GOVERNANCE

TCN governance is made by a set of processes, policies, regulations, and structures affecting the way TCN is directed, administered or controlled. It also includes the relationships among the many stakeholders involved and the goals for which TCN is governed. The principal stakeholders are the shareholders, management, employees, customers, partners, suppliers, regulators, and the community at the areas of activity.

At TCN, Company Governance, is defined as an internal system encompassing policies, processes and people, which serves the needs of stakeholders, by directing and controlling management activities with good business savvy, objectivity, accountability and integrity. This is also reliant on external marketplace commitment and legislation.

Principles

Key elements of good company governance principles include honesty, trust and integrity, openness, performance orientation, responsibility and accountability, mutual respect, and commitment to the organization. Directors and management have developed a model of governance that aligns the values of the company participants and then evaluate this model periodically for its effectiveness.

Commonly accepted principles of TCN governance include:

• Interests of all stakeholders: TCN respect the rights of each stakeholder category and support them to exercise those rights. TCN recognizes that has legal and other obligations to all legitimate stakeholders.
• Integrity and ethical behavior: Ethical and responsible decision making is considered not only important for public relations, but it is also a necessary element in achieving mission success.
• Disclosure and transparency: TCN has clearly defined and made known the roles and responsibilities of board and management and has also implemented procedures to independently verify and safeguard the integrity of the company’s financial reporting.

Model

The applied model of company governance encourages innovation and cost and quality competition. TCN is governed by the CEO. He has broad power to manage the company on a daily basis, but also undertakes major actions, such as hiring immediate subordinates, raising money, acquiring another company, major capital expansions, or other expensive projects. Duties of the board include policy setting, and monitoring management’s performance.

The TCN’s governance model protects the interests of the shareholders, but also recognizes the interests of customers, employees, managers, partners and suppliers.