notes to the financial statements - Far East Orchard Limited

Corporate Governance Statement
as at 27 March 2009
In July 2005, the Singapore Council on Corporate Disclosure and Governance issued a revised Code of Corporate
Governance (the “2005 Code”) that superseded and replaced the Code of Corporate Governance that was issued
in March 2001.
This report describes the Group’s corporate governance practices and structures that were in place during the financial
year ended 31 December 2008, with specific reference to the principles and guidelines of the 2005 Code, as well as
the Listing Manual of the Singapore Exchange Securities Trading Limited and the Singapore Companies Act, where
applicable.
PRINCIPLE 1
Every company should be headed by an effective Board to lead and control the company. The Board is collectively
responsible for the success of the company. The Board works with Management to achieve this and the Management
remains accountable to the Board.
The Board has responsibility to provide entrepreneurial leadership, set strategic aims, and ensure that the necessary
financial and human resources are in place for the Company to meet its objectives. The functions of the Board include
reviewing and approving the annual budget of the Company, ensuring that there is a sound system of internal controls to
safeguard shareholders’ investments and the Company’s assets, reviewing monthly management accounts, reviewing
the business performance of the Company, approving the release of the quarterly, half-yearly and year-end accounts,
and endorsing the framework of remuneration for the Board and key executives.
The Board meets regularly and whenever particular circumstances require. The Company’s Articles of Association
allow Board meetings to be conducted by way of telephonic and video conferencing. In 2008, the Board met on
five occasions. The attendance of Board members at those meetings, as well as meetings of the Audit Committee,
Nominating Committee and Remuneration Committee established by the Board are as follows:
Audit
Nominating Remuneration
Name of Director Board
Committee Committee Committee
A B A B A B A B
Philip Ng Chee Tat 5 5 1 1 1 1
Ng Siok Keow 5 5
Albert Goh 5 5
Tan Siok Hwee 5 3
Tjong Yik Min 5 5
Eddie Yong Chee Hiong1 3 3
Heng Chiang Meng 5 4 5 5 1 1 2 2
Hin Hoo Sing 5 4 5 4 1 1
Cheng Hong Kok 5 5 5 5 2 2
Lucas Chow Wing Keung2 3 3 2 1 1 1
A: Number of meetings held during the financial year/period from 1 January 2008 (or date of appointment, where applicable) to 31 December 2008
B: Number of meetings attended during the financial year/period from 1 January 2008 (or date of appointment, where applicable) to 31 December 2008
1: Appointed as a director on 10 July 2008
2: Appointed as a director on 1 June 2008
ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 09