Principle 5: Board performance

The performance review process for individual directors, the board and its committees is set out in the NCGC charter. In particular, a formal self assessment of the performance of the board, the individual directors and the committees is undertaken annually by the NCGC in conjunction with the board chairman. The procedure for evaluation of the board’s performance is:

• The board chairman speaks with each independent director separately to discuss individual performance and the effectiveness of the board and board committees as a whole and provides feedback on individual performance to each independent director; and
• The NCGC discusses and analyses the performance of the board and its committees during the year, including suggestions for change or improvement, based on the chairman’s feedback from his separate discussions with each director.

The assessment examines the board’s role, composition and its operation against a number of defined criteria. MIIF’s share price performance vis-à-vis the relevant equity index or other benchmark is considered as part of the board’s assessment of the manager.

Principle 4	Principle 6