The Kibo Board is aware of the importance to conform to its statutory responsibilities and industry good practise in relation to corporate governance of Kibo and its subsidiaries (the Group).
The Board comprises a Chairman, two Executive Directors and four independent Non-Executive Directors. As the Company evolves, the Board will be reviewed and expanded if necessary to ensure appropriate expertise is in place at all times to support its business activities.
The Board is responsible for formulating, reviewing and approving the Group's strategy, budgets, major items of capital expenditure and acquisitions. An agenda and all supporting documentation is circulated to all Directors before each Board Meeting. Open and timely access to all information is provided to all Directors to enable them bring independent judgement on issues affecting the Group and facilitate them in discharging their duties. The Board met 14 times during the last financial year to 31 December 2012.
In accordance with the Articles of Association of the Company, each Director is required to resign and put his name forward for re-election every three years.
The Board is accountable to the shareholders for delivery of sustained value growth. In order to support its duties and responsibilities the Board implements control procedures that assess and manage risk and ensure robust financial and operational management within the Group. The principal risks that the Group is exposed to can be classified under the general headings of exploration risk, commodity risk, price risk, currency risk and political risk.
The Board also sets the Group’s core values and ethical standards of business conduct ensuring these are effectively communicated to all staff and monitoring that they are being adhered to.
The Board sets the Group’s strategy and monitors its implementation through management and financial performance reviews. It also works to ensure that adequate resources are available to implement strategy in a timely manner.
The principle Board committees are the Audit Committee, Governance Committee and the Remuneration Committee.
Health,Safety and Environmental Policy (HSE)
Kibo is committed to high standards of Health, Safety and Environmental performance across our business. Our goal is to protect people, minimize harm to the environment, integrate biodiversity considerations and reduce disruption to our neighbouring communities. We seek to achieve continuous improvement in our HSE performance.
Corporate Social Responsibility Policy (CSR)
Kibo's policy is to conduct all our business operations to best industry standards and to behave in a socially responsible manner. Our goal is to behave ethically and with integrity and to respect cultural, national and religious diversity.