Policy governing the delegations of authority matrix and authority limits 1. Introduction 1.1
This policy sets out the authority limits for entering into contracts, commitments and appropriating company assets in the course of conducting company business as well as the requirements for the delegation of those authority limits.
1.2 The policy document governing the delegation of authority and authority limits refers and should be read in conjunction with this policy. 1.3 This policy will be reviewed and where appropriate, amended on an annual basis. 1.4 The following definitions apply to this Procedures Manual: 1. Board means the Executive Team of Keltbray Holding Ltd including Keltbray Built Environment Ltd, Keltbray Plant Limited, and Wentworth House Partnership Limited 2. Company or Keltbray means Keltbray Holdings Limited 3. Director means a Director of the Company from time to time 4. Entity means either a Division or a Business Unit within the Keltbray 5. Keltbray Group means the Company and all wholly owned subsidiaries 6. Policy means this document governing the delegation of authority and authority limits
2. Objective 2.1 Authorisation limits and their delegations within the Keltbray help to ensure consistent good business practice and corporate governance across all divisions of the Keltbray thereby aligning objectives and procedures followed as well as safeguarding company assets. 2.2 The principal objectives of the policy are to establish: 1. authority limits appropriate to empower management to be able to act effectively and make key decisions in relation to the Keltbray 2. authority limits for entering into contracts, commitments and appropriating company assets in the course of conducting company business 3. the requirements for the delegation of those authority limits 2.3 This document serves as a single point of reference for the Keltbray’s authority limits. This policy does not replace other specific policies in relation to the procedures to be followed for particular types of activities and should be read in conjunction with these other policies and procedures. 2.4 The authorisation limits within the Delegations of Authority matrix cannot be altered without the Keltbray Chief Executive Officer’s authorisation. Any authorisation limits applicable to the Keltbray Chief Executive may only be altered by the Keltbray Main Board. 2.5 All employees are expected to understand their authorisation limits, as well as those of their direct reports, along with related policies, and to exercise a duty of care with respect to decisions made, and commitments and contracts entered into on behalf of the Keltbray.
3. Application of the policy The policy is applicable to all the employees and contractors (where applicable) of the Keltbray.
4. Policy review and compliance 4.1 The policy custodian is the Chief Executive Officer of Keltbray. The custodian is responsible for allocating resources from time to time to review the efficacy of the policy and related procedures in the Keltbray environment. 4.2 The policy will at minimum be reviewed and re-issued on an annual basis. 4.3 Compliance with the policy will be audited periodically as part of the Keltbray internal audit plan. 4.4 All employees are required to be aware of and work within their authority limits. Managers must also ensure their direct reports are acting within the bounds of the policy. Non-compliance with the policy may result in disciplinary action.
5. General principles 5.1 An individual may not act as if they had authority where they have no authority or where a transaction exceeds the individual’s level of authority.
KEL-CRP-POL-022 - Policy governing the delegations of authority matrix and authority limits
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