Habesha Cement Governance
The highest-ranking authority of the company is the General assembly which is governed by the commercial code and statutes of Habesha Cement Share Company. Its powers include:
Determining the direction of the company
Deliberating upon and approving the annual performance report
Approve the audited annual financial reports of the company
Determine capital structure
Elect and vote for the board of directors and external auditors
The Board of Habesha Cement Share Company is committed to the highest standards of corporate governance, which promotes shareholder confidence in the company’s management and operations. A corporate governance framework guides the board members enabling investors to evaluate the company’s governance and ethical obligations and ensuring total adherence.
The daily running and operations of the company are delegated to the Management Committee (Man com), whose members are appointed by the Chief Executive Officer (C.E.O). The Committee consists of individuals responsible for the key business functions of Operations, Finance & IT, Supply Chain, Sourcing & Procurement, Sales & Marketing and Human Resources. The Management Committee (Man com) is instrumental in driving delivery of agreed company and functional targets and implementing Board resolutions to yield the improved performance set out in the financial statements.
Mandate of the Management Committee
The Management committee is tasked with developing the annual budget and business plan, subject to the Board’s approval. On a day-to-day basis the Board develops, implements and monitors policies and procedures, matters involving Internal controls, governance, risk management, ethics and authority levels are also under the control of the Management committee which involves monitoring and enforcing good corporate governance practice, approved and adopted by the board. The Management committee also guides the overall direction and operation of Habesha Cement and acts as a medium of communication between functions of Habesha cement, ensuring appropriate co-ordination between functions and ensuring the adequacy of the groups reporting arrangements.