The main objective of the Board of Directors is to focus to accomplish Mowjow's business concept and strategy and generate increased shareholders value by an active process of corporate governance. In doing so, the Board of Directors recognizes that this process must include a long-term perspective where the interests of other constituents i.e. society, customers, organizations etc. must also be considered. This is important especially in an immature, international industry characterized by great political interest, high growth and market conditions which are yet to be established. The Board of Directors is collectively responsible for the success of Mowjow and for its corporate governance and aims to provide entrepreneurial leadership of Mowjow within a framework of prudent and effective financial controls that enable risk to be assessed and managed
The Board is committed to the highest standards of corporate governance. As envisaged by the UK Corporate Governance Code, the Board has established three committees: the Audit Committee, the Nomination Committee and the Remuneration Committee. In addition, the Board has established a market disclosure committee, and a corporate responsibility committee. If the need should arise, the Board may set up additional committees, as appropriate. Currently, the Board does not comply with the UK Corporate Governance Code in a number of respects, as more particularly described below
Andreas Christensen is the Chairman & CEO of Mowjow and is not considered to be independent in character and judgment and free from relationships or circumstances which may affect, or could appear to affect his judgment, for the purposes of the UK Corporate Governance Code; and
The current composition of the Audit Committee does not comply with the requirements of the UK Corporate Governance Code (see below for further details)
The Directors believe that Andreas Christensen's knowledge and understanding of Mowjow's business, which is based on his involvement as its founder and in its development over the past three years, will continue to be an asset to Mowjow in the future. The Directors believe that Mowjow's executive management team, in conjunction with the non-executive Directors, are the appropriate team to enable Mowjow to take advantage of the multiple growth opportunities available to it and to continue to position the business for the long-term for the benefit of shareholders as a whole. The Directors recognize that the appointment of a non-independent Chairman does not comply with the recommendations of the UK Corporate Governance Code, but believe the continuity that Andreas Christensen provides to be in the best interests of Mowjow and its shareholders as a whole.