One of the committees that plays a crucial role in safeguarding the wellbeing and long-term sustainability of any company is the Nomination and Remuneration Committee. At IHI, this committee is strongly supported and effectively guided under the chairmanship of Alfred Camilleri, who also serves as a member of the IHI Board.
Mr Camilleri, who holds a BA (Hons) in Public Administration and an M.Sc. in Economics, brings to the committee a wealth of experience. His professional background spans a long and distinguished career in statistics, as well as in national and international financial, budgetary and economic affairs. Over the years, he has been actively involved in shaping both national and European economic and financial policy. In addition to his public service contributions, he shares his expertise academically as a visiting lecturer at the University of Malta.
I felt it would be valuable to shed light on the important work of this committee, and Alfred kindly agreed to provide key insights. The following is the generous information he has shared with the readers of Insider Plus.
Alfred Camilleri
Our company’s Nomination and Remuneration Committee is appointed by the Board of Directors. The Committee is composed of a chairperson and of another three members who are all company directors and assisted by a secretary. Normally, the committee adopts its positions by consensus.
The committee has a clear mandate to lead the process for board and senior appointments and to make recommendations on same to the Board of Directors. It is also charged with making recommendations on the remuneration of Directors, senior executives and of appointees to positions of General Managers, Owner’s Representatives and Financial Controllers of the company and its subsidiaries.
In addition to the above, and in respect to the company and its subsidiaries, the Committee is required to determine a broad remuneration policy for officers and senior appointments and review its ongoing appropriateness and relevance within the highly dynamic and competitive national and international markets.
Moreover, the Committee has a more fundamental duty linked to the ongoing renewal and sustainability of the company’s structures, succession planning. This is considered as a core and pivotal task aimed at having structures that would ensure continuity, even under stressful circumstances, and which could adapt to internal and external change.
Apart from the above, the Committee has other more mundane duties, like that of reporting on its activities and the approval of the remuneration statement for inclusion in the company’s annual report.
Any company’s vision and strategy could only be realised efficiently and effectively if you bring together the most important factors that would contribute to its successful implementation, including capital, entrepreneurship, knowledge and innovation. Most of these factors are dependent on having a cadre of knowledgeable, innovative and versatile senior officials and management who would be both highly committed to the company’s objectives, core values and culture and who could lead while being team players and motivate colleagues in a sober and disciplined approach while creating a work environment where everyone would feel an insider and empowered to achieve their aspirations.
In carrying out its duties, the Remuneration Committee has an onerous responsibility to recommend a cadre of highly proficient and motivated senior executives because it is them who must carry the Board’s vision and strategy forward. It is the senior team who could make or break the company’s vision and strategy. It is their hand that is on the company’s rudder. It is their daily actions, interactions with colleagues lower down the organisation and their nimble yet informed decision-making that must constantly steer the comp forward.
During its long and sometimes animated deliberations on various matters, the Remuneration Committee keeps such broader considerations as well as national and international market conditions in perspective. In view of this, the Committee does listen to different opinions and does consider alternative proposals in addressing issues and matters that could influence the company’s future direction. All members are acutely aware of their responsibility to make recommendations that would contribute to the company’s resilience and facilitate the implementation of the board’s vision and strategy for the future. They do this in the firm belief that a living organisation like ours is as good and effective as its people. They do this because all are convinced that our company’s future lies in the hands of its people and their leaders.
