Lenovo 2013 Annual Report Download - page 55
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2012/13 Annual Report Lenovo Group Limited 53
A consolidated report of the outputs from the evaluation was prepared by the Nomination and Governance Committee
for review and consideration by the Board. The results of the evaluation were thoroughly discussed at a Board meeting in
order to further improve the work of the Board. The evaluation report concluded that the Board and Board Committees
continue to operate effectively. The Board also identified enhancement areas, which will be incorporated into the future
Board program to ensure that the operation of the Board and Board Committees continue to improve. These areas will
continuously be reviewed by the Board.
Management Functions
The Company has a formal schedule of matters specifically reserved to the Board and those delegated to management.
The management is responsible for the daily operations and administration function of the Group under the leadership of
the CEO. The Board has given clear directions to management as to the matters that must be approved by the Board
before decisions are made on behalf of the Company. The types of decisions to be delegated by the Board to management
include implementation of the strategy and direction determined by the Board, operation of the Group’s businesses,
preparation of financial statements and operating budgets, and compliance with applicable laws and regulations. These
arrangements will be reviewed periodically to ensure that they remain appropriate to the Company’s needs. The list of
members of senior management and their biographies are set out on pages 98 to 99 of this annual report.
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board acknowledges its responsibility for presenting a balanced, clear and comprehensive assessment of the
Company’s performance, position and prospects. The Board is also responsible for the preparation of financial statements
for each financial year which gives a true and fair view of the state of affairs of the Group on going concern basis while
the external auditor’s responsibilities to shareholders are set out in the Independent Auditor’s Report on page 111 of this
annual report.
Internal Control
The Board acknowledges its responsibility to ensure the Company maintains sound and effective internal controls. This is
achieved through a defined management structure with specified limits of authority and defined control responsibility to:
• Achieve business objectives and safeguard assets against unauthorized use or disposition;
• Ensure maintenance of proper accounting records for the provision of reliable financial information for internal use or
for publication; and
• Ensure compliance with the relevant legislation and regulations.