The Board is responsible for setting the Company’s strategic direction and it strives to create shareholder value and ensure that shareholders’ funds are adequately protected. Its functions include:
- Approving corporate strategies, financial budgets and group policies.
- Assessing actual performance against budgets in order to monitor the suitability of corporate strategy and to assess the performance of the management team
- Review operational performance to ensure a clear understanding of the financial health of the Company.
- Ensure the Company always acts with a high level of ethical standards and in a legal and responsible way.
- Appointing, evaluating and rewarding the senior executives of the management team.
The Board consists of five non-executive directors and one executive Director. Of the five non-executive directors, three are considered independent, these being, Kevin Dundo, Ellen Comerford and Andrea Waters.
Stuart Grimshaw is a non-executive director and Chairman of the Board. Lachlan Given is a non-executive director. Due to Mr Grimshaw and Mr Given’s relationships with the Company’s major shareholder (EZCORP Inc.) neither is considered independent. Peter Cumins is Executive Deputy Chairman, and therefore not independent. If a potential conflict of interest does arise, the director concerned does not receive the associated board papers and leaves the board meeting while the issue is considered. Directors must keep the Board advised on any matters that may lead to a conflict of interest. A formal Board Charter has been adopted by the Board (PDF).