Page 157 - Sigmaroc Annual-Report 2023

Engagement: Engaging with stakeholders strengthens relationships and helps make better business decisions to deliver on commitments. The Company is regularly updated on wider stakeholder engagement feedback to stay abreast of stakeholder insights into the issues that matter most to them and the Group’s business, and to enable the Board to understand and consider these issues in decision-making. With Shareholders, suppliers and customers, employees are one of the most important stakeholder groups and employees’ engagement surveys and feedback are closely monitored.
Employees, contractors and suppliers: The Group has established a safe and healthy work environment, which complies with the relevant occupational health & safety laws. The Group ensures that the workforce is provided with sufficient training to develop the appropriate skills and knowledge to complete the tasks requested of them.
For the sake of occupational health & safety, all contractors and sub-contractors are treated in exactly the same manner as employees.
Communities: The Group has supported and given back to the community by participating in a selection of projects in recent years. Further details of the Group’s environmental, social and governance related initiatives for the year are detailed in the ESG and Stakeholder Reports included in these Accounts.
Modern slavery: As part of our mission to “do the right thing” we oppose modern slavery in all its forms and work to prevent it by any means that we can. We expect anyone who has any suspicions of modern slavery in our business or our supply chain to raise their concerns without delay.
PRINCIPLE FOUR
Risk Management
Embed effective risk management, considering both opportunities and threats, throughout the organisation
Risk register: To assist the Board with effectively managing risk across the Group the Company has established a risk register which is reviewed periodically.
Internal control: The Company has an established framework of internal control, the effectiveness of which is regularly reviewed by executive management, the Audit Committee and the Board in light of an ongoing assessment of significant risks facing the Company and the Group.
The Company recognises that maintaining sound controls and discipline is critical to managing the downside risks to its business plan.
The Board has ultimate responsibility for the Group’s system of internal control and for reviewing its effectiveness. The Audit Committee assists the Board in discharging its duties regarding the financial statements, accounting policies and the maintenance of proper internal business, and operational and financial controls.
The Board presently considers that the internal controls in place are appropriate for the size, complexity and risk profile of the Group.
PRINCIPLE FIVE
Maintain the board as a well-functioning, balanced team led by the chair
Board composition: The Board comprises the Executive Chairman, two Executive Directors, and four Non-Executive Directors, all of whom are deemed independent. The Board considers, after careful review, that the Independent Non- Executive Directors bring an independent judgement to bear.
The biographies of the members of the Board can be found on the Company’s website (https://sigmaroc.com/investor- relations/board/).
The Board is satisfied that it has a suitable balance between independence and knowledge of the Group and its operations to discharge its duties and responsibilities effectively. The Board receives periodic updates from the management team. All Directors are encouraged to use their independent judgement and to challenge all matters, whether strategic, operational or financial.
Membership of the Board, its activities, performance and composition are subject to periodic review.
Conflicts of interest: The Company has effective procedures in place to monitor and deal with conflicts of interest. The Board is aware of the other commitments and interests of its Directors, and changes to these commitments and interests are reported to, and, where appropriate, agreed with, the rest of the Board.
Director
Max Vermorken 10
David Barrett 10 Garth Palmer 10 Simon Chisholm 10 Jacques Emsens 10 Tim Hall 10 Axelle Henry 10
PRINCIPLE SIX
Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities
Suitability: The Board guides and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable. The Board is satisfied that given its size and stage of development, between the Directors, it has an effective and appropriate balance of skills and experience across technical, commercial and financial disciplines.
The Company complies with the QCA Code and full biographical details of the Directors and their skills and experience can be found on the Company’s website: (https:// sigmaroc.com/investor-relations/board/)
Appointment, removal and re-election: The Nominations Committee makes decisions regarding the appointment and removal of Directors, and there is a formal, rigorous and transparent procedure for appointments.
Formal quarterly meetings and meetings
157
Attended
Eligible to attend
9
10
10
8
9
9
9