The Sugar Industry Master Award no longer aligns with the contemporary direction of the Fiji Sugar Corporation, says FSC board chairman Pradeep Lal.
Mr Lal said there was a need to review the policy which has been around for 30 years.
“Although the Master Award has effectively served its purpose for three decades, it is worth noting that certain aspects of the award structure no longer align with the contemporary direction FSC aspires to pursue,” Mr Lal said.
“Consequently, there is an intention to engage all essential stakeholders in a comprehensive consultation process.
“The path to this achievement was paved by the proactive actions taken by the FSC Board. ”
These actions include the establishment of board subcommittees and adherence to internationally recognised governance standards which have been tailored to suit the evolving requirements of the corporation.
“Each of the board committees operated under a clearly defined charter.”
Mr Lal said several new subcommittees were established to address specific agendas within the industry.
“The finance and audit committee is responsible for scrutinising the financial reporting process, the internal control system, the management of financial risks, the audit process, and the corporation’s mechanisms for ensuring compliance with pertinent laws and regulations. ”
The remuneration and nomination committee oversees the corporation’s human resource strategy.
“The governance and risk committee has been established to aid the board in fulfilling its duties. It’s purview includes supervising the enterprise risk management, control, and compliance framework defined by both the board and management.
“The property committee is responsible for managing the sale of non-core assets, a crucial measure to bolster the corporation’s cash flow and the cane development committee has been formed to enhance sugarcane production and improve grower-related services.”
He said FSC’s transformation journey was not merely a corporate endeavor but a testament to its belief in the transformative power of education, training and mentorship.
