‘TCF is driven to implement good governance practices. As the Chairman of the Board, I want to ensure that the organisation is being managed effectively, in a way that helps it to achieve its objectives whilst also safeguarding the integrity of the organisation and the interests of its stakeholders.’
It gives me immense pleasure to present this report to the stakeholders of TCF pertaining to the overall performance of the Board and the effectiveness of its role to attain the organisation’s aims and objectives.
TCF continues to work towards a strong governance framework. The objective is to support a culture that ensures integrity, strong commitment towards ethical values, and respect for the rule of law. Alongside, we want to better adapt to social, political, environmental and economic changes and demonstrate continuous improvement and development in the management of business matters.
During the year, the Board committees continued to work efficiently as designated by the Board. The Audit Committee focused in particular on risk management within the regular course of business. The Human Resource and Remuneration Committee ensured that the HR policies regarding performance management, staffing and compensation are properly aligned with the organisation’s long term plans. The Governance and Nomination Committee continued to access the mix of skills and experience that the Board currently has or is looking to achieve, along with evaluating the Board’s performance and the organisation’s compliance with corporate governance regulations, guidelines and principles. It recommended to the Board some desirable changes keeping in view, emerging trends in the corporate governance landscape.
The Board as a whole has reviewed the Annual Report and Financial Statements, and is pleased to confirm that in its view the Report and Financial Statements taken as a whole, are fair, balanced, understandable and provide the information necessary for TCF stakeholders to assess the organisation’s performance, fundraising model and strategy.
The Board carries out a review of its effectiveness and performance each year after the closure of the fiscal year, on a self-assessment basis. The overall effectiveness of the Board was assessed as satisfactory. Areas that required improvement were duly considered and suitable action plans were framed. The overall assessment was based on an evaluation of the following integral components:
Familiarity with Organisation’s Vision, Mission and Values
Board members are familiar with the organisation’s mission, purpose, goals, policies, programmes, services, strengths and needs.
Understanding of Organisation’s Strategic Vision
Board members articulate a shared vision for the future of the organisation and evaluate strategic choices in this light. Board members draw on their individual resources to support progress in achieving the vision.
Establishment of Policies and Administrative Procedures
The Board has established organisational and management policies and procedures that cover all essential areas of Board responsibility and operations of the company.
Information on Operational Activities
The Board members are fully aware of both programme and operational activities through regular reports from the management.
Financial Oversight
The Board is informed about key aspects relating to managing the financial resources of the organisation and provides appropriate direction and oversight on a timely basis.
Involvement in the Budgeting Process
The Board ensured that the organisational budget for the year reflected the priorities established in the Annual Strategic Plan and it complied with regulations governing the audit or independent examination of accounts and considered all recommendations made in the independent auditor’s report.
Overseeing Employer’s Responsibility Requirements
The Board has created necessary policies which ensure that the organisation behaves in an equitable and legal manner towards staff, contractors, vendors and any other stakeholders working on its behalf.
Board and Management Relationship
Roles and responsibilities of Board and the Management are clearly defined and understood. A climate of mutual trust and respect exists between both.
Aiding Organisation’s Public Image
Board members are ambassadors of the organisation and promote TCF wherever they find appropriate and aid the enhancement of its public standing.
Assessment of CEO’s Performance
The Board assessed the performance of the CEO in a fair and systematic manner and ensured that CEO’s objectives are properly aligned with the organisation’s performance, stakeholders’ interests and its long-term success.
The Board Structure
Size and composition of the Board is adequate to govern the Board procedures. Its members are actively involved and gather frequently enough to efficiently discharge their duties and responsibilities.
On an overall basis, I believe that the strategic direction of the organisation for the long term is clear and appropriate. Further, the processes adopted in developing and reviewing the overall corporate strategy and achievement of organisation’s objectives are commendable which are truly reflected by the current financial results and performance of the organisation.
Ateed Riaz
Chairman / Director
22 September 2017