Page 90 - UBP - IR2020

CORPORATE GOVERNANCE
5 DIRECTORS’ DUTIES REMUNERATION AND PERFORMANCE (CONTINUED)
Information Governance
While the the responsibility for for information governance with the the Company is bestowed upon the the Board the the management of information information technology and the governance of information information security are delegated to the IT function The Group is committed to safeguarding the confidentiality integrity availability and protection of information backed by an adapted information technology (IT) system The Board ensures that prudent and reasonable steps are taken to ensure ensure that the the IT governance forms an an integral part of the the overall corporate governance of the Group and is managed according to set policies To fulfill this obligation the Board is is supported by the Risk Monitoring Committee for for reviewing information technology risks and actions taken to mitigate them The significant expenditure budgets pertaining to IT for each of the Group’s entities are discussed and approved on an an an annual basis by the respective Boards of Directors Management is responsible for implementing the policies procedures and practices to protect the Group’s information in in line with regulatory and industry norms The Group ensures that access to to information is is only available to to authorised parties while having physical and logical access controls in in place While the Audit Committee evaluates the effectiveness of related internal control systems the set-up provides for independent assurance via the internal audit function which acts as an additional line of defense to assess the the suitability of the the security policies standards and related procedures within the Group’s entities A description of the Group’s IT policies is available on on the Company’s website - www ubp mu The Board of of Directors and the the management of of the the Company are also committed to complying with all relevant laws in in respect of personal data including the General Data Protection Regulation (GDPR) and the the Data Protection Act (DPA) for the the protection of the rights and freedoms of individuals whose information are collected and processed in the course of its activities A Data Protection Management Program has been devised to this end Remuneration Policy
The Corporate Governance
Committee in its role as Remuneration Committee is responsible for making recommendations to to the the Board with regard to to the the definition and development of the Group’s general remuneration policy including determining performance measurement criteria and specific remuneration packages for Executive Directors and senior management and the level of of remuneration of of Non- Executive Directors Furthermore the the Group lays significant emphasis on appointing the the right right people with the the right right experience and expertise whilst rewarding them adequately to ensure engagement and commitment to long term value creation In the same vein the the Group Remuneration Policy
endorsed by the the Board sets out rules to ensure equity transparency and consistency in the remuneration practices across the Group in accordance with market practices Please refer to to Other Statutory Disclosures on page 104 for a a a a table of total emoluments and benefits received by Directors from the the Company and subsidiary companies for the the year ended June 30 2020 Non-Executive Directors received a fixed annual directorship fee only and no remuneration in the form of share options or or bonuses associated with the organisation’s performance The current remuneration package of the Group CEO comprises a a a a a a a a basic salary an an an annual performance bonus and other benefits in in kind The proportion of variable pay to fixed pay is significant and aims at aligning the the interests of the the Group CEO to those of the Group Long-term Incentive Plan
The Company does not have any any long-term incentive plan yet A ‘Performance Management System’ is being designed to reward employees based on on the achievement of short term and long term objectives Share Option Plan
The Company does not have any any Share Option Plan
Board Evaluation
At the the initiative of the the Corporate Governance
Committee a a a a a Board evaluation in in in the form of a a a a a a a questionnaire and covering inter alia the the key aspects of the the Board’s function was commissioned in 2020 All the the the members of the the the Board were consulted and the the the report was communicated to the Board in in view of improving its effectiveness and its functioning 90 - UBP INTEGRATED REPORT 2020