OWC tasks
The Osmium World Council, being an independent group of different partners with expertise in the financial and jewellery markets, has set itself the task of being a trustworthy authority that clarifies all questions relating to the market launch of osmium.
The Osmium-world-council regularly and randomly checks the database of the Osmium Identification Code for consistency and correctness.
The most urgent tasks here are:
- Ensuring the international supply of osmium to jewellery manufacturers.
- Closing ranks with the associations in the precious metal segment and mining companies.
- Dissemination of expertise on osmium via the Internet and other media.
- Support of cientific platforms with osmium expertise.
- Avoidance of too fast and volatile changes in the osmium price. The goal: Osmium must remain affordable for every investor.
The Osmium World Council aims to always be the link between an investor and an end customer in the market. For this reason, an osmium index is being developed and preparations are being made to make osmium tradable as a security on the international stock exchanges.
Education and training
The Osmium-world-council trains in the following areas:
1.) Get to know the business and the partners
2.) Online Training
3.) Classroom training
4.) Precious metal consultant, expert, trader
5.) Training as a trainer
Internet pages on training
1.) www.osmium-training.com
2.) www.osmium-academy.com
The guiding principles of good governance:
Responsibility
The Osmium-World-Council (short: OWC or council) is headed by an effective board that is collectively responsible for overseeing the long-term success of the organisation and is charged with its direction. The board approves the vision, purpose and strategies of the council and its aims. It is accountable for the oversight of the council’s events and performance and must act in the best interests of the council.
Organisational culture
The board sets the cultural and ethical tone for the organization and sets rules for the entire osmium-market to protect consumers and partners. The governance structures are designed to encourage an appropriate organisational culture of integrity, ethics and corporate social responsibility and are tailored to the needs of the organisation.
The board codifies its expectations with respect to acceptable business practices for directors, senior executives and employees. This is done by the mutual agreements of ESG-M in collaboration with the osmium-institutes around the world. These ESG-M strategies and policies have been developed to embed ethical behavior in the entire organisation.
Disclosure of practices
The governance structures and practices that have been adopted by the board are being published in the member communication documents and on the council’s website. They are published together with the explanation of why the board considers them to be appropriate for the council, with particular focus on any aspects that are unusual or contrary to commonly accepted governance practices.
Independence
All directors exercise independent judgment. Governance structures are designed so that the board can provide independent leadership distinct from management and major shareholders or other influential stakeholders. The board has policies and procedures on avoiding conflicts of interest. Where a member of the board has a conflict, or potential conflict of interest in a matter to be considered by the board, the relevant interest is disclosed to the board.
Composition and leadership
Taking into consideration the scale and nature of the council’s activities, the board comprises an appropriate number of directors who have a relevant and diverse range of skills, expertise, experience and background and who are able to effectively understand the issues arising in the council’s business, provide insight and add value. Directors are able to allocate sufficient time to their roles, both collectively and individually, to discharge their duties effectively.
Nomination
A formal, strict and transparent procedure is in place for the nomination of directors and re-election of directors to the board. A formal performance assessment is undertaken of any director standing for re-election. Only directors whose assessments are satisfactory are recommended to shareholders for re-election. In jurisdictions where regular director re-election is not required by law, all directors are submitted for re-election by shareholders at regular intervals of five years.
Knowledge
Directors act diligently on an appropriately informed basis and have access to accurate, relevant and timely information delivered by the osmium-institutes. The board and management work together to ensure the information flow to the board. This is sufficient to support understanding of the council’s business and the critical issues the council faces on the world’s osmium-market and to enable directors to participate in active and informed discussions at board meetings. Where appropriate and necessary to discharge their responsibilities as directors, the board uses its access to independent professional advice.
All new directors receive appropriate induction upon joining the board. All directors should also undertake ongoing and regular online education and professional development to update and refresh their skills and also their knowledge of the osmium-market and its players.
Risk
The board has an appropriate system of risk oversight and internal controls in place. Basic information are to be made accessible to the osmium-institutes around the globe.
The board sets the risk appetite for the council, articulating how much risk exposure is appropriate for the council to achieve its short, medium and long term strategic objectives, as well as regularly monitoring and reviewing the council’s risk register in collaboration with the international osmium-institutes.
Relationship with management
There is a clear division of responsibilities between the board and the management with the board overseeing management functions. While the board is ultimately responsible for overseeing the council and its performance, the board will delegate certain functions to management. Where it does so, there should be a clear statement and understanding regarding the taks that have been delegated. The board monitors and reviews the performance of these delegated tasks on an on-going basis.
Communication
The board requires that the council communicates with public, shareholders and the osmium-institutes. There has to be sufficient information to make appropriately informed decisions regarding the council at any time. Communication takes place in a manner that provides all shareholders equal access to information concerning the council and is proactive, timely, effective and easily accessible. Where the council holds general meetings with its shareholders and members, the council has a process in place to facilitate and encourage participation of all shareholders at those meetings.
Excerpts from the OWC Constitution
This text has been translated into English to enable an international audience to engage with the contents of the Osmium World Council constitution.
However, the registered statutes are only available in German. Therefore, the English translation is not legally binding.
