Responsibilities, matters discussed, internal organization
The Chief Executive Officer, supported by an Executive Committee (the “Executive Committee”), is responsible for managing the day-to-day operations of the company. The Executive Committee, chaired by the Chief Executive Officer, also comprises the Heads of the major Functions and Divisions of the company.
The following matters are discussed, amongst others, at the Executive Committee meetings:
* Appointment approvals of their management teams by the heads of the Divisions;
* setting up and control of the implementation of the strategy for Lucentbyte businesses;
* management, organizational and legal structure of the Company;
* performance level of the Company’s businesses and support functions; and
* all business issues, including the operational plan of the Company and its Divisions and Business Units.
The internal organization of the Executive Committee is defined by the business allocation among the members under the supervision of the Chief Executive Officer. Notwithstanding the joint responsibilities as defined above, each member of the Executive Committee is individually responsible for the management of his portfolio and must abide by decisions taken by the Chief Executive Officer and the Executive Committee, as the case may be.
The Chief Executive Officer Endeavour’s to reach consensus among the members of the Executive Committee on the matters discussed at the Executive Committee meetings. In the event a consensus is not reached, the Chief Executive Officer is entitled to decide the matter.
| Appointments
The term of office for the Executive Committee members is five years. The Executive Committee members are appointed by the Board of Directors on the proposal of the Chief Executive Officer and first approved by the Managing Director after review by the Remuneration and Nomination Committee. The appointment of the Executive Committee should be approved as a whole team, not on an individual basis. |
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