(b) Roles, Accountabilities and Deliverables Define and clarify the roles, accountabilities and deliverables of the Chairman and CEO. Chairman
Chief Executive Officer
Role
The Chairman of the Board shall preside at all meetings of the Board of Directors and perform such other functions incident to his office or are properly required of him by the said Board of Directors.
Accountabilities
The Chairman is accountable to the stockholders of Seafront Resources Corporation for the company’s success and profitability to enhance shareholders value. The Chairman shall hold Regular Board Meetings that are scheduled and establish programs that will improve Corporate Governance Policies to sustain company’s success.
The President shall be the Chief Executive Officer of the Corporation; he shall preside at all meetings of stockholders and shall have general supervision of the affairs of the Corporation; shall sign all stock certificates and upon approval by the Board of Directors; all contracts and other instruments in behalf of the Corporation; shall make reports to the Directors and Stockholders; and shall perform all such other duties as are incident to his office or are properly required of him by the Board of Directors. Accountable to the Board of Directors and stockholders for the effective monitoring of the Company’s business.
Deliverables
3)
Provide the Board with status reports of the Company during Board Meetings and to the stockholders through disclosures with the PSE and the SEC.
Explain how the board of directors plans for the succession of the CEO/Managing Director/President and the top key management positions? The Board is still in the process of adopting a succession plan.
4) Other Executive, Non‐Executive and Independent Directors Does the company have a policy of ensuring diversity of experience and background of directors in the board? Please explain. Yes. The Company’s Revised Manual on Corporate Governance contains specific provision regarding qualifications of Executive, Non‐Executive, and Independent Directors. Does it ensure that at least one non‐executive director has an experience in the sector or industry the company belongs to? Please explain. There is no specific requirement that a non‐executive director has an experience in the industry the Company belongs to, but directors are required to have business experience and practical understanding of the business of the Corporation.
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