Governance

Board of Directors at Sunshine is elected by the shareholders to oversee the long term overall success of the conglomerate and its financial strength as the ultimate decision making body of the Group. It comprises of members with experience and knowledge with specific acumen in terms of commercial, financial and or technical expertise.

The Corporate Governance Guidelines established by the Board provides the framework for effective governance of the entire Group including appointing and overseeing members of senior management, who are accountable to the Board.

The Board regularly reviews developments in corporate governance and updates the Corporate Governance Guidelines and other governance materials, as it deems necessary and appropriate. The Board also provides guidance for the formulation of the Group’s short, medium and long term strategic plans and approves the same at meetings convened specifically for this purpose.

Group Executive Committee members are responsible for formulating strategies, action plans with respect to their business units, which are subject to approval by the board.

The Board, through the involvement of the Group Executive Committee, takes steps to gain assurances on the effectiveness of control systems in place. The Audit Committee receives regular reports on the adequacy and effectiveness of internal controls in the Group, compliance with laws and regulations, and established policies and procedures of the Group. The Board has direct access to the Chairman of the Audit Committee and reviews reports of the Internal Auditors.

Across the Group a “Code of Conduct and Ethics” is followed that applies to the Board of Directors, Management and employees. The Code’s level of compliance is monitored through an annual audit carried out by the respective business units and at the holding company level.

Each of our subsidiaries maintains separate risk management functions, while as a group, Sunshine Holdings manages risks through an effective governance framework through the Group's risk review committee that ensures regulatory compliance, transparency, and accountability, avoiding conflict of interest and safeguarding the integrity of our financial reporting and disclosures.