Corporate governance refers to the entire system for managing and supervising a company, including its organization, its commercial principles and guidelines, as well as all internal and external regulatory and monitoring mechanisms.
Effective and transparent corporate governance guarantees that Organik Holding is managed and monitored in a responsible and value-driven manner. This fosters confidence of our shareholders, our customers, employees and our business partners.
Direction and Management by the Board of Directors
The Board of Directors is responsible for the management of the Company and represents Organik Holding in business undertakings with third parties. The Board agrees on the Organik Holding's company goals and corporate strategy and manages and monitors the companies composing the Organik Holding through the planning and setting of the company budget, the allocation of resources and management capacities, the monitoring and decision making regarding significant individual measures and the control of the operational management. The Board's actions and decisions are aligned with the company's best interests and the Board is committed to the goal of increasing the company's value in the long term.
The Audit Committee (established by the Board of Directors) prepares the negotiations and resolutions of the Board for the approval of the Financial Statements and from 2012 also the Consolidated Financial Statements. It also deals with: monitoring the financial reporting process, the annual audit, the effectiveness of the internal control system and the risk management system. The Audit Committee is also responsible for business relations with the Company's external auditor.
The Nomination Committee assists the Board in identifying potential members suitable to act as independent directors. The Committee has responsibility for establishing processes in order to identify suitable candidates for appointment to the Board of directors, recruiting new non-executive directors to the Company and from time to time assessing if the existing directors possess the skills required to perform their job.
The role of the Personnel and Remuneration Committee is to assist the Board in ensuring that the Company has a human resources strategy aligned to the overall business strategy; has remuneration policies and practices that are observed and that enable to attract and retain executives and directors who will create value for shareholders.