Lenovo 2015 Annual Report Download - page 59
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57
2014/15 Annual Report Lenovo Group Limited
EFFECTIVENESS
Board’s Responsibilities and Delegation
The Group is controlled through the Board who is responsible for steering the success of the Group by overseeing
the overall strategy and directing and supervising its affairs in a responsible and effective manner. The Board also
sets the Group’s core values and adopts proper standards to ensure that the Company operates with integrity and
complies with the relevant rules and regulations.
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 or entering into any commitments
on behalf of the Group. 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. A list of senior
management and their biographies are set out on pages 127 to 128 of this annual report.
Schedule of Matters Reserved to the Board includes:
• setting the Group’s strategy
• approval of annual budget
• approval of major capital and equity transactions
• approval of major disposals and acquisitions
• approval of transactions that requires disclosure under the Listing Rules
• recommendation on appointment or reappointment of external auditor
• approval of the Group’s financial statements
• recommending or declaring a dividend
• succession planning and appointment to the Board
• reviewing the performance of the Board and its committees
• other significant operational and financial matters