Corporate Governance · glossary
The power of a named manager to approve a matter alone, within a limit in Schedule B. The chief executive, the chief financial officer and the site managers each have one. Every limit applies to the whole matter, and an approval that cannot be found counts as not given. Definition: Delegated Authority · Charter, Schedule B · Charter §3.4 · Chapter 2 · Chapter 7
Explained in Chapter 2, Matters Reserved and Delegation, of Corporate Governance.
The first argument was over which decisions the board keeps. A Matter Reserved is a decision that only the board may take, and Schedule A lists them. Everything else is decided under Delegated Authority, where a named manager approves a matter alone, within a limit in Schedule B.Read Chapter 1, What a Board Is For →
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the authority of a person to approve a matter alone on behalf of the Company, within the limits in Schedule B.Read the definition in the document →
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