We have established an Audit Committee (which also fulfils the role of a risk committee), a Nomination Committee and a Management Engagement Committee with formally delegated duties and responsibilities and written terms of reference, which have been approved by the Board.
The primary role of the Audit Committee is to monitor the integrity of the reporting of KWE and review the financial results to consider the appointment, independence and remuneration of the auditors, and to undertake regular reviews of the key control and risk procedures adopted by the Group, the Investment Manager and Administrator. Accordingly, the Audit Committee also serves the role of a risk committee. Read the terms of reference.
The primary role of the Nomination Committee is to identify and nominate candidates to fill Board vacancies as and when they arise, as well as putting in place plans for succession for Directors, particularly the Chair. To do this, we keep the leadership needs under review to ensure KWE's continued ability to compete effectively in the marketplace. We also keep up to date and fully informed about strategic issues and commercial changes affecting the business and the market in which it operates so we can ensure the leadership is well-equipped to deal with any consequent changes. Read the terms of reference.
Management Engagement Committee
We have established a Management Engagement Committee to review the performance of and contractual arrangements with the Investment Manager in connection with its services to KWE. In addition, it is also responsible for evaluation of the performance of and adequacy of contractual arrangements with all other third party service providers (other than our external auditors). Read the terms of reference.