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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 19CORPORATE GOVERNANCERole of the BoardThe Company operates under the leadership of an effective Board which possesses a combination of requisite experience, qualifications, skills and values to lead the business.The role of the Board is to oversee the Company%u2019s Management and to ensure the long-term value of the Company for its shareholders. The Board recognizes that the long-term interests of shareholders are served by taking into account the interests of other stakeholders and interested parties including employees, customers, suppliers and the communities in which the Company%u2019s business operates. Responsibilities of the Board The main responsibilities of the Board are:1. Ensuring that the Managing Director and other senior officers of the Company are qualified and competent with sufficient experience and knowledge of the business and that succession planning is in place for these and other positions deemed critical to the Company;2. Reviewing, monitoring and approving significant financial and business strategies and major corporate policies;3. Reviewing and approving the overall Corporate Strategy of the Company;4. Assessing major risks facing the Company and reviewing the strategies for mitigation strategies; and5. Ensuring that processes are in place for maintaining the sustainability and integrity of the Company and ensuring that its financial statements are in compliance with all laws and ethical standards of business. The Board delegates to the Managing Director the general management, supervision and control of the business and general affairs of the Company, including the execution of Board directives and resolutions. The Board also delegates to the Managing Director the formulation and implementation of the Company%u2019s overall Corporate strategy as approved by the Board.Board Tenure and EvaluationEvery year one-third of the directors shall retire from office and may offer themselves for re-election subject to their annual evaluation.In July 2021, the Board conducted an independent evaluation which was used to ensure that Guardian Media Limited has the right balance of directors to set and achieve the organisation%u2019s strategic goals and direct the organisation%u2019s future.The Board skills matrix comprises three parts:1. an assessment of governance and industry-based skill areas which should be held collectively by the Board. Each skill area is accompanied by a description.2. a description of personal attributes that all the directors of the Board are expected to possess.3. contains observations regarding the diversity and non-skill-based Board attributes.(Continued)