Compensation and Human Resources
Compensación y Recursos Humanos
1. DEFINITIONS
In this Charter, the following terms will have the following meanings:
“Board” means the Board of Directors of GEL;
“GEL” means Goddard Enterprises Limited, sometimes herein also referred to as the Company;
“Chairman” means the Chairman of the Committee;
“Committee” means the Compensation and Human Resources Committee of GEL.
2. COMMITTEE PURPOSE AND RESPONSIBILITIES
i) Purpose
The function of the Committee is to assist the Board of Directors in fulfilling its responsibilities relating to the fixing and reviewing of executive compensation and the development and review of corporate human resource policies and strategies.
ii) Duties and Responsibilities
a) maintain oversight of EP implementation across the Group from an HR/variable compensation perspective, and in this context to conduct the review of:
i) EP targets and results at a Group level; and ii)applications for suggested changes to the EP targets or EP treatment supported by exceptional extenuating circumstances, including but not limited to disposals, acquisitions or restructuring exercises);
b) review and approve EP variable compensation payouts for the Group Managing Director and DGMs including i) the award of stock options, i) the review of financial achievement of EP targets, and iii) the review of achievement of EP Soft Factors, as recommended by Group Managing Director and CPO;
c) review the Group Managing Director’s performance at least annually, with a mid-term review, and provide oversight on DGMs performance evaluations, at least annually, (with a mid-term review if possible);
d) maintain oversight of the review process of the existing corporate HR policies and strategies, (such review to encompass a review of i) strict adherence to performance evaluation for all staff once a year; and ii) Employee Morale monitoring and grievance policy), and the implementation of an updated employee manual and a quick reference handbook for managers and employees and the communication mechanisms for communicating the resulting updates;
e) review the competitive position of and recommend changes to the plans, systems and practices of the Company relating to Compensation and Benefits for the approval of theBoard;
f) review bonus plans for Non-EP participants;
g) oversee Group Succession Planning and in particular to review the Succession Planning Model for the Managing Director and Divisional Management;
h) conduct annual performance evaluation of the Committee Chairman and Committee Members.
i) maintain oversight on the efforts to enhance GEL’s culture and communication across the GEL Group.
3. COMMITTEE STRUCTURE
i) The Committee shall consist of at least four (4) Members, who shall be appointed by the Board and all of whom shall be non-executive members of the Board.
ii) The Managing Director and the Chief People Officer shall attend Committee meetings by invitation.
iii) The Board shall appoint the Chairman of the Committee by designating one Member of the Committee as the Committee Chair. In the absence of the Chairman at any meeting of the Committee, Members present shall choose one of their number to act as Chairman of the meeting.
iv) Members shall meet the required skills and experience as outlined in applicable regulation, guidelines and best practice and such other requirements as may be determined by the Board from time to time.
v) The Board may fill a vacancy arising on the Committee at any time.
vi) The Secretary of the Committee shall be the Group Corporate Secretary.
4. COMMITTEE MEETINGS AND OPERATIONS
i) The Committee shall meet quarterly.
ii) The Committee Chairman may convene meetings at any time to consider any matter falling within this Charter.
iii) Notice of Committee Meetings shall include the time and place of every meeting and shall be given in writing or by facsimile, email or other electronic communication to each Member not less than two days (exclusive of the day on which the notice is delivered or sent but inclusive of the day for which notice is given) before the meeting is to takeplace.
iv) Three (3) Members shall constitute a quorum for the transaction of business of the Committee.
v) A Member may participate in a Committee Meeting by means of such telephone or other communications facilities as would permit all persons participating in the meeting to hear each other and a member participating in such a meeting by such means is deemed to be present at the meeting.
vi) Questions arising at any Committee meeting shall be decided by a majority of votes.
vii) Notwithstanding any of the foregoing provisions, a resolution in writing signed by all Members of the Committee entitled to vote on that resolution at a meeting of the Committee is as valid as it if had been passed at a meeting of the Committee.
5. REPORTING TO THE BOARD
i) Each year, the Chairman shall, after consultation with Members, submit the Committee’s objectives for the year to the Board.
ii) Following each Committee meeting, the Chairman shall submit a written report to the Board on the matters discussed by the Committee together with any recommendations thereon for the Board’s discussion or approval.
iii) After each Committee meeting, the Secretary shall circulate the minutes of the meeting to the Board.
iv) The Chairman shall submit a Report to the Board on an annual basis of its work and activities during the preceding year which outlines the progress with its objectives set for that year. This Report can form a part of Annual Report to shareholders as the Board may determine.
6. PERFORMANCE EVALUATION AND CHARTER REVIEW
Performance Evaluation
The Committee shall review and evaluate its performance on an annual basis against its objectives for the year and its overall mandate.
Charter Review
The Committee shall review and assess the adequacy of its Charter on an annual basis and shall make such recommendations for any changes to the same to the Board for approval.
7. ENGAGEMENT OF INDEPENDENT ADVISERS
The Committee may obtain independent professional advice and secure the attendance at its meetings of outside consultants who possess the relevant experience and expertise asit considers necessary or advisable.
June 2014
Revised February 2016
In this Charter, the following terms will have the following meanings:
“Board” means the Board of Directors of GEL;
“GEL” means Goddard Enterprises Limited, sometimes herein also referred to as the Company;
“Chairman” means the Chairman of the Committee;
“Committee” means the Compensation and Human Resources Committee of GEL.
2. COMMITTEE PURPOSE AND RESPONSIBILITIES
i) Purpose
The function of the Committee is to assist the Board of Directors in fulfilling its responsibilities relating to the fixing and reviewing of executive compensation and the development and review of corporate human resource policies and strategies.
ii) Duties and Responsibilities
a) maintain oversight of EP implementation across the Group from an HR/variable compensation perspective, and in this context to conduct the review of:
c) review the Group Managing Director’s performance at least annually, with a mid-term review, and provide oversight on DGMs performance evaluations, at least annually, (with a mid-term review if possible);
d) maintain oversight of the review process of the existing corporate HR policies and strategies, (such review to encompass a review of i) strict adherence to performance evaluation for all staff once a year; and ii) Employee Morale monitoring and grievance policy), and the implementation of an updated employee manual and a quick reference handbook for managers and employees and the communication mechanisms for communicating the resulting updates;
e) review the competitive position of and recommend changes to the plans, systems and practices of the Company relating to Compensation and Benefits for the approval of theBoard;
f) review bonus plans for Non-EP participants;
g) oversee Group Succession Planning and in particular to review the Succession Planning Model for the Managing Director and Divisional Management;
h) conduct annual performance evaluation of the Committee Chairman and Committee Members.
i) maintain oversight on the efforts to enhance GEL’s culture and communication across the GEL Group.
3. COMMITTEE STRUCTURE
i) The Committee shall consist of at least four (4) Members, who shall be appointed by the Board and all of whom shall be non-executive members of the Board.
ii) The Managing Director and the Chief People Officer shall attend Committee meetings by invitation.
iii) The Board shall appoint the Chairman of the Committee by designating one Member of the Committee as the Committee Chair. In the absence of the Chairman at any meeting of the Committee, Members present shall choose one of their number to act as Chairman of the meeting.
iv) Members shall meet the required skills and experience as outlined in applicable regulation, guidelines and best practice and such other requirements as may be determined by the Board from time to time.
v) The Board may fill a vacancy arising on the Committee at any time.
vi) The Secretary of the Committee shall be the Group Corporate Secretary.
4. COMMITTEE MEETINGS AND OPERATIONS
i) The Committee shall meet quarterly.
ii) The Committee Chairman may convene meetings at any time to consider any matter falling within this Charter.
iii) Notice of Committee Meetings shall include the time and place of every meeting and shall be given in writing or by facsimile, email or other electronic communication to each Member not less than two days (exclusive of the day on which the notice is delivered or sent but inclusive of the day for which notice is given) before the meeting is to takeplace.
iv) Three (3) Members shall constitute a quorum for the transaction of business of the Committee.
v) A Member may participate in a Committee Meeting by means of such telephone or other communications facilities as would permit all persons participating in the meeting to hear each other and a member participating in such a meeting by such means is deemed to be present at the meeting.
vi) Questions arising at any Committee meeting shall be decided by a majority of votes.
vii) Notwithstanding any of the foregoing provisions, a resolution in writing signed by all Members of the Committee entitled to vote on that resolution at a meeting of the Committee is as valid as it if had been passed at a meeting of the Committee.
5. REPORTING TO THE BOARD
i) Each year, the Chairman shall, after consultation with Members, submit the Committee’s objectives for the year to the Board.
ii) Following each Committee meeting, the Chairman shall submit a written report to the Board on the matters discussed by the Committee together with any recommendations thereon for the Board’s discussion or approval.
iii) After each Committee meeting, the Secretary shall circulate the minutes of the meeting to the Board.
iv) The Chairman shall submit a Report to the Board on an annual basis of its work and activities during the preceding year which outlines the progress with its objectives set for that year. This Report can form a part of Annual Report to shareholders as the Board may determine.
6. PERFORMANCE EVALUATION AND CHARTER REVIEW
Performance Evaluation
The Committee shall review and evaluate its performance on an annual basis against its objectives for the year and its overall mandate.
Charter Review
The Committee shall review and assess the adequacy of its Charter on an annual basis and shall make such recommendations for any changes to the same to the Board for approval.
7. ENGAGEMENT OF INDEPENDENT ADVISERS
The Committee may obtain independent professional advice and secure the attendance at its meetings of outside consultants who possess the relevant experience and expertise asit considers necessary or advisable.
June 2014
Revised February 2016
1. DEFINICIONES
En la Carta, los siguientes términos significan:“Junta o Consejo de Administración” se refiere a la Junta de Directiva de GEL.“GEL” se refiere a Goddard Enterprises Limited, denominado también compañía o empresa.“Director Gerente” se refiere al presidente del comité.“Comité” se refiere al Comité de Compensación y Recursos Humanos de GEL.
2. PROPÓSITO Y RESPONSABILIDADES DEL COMITÉ i) PropósitoLa función del Comité es ayudar a la Junta de Directores a cumplir con sus responsabilidades relacionadas con la fijación y revisión de la remuneración de los ejecutivos y el desarrollo y revisión de políticas y estrategias corporativas de recursos humanos.
ii) Deberes y Responsabilidadesa) Ejercer la supervisión de la adopción del PE(EP) en todo el Grupo desde una perspectiva de HR / variable y en este marco llevar a cabo la revisión de: i) los objetivos y resultados del PE(EP) a nivel de Grupo; las modificaciones propuestas a los objetivos del PE(EP) o soluciones para el PE(EP) en base a circunstancias atenuantes, que incluyen traspasos, adquisiciones o ejercicios de reestructuración.
b) Revisar y aprobar los pagos de compensación variable del PE(EP) para el director ejecutivo del Grupo y los DGM, incluyendo: i) la adjudicación de opciones de compra de acciones, ii) la revisión del logro financiero de los objetivos del EP(PE) y iii) la revisión del logro de los PE(EP) Soft Factors, según lo recomienda el Director Ejecutivo del Grupo y DGM-HR.
c) Revisar el desempeño del Director Ejecutivo del Grupo al menos una vez al año, con una revisión intermedia y supervisar las evaluaciones de desempeño de los DGM, al menos una vez al año (con una revisión intermedia si es posible).
d) Mantener la supervisión del proceso de revisión de las actuales políticas y estrategias corporativas de recursos humanos. Dicha revisión debe abarcar una evaluación de lo siguiente: i) adherencia estricta a la evaluación de desempeño para todo el personal una vez al año y ii) pólizas de monitoreo de ánimo o moral de los empleados y de agravio, la implementación de un manual de empleados actualizado y un manual de referencia rápida para gerentes y empleados y los mecanismos de comunicación para comunicar las actualizaciones resultantes.
e) Revisar la posición competitiva de los planes, sistemas y prácticas de la compañía en relación con la compensación y los beneficios, y recomendar cambios sujetos a la aprobación de la Junta.
f) Revisar los planes de bonificación para los participantes no EP.
g) Supervisar la planificación de la sucesión del grupo y en particular, revisar el modelo de planificación de la sucesión para el Gerente Ejecutivo y la Gerencia de la División.
h) Realizar evaluaciones anuales de desempeño del Presidente del Comité y los Miembros del Comité.
i) Mantener la supervisión de los esfuerzos para mejorar la cultura y la comunicación de GEL en todo el Grupo GEL.
3. Estructura del Comité
i) El Comité constará de al menos cuatro (4) miembros que serán nombrados por la Junta, los cuales serán miembros no ejecutivos de la Junta.
ii) El Director Ejecutivo y el Gerente General de la División de recursos humanos ha de asistir a las reuniones del Comité mediante invitación.
iii) El consejo ha de seleccionar un miembro del comité y lo nombrará Presidente del comité. En ausencia del Presidente en cualquier reunión, los miembros presentes elegirán uno de sus miembros para que funja como presidente en esa reunión.
iv) Los miembros han de poseer las habilidades y la experiencia requeridas como se estipula en las regulaciones, las directrices, las mejores prácticas y otros requisitos que pueda determinar la Junta.
v) La Junta tiene autorización para llenar cualquier vacante que surja en el Comité.
vi) El Secretario del Comité es el Secretario Corporativo del Grupo.
4. REUNIONES DEL COMITÉ Y OPERACIONESi) El Comité se ha de reunir cada 4 meses.
ii) El Presidente del Comité puede convocar reuniones en cualquier momento para considerar cualquier asunto que se encuentre dentro de esta Carta.
iii) La Notificación de las Reuniones del Comité incluirá la hora y el lugar de cada reunión y se entregará por escrito o por fax, correo electrónico u otra comunicación electrónica a cada miembro no menos de dos días (excluyendo el día en que se entrega o envía la notificación, pero incluido el día para el cual se da aviso) antes de la reunión.
iv) Three(3) miembros han de constituir el quórum para la aprobación de los asuntos propios del Comité.
v) Un miembro puede participar en una reunión del Comité por teléfono o a través de otros medios de comunicación, ya que todas las personas que participan en la reunión podrán escucharse unos a otros. Se considera presente al miembro que participe en dicha reunión a través de uno de estos medios.
vi)Las preguntas que surjan en cualquier reunión del Comité se decidirán por mayoría de votos.
vii)Pese a las disposiciones anteriores, una resolución firmada por escrito por todos los miembros del Comité (autorizados a votar) sobre alguna resolución en una reunión del Comité, es tan válida como si hubiese sido aprobada en una reunión del Comité.
5. PRESENTACIÓN DE INFORMES A LA JUNTA
i) Cada año, el presidente, después de consultar con los Miembros, ha de presentar a la Junta los objetivos del comité para el año.
ii)Al culminar cada reunión del Comité, el Presidente ha de presentar un informe escrito a la Junta sobre los asuntos discutidos por el Comité, junto con cualquier recomendación al respecto para su discusión o aprobación.
iii)Después de cada reunión del comité, el Secretario a de distribuir las actas de la reunión a la Junta.
iv) El Presidente ha de presentar a la Junta un informe anual de su trabajo y actividades durante el año anterior, que describa el progreso con los objetivos establecidos para ese año. Este reporte puede formar parte del informe anual a los accionistas, según lo determine la Junta.
6. EVALUACIÓN DEL RENDIMIENTO Y REVISIÓN DE LA CARTAEvaluación del Rendimiento
El comité ha de revisar y evaluar anualmente su desempeño en relación con los objetivos para el año y su mandato general.
Revisión de la Carta
El comité ha de revisar y evaluar anualmente la idoneidad de su Carta y formulará recomendaciones para cambios en la misma, sujetos a la aprobación de la Junta.
7. CONTRATACIÓN DE ASESORES INDEPENDIENTES
El Comité puede obtener asesoramiento profesional independiente y conseguir la asistencia a sus reuniones de asesores externos que cuenten con la experiencia apropiada y los conocimientos pertinentes que considere necesarios o recomendables.
Junio 2014Revisado 2016
Junio 2014