Lenovo 2014 Annual Report Download - page 51
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49
2013/14 Annual Report Lenovo Group Limited
DELEGATION BY THE BOARD
Board’s Role and Responsibilities
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 Board has formulated a clear written policy that
stipulates the circumstances under which the management
should report to and obtain prior approval from the Board
before making decisions or entering into any commitments
on behalf of the Group. The Board will regularly review the
policy.
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 connected transactions
• 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
Board activities in the financial year ended March 31, 2014
Board activities are structured to assist the Board in achieving its goal to support and advise senior management on
the delivery of the Group’s strategy within a transparent governance framework. The diagram below shows the key
areas of focus for the Board, which appear as items on the Board’s agenda at relevant times throughout the financial
year. Concentrated discussion of these items assists the Board in making the most appropriate decision based on the
long-term opportunities for the business.
Business Awareness and
Performance
• CEO report
• Operations updates
• Board Committees’ reports
Corporate Social
Responsibility
•
Review and discussion of
practices of social responsibility
Financial
• Chief Financial Officer report
• Financial results
• Forecasts
• Treasury items
Corporate Governance, Diversity
and Talent
• Board and Board Committees’ evaluation
• Board Diversity Policy
• Succession planning
Business Strategy and Risks
• Discussion of main strategic issues relating to
commercial, geographic and structural areas
• Review of processes and controls for strategic
and operational risks
Key areas of focus
BOARD OF
DIRECTORS