All Directors are expected to attend Board meetings and meetings of the Board Committees on which they serve. They are expected to prepare for each meeting in advance and to dedicate sufficient time at each meeting as necessary to properly discharge their responsibilities to the Company and its shareholders. Material useful in preparing for meetings is distributed to the Board in advance of each meeting.
Board meetings are scheduled at the commencement of each calendar year and held at least once per quarter. Directors are provided with comprehensive documentation to enable their consideration regarding the issues on which they will be requested to make decisions.
Board documentation typically includes:
- a) Financial statements;
- b) Status reports from Risk Management, Internal Audit and Compliance;
- c) Minutes of the previously held Board Committee meetings;
- d) Board packs detailing all relevant financial and non-financial information on a proposed transaction that is to be discussed;
- e) Update on business activities within ALAFCO; and
- f) Reports on significant regulatory issues.