Akobo Minerals works continuously to maintain a high standard of corporate governance. The board of directors recognizes the crucial importance of effective corporate governance and will take all necessary steps towards complying with corporate governance guidelines with an emphasis on integrity, ethical guidelines and respect for people and the environment.
Akobo Minerals continually documents all its activities by working with highly respected international firms for consulting, verification and audit.
THE NORWEGIAN CODE OF PRACTICE
The Company intends to maintain a high level of corporate governance standards and will consider the implications of the Norwegian Code of Practice for Corporate Governance (the Code of Practice). The purpose of the Code of Practice is to clarify the respective roles of shareholders, board of directors and executive officers beyond the requirements of the legislation. As we develop as a company, we are in the process of developing our Corporate Governance framework in line with the Norwegian Code of Practice.
BOARD RESPONSIBILITY AND COMPANY ACTIVITY
All successful companies are led by an effective and entrepreneurial board and this is no different at Akobo Minerals. The board’s role is to promote the long-term sustainable success of the company, supporting all stakeholders – in particular generating value for shareholders and contributing to wider society. The board is responsible for establishing the company’s purpose, values and strategy, and satisfy itself that these elements – along with its culture – are aligned. All directors will act with integrity, lead through example and promote the desired culture of the company. The board will ensure that necessary resources are available for the company to meet its objectives and measure ongoing performance against them. The board will also establish a foundation of sensible and effective controls to enable the company’s risk to be evaluated and managed. In order for Akobo Minerals to meet its future responsibilities to shareholders and stakeholders, the board will ensure effective engagement with, and encourage participation from, these parties. The board should ensure that workforce policies and practices are consistent with the company’s values and support its long-term sustainable success. The entire workforce should always feel that it is able to raise any matters of concern about the company.
The chair leads the board and is responsible for its overall effectiveness in supervising and guiding the company. Akobo Minerals ensures that there is a clear division of responsibilities between the leadership of the board and the executive leadership of the company’s operations. The board ensures that it has the policies, processes, information, time and resources it needs in order to develop the business effectively and efficiently.
AUDIT, RISK AND INTERNAL CONTROL
The company is establishing formal and transparent policies and procedures to ensure the independence and effectiveness of internal and external audit functions and to satisfy the board and management team of the integrity of financial and narrative statements. Coupled with this, the board will be responsible for always present a fair, balanced and understandable assessment of the company’s position and prospects.
The board, supported by the skills and knowledge of the management team – will establish procedures to manage risk, oversee the internal control framework, and determine the nature and extent of the principal risks that Akobo Minerals is prepared for to achieve its long-term strategic objectives.
REPORTING OF CONCERNS (WHISTLEBOWING)
The whistleblowing channel allows anyone to report breaches or suspected breaches of Akobo Minerals’ Code of Conduct, governing policies or laws and regulations. Examples of breaches include, but are not limited to: fraud and corruption, harassment and discrimination, and violations of environmental and human rights laws.
Employees and other stakeholders are encouraged to use their right and responsibility to report concerns. This also applies to external parties, including employees of associated companies.
Reports of concerns can be made to Akobo Minerals’ Integrity Channel. All concerns reported will be treated confidentially.
A formal and transparent procedure is being developed to provide policy on executive remuneration for determining director and senior management remuneration. No director or management will be involved in deciding their own remuneration outcome. Directors and management of the company will exercise independent judgement and discretion when considering remuneration outcomes, taking account of company and individual performance, and wider circumstances.
PUBLICATION OF INFORMATION
Akobo Minerals will publish interim reports for the first and third quarters, in addition to the half yearly and annual reports. The company will ensure that half-yearly reports and interim reports for the first and third quarters are published as soon as possible and no later than three months after the end of the accounting period in question. Annual reports will be published in a timely manner and no later than five months after the end of the accounting period in question. The accounting principles that the company applies will be in accordance with Swedish accounting standards.