Capital & Investment

observing a high standard of corporate governance in keeping with its overarching philosophy of delivering sustainable profi table growth and building capabilities with integrity. The Board constantly reviews the Company’s corporate governance practices and seeks to align its practices with the developments and changes in the Code of Corporate Governance. The revised Code of Corporate Governance was issued on 2 May 2012 (the ‘Code’) which takes effect from fi nancial year commencing 1 November 2012 and is only applicable to the Company for its Annual Report in 2014. In keeping with its commitment, Olam has since 2012 complied with key revised guidelines in the Code such as the appointment of a lead independent director, the proportion of independent directors on the Board, engagement of key stakeholders, poll voting at shareholder meetings, having in place a Board Corporate Responsibility & Sustainability Committee as well as a Board Risk Committee. In 2013, the Board announced the renewal of the Board in line with the Board succession plan and bearing in mind Guideline 2.4 of the Code on the tenure of Independent Directors. Independent Directors who have served on the Board beyond nine years will be retired gradually with a view to refreshing the Board. The additional steps taken to align the Company with the Code include organising investor days as well as the extensive engagement with stakeholders. The Company continues to focus on the substance and spirit of the Code while continuing to deliver on the Company’s vision and objectives