GOVERNANCE STRUCTURE

5. GOVERNANCE STRUCTURE

The Board is accountable for the strategic direction as well as for the governance and oversight of the project whilst the Management is responsible for the day-to-day operations of the entity. The organizational reports to the Executive Authority, the Minister of the dtic, through the Industrial Development Division (IDD) division.

The CAV currently has two governance committees, the Audit and Risk Management Committee and the Human Resources and Remuneration Committee. These established committees advise the Accounting Authority, the Board, on matters assigned to them as per their respective Terms of References. The Accounting Authority functions by way of a formal Board Charter.

Due to the size of the CAV as an entity the responsibilities of the Social and Ethics committee are incorporated in the Audit & Risk Committee and those of the Nominations Committee are incorporated in the Human Resources & Remuneration Committee.

The following structure represents the governance structure of the CAV:

Figure 1: CAV Governance Structure

Minister

the dtic

Executive Authority

Board of Directors Accounting Authority

Governance

Audit & Risk Committee Human Resources & Remuneration Committee Governance Committee

*A&RC also includes Social, Ethics & Governance Responsibilities **HR&Remco also includes Nominations Responsibilities