Performance Highlights


Delivering VALUE –
Purpose & Principles

Creation of Sustainable Value

Performance Based
Value Creation



Committees of the Board1

The following committees were constituted to provide strategic direction to the board’s decisions and timely mitigation of risks by conducting internal audits. The committees ensure on-time delivery of the projects and overlooks the progress of IRESP projects. The brief outline on various functions of the committees is drafted below.

Audit and Risk Committee

The terms of reference of the Audit and Risk Committee include the following:

  • Overseeing and planning all audit activities and the definition of the scope of those activities

  • Monitoring the integrity of the financial statements and any announcement or communications relating to financial performance

  • Reviewing internal financial controls, reviewing the Company’s internal control and risk management systems

  • Reviewing internal risk assessment reports and the evaluation of actions intended to mitigate the identified risks

  • Monitoring and reviewing the effectiveness of the internal audit function

  • Making recommendations to the Company’s Board of Directors concerning the appointment, reappointment, and removal of the external auditor and approving the remuneration and terms of engagement of the auditor; and

  • Reviewing the auditor’s independence and objectivity.

The Audit and Risk Committee is required to meet at least three times in a year, including once before the finalization of annual accounts and once every six months.

Remuneration and Nomination Committee2

The Remuneration and Nomination Committee determines Greenko’s remuneration policy, regarding performance standards and existing industry practice. Under the existing policies of the Company, the Remuneration and Nomination Committee determines, inter alia, the remuneration, and benefits package payable to the Directors. Apart from discharging the above-mentioned functions, the Remuneration and Nomination Committee also discharges the following functions:

  • Setting up the remuneration policy for all executive directors and the Company’s chairman, including pension rights and any compensation payments

  • Recommending the level and structure of remuneration for senior management

  • Recommending appointments to the Board of Directors of the Company’s subsidiaries

  • Determining the total individual remuneration package of each designate, including bonuses, incentive payments, and share options or other awards within the terms of the remuneration policy and in consultation with the directors.

  • Reviewing and designing incentive plans for approval by the Board of Directors and shareholders

  • Assessing and approving the performance or non- performance of targets set for awarding incentive exercises

  • Determining the policy for, and scope of, pension arrangements for each executive director and other designated senior executives

  • Overseeing the hiring of key executives and members of the Board of Directors

  • Ensuring that contractual terms of termination, and any payments made, are fair to the individual and the Company

  • Planning and preparing for Board succession and development; and

  • Considering any other matter that may be referred by the Board of Directors for consideration by the Committee from time to time in respect of employment and remuneration

Capital Delivery Committee

The objectives of the Capital Delivery Committee (the ‘committee’) of the board of directors are to assist the Board with oversight of:

  • The development and adoption of appropriate governance, monitoring and reporting frameworks for Board approved Integrated Renewable Energy Storage Projects (IRESP),

  • The review and assessment of project plans and delivery processes to identify key risks, interdependencies, and milestones,

  • Ongoing project progress and status of IRESPs against predetermined plans and milestones.

  • Consider, review, and recommend for approval of capital expenditure for the IRESPs and to make recommendations to the Board in relation to the release of funds associated with project delivery after satisfaction of project status, including the achievement of milestones.

The role, responsibilities and powers of this committee includes matters set out above as amended from time to time as per the approval process.

1(GRI 102-22) | 2(GRI 102-24, 102-35, 102-36)