Sustainability and Governance Report
[Corporate
Corporate GOVERNANCE
The Board comprises an appropriate mix of businessman and professional with core competencies and diversity of experience, all of whom as a group, provides the Board with
the necessary experience and expertise to direct and lead the Group. The diversity of the Directors' experience allows for the useful exchange of ideas and views. The Board is
satisfied that no individual member of the Board dominates the Board's decision making and that there is sufficient accountability and capacity for independent decision-making.
Taking into account the scope and nature of operations of the Group, the Board considers its current size to be adequate for effective decision making.
The Executive and Independent Directors ensures that key issues and strategies are critically reviewed and constructively challenged. They also scrutinize and monitor the
performance of management in meeting-agreed goals and objectives, as well as ensures that financial information is accurate and that financial controls and systems are in place.
The Executive and Independent Directors set aside time at each scheduled meeting to meet without the presence of management to discuss matters such as board processes,
corporate governance initiatives, performance management and remunerations matters.
Principle 3: Chairman and Chief Executive Officer
There is a clear division of responsibilities between the leadership of the Board and Management, and no one individual has unfettered powers of decision-making.
The Chairman and CEO are two separate individuals who are brothers and who are both executive directors of the Company.
The Group Executive Chairman ("GEC") is Mr Goh Ching Wah, who bears the primary responsibility for Board proceedings. Together with the assistance of Company Secretaries,
he schedules Board meetings as and when required and exercise control over the quality, quantity and timeliness of information flow between the Board and the Management. He
is also responsible for overall Group direction, strategic planning and business development.
Mr Goh Ching Huat, being Executive Director and CEO is the most senior executive in the Group. He is responsible for the day-to-day running of the Group and supervises the
business operations with the Management. He is jointly responsible for overall management of the Group and businesses.
All major decisions made by GEC and CEO are reviewed by the Audit Committee. Their performance and appointment to the Board are being reviewed periodically by the
Nominating Committee and their remuneration package is being reviewed periodically by the Remuneration Committee. Both the Nominating Committee and the Remuneration
Committee comprise a majority of/wholly of independent directors of the Company. As such, the Board believes that there are adequate safeguards in place against an uneven
concentration of power and authority on a single individual.
The Chief Executive Officer is responsible for implementing the Group's strategies and policies as well as the daily management and operations of the Group.
The Board has no dissenting view on the Chairman's statement to the Shareholders for the financial year under review.
14View entire presentation