The Board has established three committees, namely the Audit Committee, the Corporate Governance Committee and the Supervisory Committee (the “Board Committees”).
These Board Committees have been formed to efficiently manage the responsibilities of the Board and to facilitate efficient decision making of the Board. They are a mechanism to assist the Board and its Directors in discharging their duties through comprehensive evaluation of specific issues, by well-considered recommendations to the Board. However, the Board remains ultimately accountable and responsible for the performance and the affairs of the Company.
The Audit Committee assists the Board in relation to its reporting of:
- Financial information;
- The appropriate application and amendment of accounting policies;
- The identification and management of risk;
- The implementation of internal control systems; and
- Internal audit, statutory and regulatory compliance.
The Audit Committee provides a forum for effective communication between the Board and the internal and external auditors, both of whom report to the Audit Committee.
The Supervisory Committee is a Board Committee set up to specifically assist, monitor and supervise the CEO and management of Lottotech in the day to day management and operations of the Company, on behalf of the Board. It also monitors the performance of the CEO and management of Lottotech, if necessary, and makes necessary recommendation to the Board of Directors.
The Supervisory Committee members may interact on a daily basis with the CEO and management of Lottotech and shall meet as often as may be required and formally at least once every quarter.
Corporate Governance Committee
The Corporate Governance Committee acts as a mechanism for making recommendations to the Board on all corporate governance matters relevant to the Company to ensure that the Board remains effective and complies with the “Code” and prevailing corporate governance principles.
The Committee is also responsible for remuneration and nomination matters. The remuneration philosophy is geared towards rewarding efforts and merits for individual and joint contribution to the Company’s results, whilst having also due regards to market conditions, the interest of the shareholders and to the financial well-being of the Company.
A Technical Committee (“Comtech”) is a committee set up to ensure that Management is functioning within the strategy and budget as approved by the Board of Directors.
In no event shall the Technical Committee have authority over or substitute itself for the Board.
The Comtech consists of representatives of the Board and of Management, and it holds monthly meetings.
Following each meeting of the Comtech, monthly reports must be circulated to the Board of Directors.
The members of the Comtech are as follows:
- Patrice Ah Teck;
- Management (represented by the CEO & COO).