Board of Directors

SIT is administered and managed by a Board of Directors consisting of 9 persons, of which 6 are elected by shareholders as representatives of planters and employees of the sugar industry sector. The remaining 3 Directors including the Chairperson are appointed by the Governmentas provided under the SIE Act.

Each of SIT’s subsidiaries is managed by its respective Board of Directors.

SIT directors come from diverse professional backgrounds and possess the requisite knowledge, skills, and integrity to safeguard shareholders’ interests by making sound judgements on key issues relevant to the businesses of the Group.

The Board also has four standing Committees, respectively the Audit Committee, the Corporate Governance Committee , Staff and Remuneration Committee and Strategic Investment Committee. Each of them meets regularly under the terms of references set by the Board. A brief on each committee is presented in the following table.

Name of Committee Functions

Audit Committee

The Audit Committee is the one of the most important Committees of SIT Group and generally provides independent assurance and advice on risk management, internal control, financial statements and compliance requirements.

Corporate Governance Committee

The Corporate Governance Committee acts as a useful mechanism for making recommendations to the Board on all corporate governance provisions to be adopted so that the board remains effective and complies with prevailing corporate governance principles.

Staff and Remuneration Committee

The Staff & Remuneration Committee has been established with a view to improve the quality of working life by proposing a framework to help focus and interpret mutual expectations within a growing organisation like the SIT Group. Its functions essentially relate to advise the management on work matters of interest and of concern to staff, policy on recruitment and conditions of employment and remuneration policy.
Strategy & Investment Committee
The Strategy & Investment Committee of SIT Group is a committee through which the Boards can delegate some of their decision making powers regarding issues of strategic importance, set targets, monitor performance and manage investments, amongst others.