In order to further inculcate best international governance practices as well as financial and internal controls, a comprehensive Delegations of Authority (“DoA”) document was approved by the Board and implemented in all business practices and procedures. It prescribes the various authority levels to commit the company in relation to, amongst other things: purchase orders; commercial contracts; HR matters including payroll; and recruitment; entertainment expenses; training and business travel. The DoA also prescribes the authority levels for amongst other things: the making of payments, the opening and closing of bank accounts, borrowings and any fixed asset write-offs. One fundamental principle enshrined in the DoA is that every authority to commit or pay must be approved by two individuals from a combination of A, B or C level signatures. The document also contains explanatory and guidance Notes to aid complete understanding and compliance. The DoA necessarily interacts with the NiQuan Energy Group’s Procurement Policy and Procedures and is a central document governing expenditure of approved budgets.
Integrity. Structure. Transparency
Directing, controlling, and reporting for effective governance.