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16 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022CORPORATE GOVERNANCE(Continued)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 reelection 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.Director Orientation and DevelopmentUpon joining the Board, new Directors participate in the Director Orientation programme, which provides them with a formal introduction to the Company and its businesses through meetings with key persons, provision of relevant documentation, and training. Audit Committee The Audit Committee maintains oversight on the quality and integrity of financial statements of the Company, including the effectiveness of the internal controls and ensures that audited financial statements are presented annually.The Audit Committee is comprised of 3 independent Non-Executive Directors.Members:Jeremy Matouk (Chairman)Peter ClarkeSharon ChristopherThe Committee%u2019s primary responsibilities are as follows:Financial Reporting%u2043 Review significant accounting and reporting issues, including complex or unusual transactions and highly judgemental areas, and recent professional and regulatory pronouncements, and understand their impact on the financial statements.%u2043 Review with Management and the Internal and External Auditors the results of the audit, including any difficulties encountered.