict of interest in an interests register.
Here is the Current Board of Directors:
David K.C. Quan, MBE