Page 76 - InterloopAnnualReport2020

CORPORATE GOVERNANCE

Role and Responsibilities of the Roles and Responsibilities of the
Chairman Board of Directors

The Chairman is responsible for the Board’s authority, Interloop’s Board of Directors plays an effective role in
effective performance, and high standards of governance. managing strategic matters, establishing and reviewing
His role is to ensure that the Board as a whole is thoroughly targets, and financial objectives.
and constructively involved in determining and establishing
the strategy and policies of the Company. He also ensures The Board fulfills its responsibilities in compliance with
that the decisions taken by the Board are in the best interest the legal framework under the Companies Act, 2017, and
of the Company, representing the consensus of the Board. adopts corporate governance practices for effective control.
The collective acumen of the Board is interpreted into its
The Chairman encourages the highest standards of integrity decisions which forms the basis for Management to achieve
and establishes good corporate governance policies and its targets.
practices. He ensures that the Chief Executive Officer and
the Management team successfully execute the plans and Following the practices powered by the Companies
policies decided by the Board. Act, 2017, the Board is liable to ensure eminent ethical
standards in performing their responsibilities.
Role and Responsibilities of the Some of the significant responsibilities of the Board include

Chief Executive Officer approval of the Company’s financial statements, annual
budgets, and interim & final dividends.
The CEO leads the Management, builds an organizational
culture, and is a role model for the entire Company. The Board is also responsible for the governance of
risk and ensures internal controls to safeguard assets,
The Chief Executive Officer is entrusted with the general resources, reputation, and interest of the Company and
management of the Company’s business and is responsible the shareholders. The Board ensures the transparency of
for proposing and developing the Company’s strategy and investments in new ventures, capital expenditures, and
overall commercial objectives, in close consultation with the approves the related party transactions.
Chairman and the Board of Directors. He is also responsible
for the management of the Company’s daily operational
activities, strategic planning, budgeting, financial reporting, Matters Delegated to the
and risk management. The CEO is responsible for the Management
implementation of the plans and policies approved by the
Board and its Committees, in pursuit of the Company’s Identification and administration of key risks and
goals and objectives, with the support of the Management opportunities which could impact the Company in the
team. ordinary course of business have also been delegated to
the management. The Board is also responsible to appoint
key management positions and look into the matters
reported by the audit committee and other committees of
the Board. The Board also maintains a complete record of
the Company’s significant policies along with its date of
approval or amendment.

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