Corporate governance standards
Terra Nova Group aims to achieve optimal operational efficiency and act with strict observance of all laws and regulations, pursuing our business activities in a fair and honest manner with adherence to the principles of good governance at all times. Terra Nova Group has deveoloped a set of guiding corporate governance standards and guidelines in accordance with OECD principles to ensure the basis for an effective corporate governance framework. These guidelines ensure commitment to:
- The rights of shareholders and key ownership functions: Terra Nova Group respects the rights of all shareholders and will assist shareholders to exercise those rights where necessary. TerraNova is committed to assisting shareholders exercise their rights by effectively communicating information that is understandable and accessible, and to encourage shareholders to participate in general meetings.
- The equitable treatment of shareholders: Terra Nova Group recognises the legal and other obligations to all legitimate shareholders; minority, foreign or otherwise.
- The role of stakeholders in corporate governance: Terra Nova Group recognises the importance of effective management of stakeholder relations. Terra Nova Group has developed a code of conduct for directors and executives that promotes ethical and responsible decision making. The company is committed to the highest levels of integrity and ethical behaviour and has issued a Code of practice to employees.
- Disclosure and transparency: Information transparency allows investors to objectively evaluate corporate governance practices and risks of investing in the Group. Disclosure solves the problem of ensuring information transparency as a basis of improving competitiveness. To achieve a high level of control, integrity and responsibility Terra Nova Group considers it necessary to disclose the roles and responsibilities of the Board of Directors and the management team. Terra Nova Group has not yet implemented procedures for independent verification of the company’s financial reporting but does have an independent and rigorous internal audit and control function.
- The responsibilities of the board: Terra Nova Group recognises that the board requires a range of skills and understanding to deal with various business issues, whilst retaining the ability to review and challenge management performance. Terra Nova Group recognises that the board must consist of members with adequate commitment to fulfil its responsibilities and duties in a responsible manner. The board of Terra Nova Group has adopted formal procedures regular board meetings including working through a formal agenda, addressing strategic and operational issues and ensuring that minutes are taken.
Terra Nova Group has adopted corporate governance codes of best practice to engender investor confidence in its business activities. These codes also serve as benchmarks for monitoring and implementing corporate practices and policies at the company level.Code of Conduct
/ Code of Practice
/ Information Policy
/ Communication Policy
/ IT and Internet policy
The Audit Committee is responsible for the system of supervision and control oа financial and economic activities of the entire Group, including:
- control over the completeness and accuracy of tax, accounting and management reporting systems;
- supervision of the bookkeeping principles;
- supervision and control of internal processes and the development of proposals for the improvement of internal control procedures.