Document No.
GRC- 007
Version No.
1.0
Effective Date
July 20, 2023
1.0 OBJECTIVE
To ensure that SMIC has a pipeline of capable and prepared employees, as well as external candidates, who can seamlessly step into critical and higher-level positions when needed. To prepare the employee for the new roles for stability and continuity of the functions for the long-term success and sustainability of the Company.
2.0 PRINCIPLES
- The Company recognizes and supports the continual development of its internal talent pools and ensure that appropriate competencies, integrity and qualifications needed for the critical positions are embodied by the leadership pool.
- HR ensures that there is a sufficient pool of internal qualified candidates who can take on more significant responsibilities in the future, and they will be given priority for employee development efforts.
3.0 GUIDELINES
- HR, together with the top management, monitors the management of the talent pools focused on identified critical positions to sustain the Company’s long-term goals.
- The identification of potential successors will not be limited to internal pool of talents but also to external sourcing as the Company sees it best for the continued success of the business.
- Senior officer in critical positions shall identify his potential successors within the organization and determine their readiness to assume greater responsibilities prior to his separation or retirement.
- HR in coordination with the outgoing officer shall adopt learning and training programs and oversee that these are appropriate and responsive to the professional development needs of the potential successors.
- The Company may also subject the potential successors to external trainings to infuse new and fresh ideas and augment gaps, if any, in the required competencies.
4.0 EVALUATION AND MONITORING
The Board, through the Corporate Governance Committee, shall oversee the implementation of this policy. The Committee shall review and propose changes regularly or as needed, to ensure the adequacy of this policy.