FY 2011 Annual Report - Sheng Siong

20 Sheng Siong Annual Report 2011
Corporate Governance
Our Board recognises the importance of corporate governance and the maintenance of high standards of
accountability to shareholders. The Board has delegated specific responsibilities to three (3) Board committees:
(a) the Nominating Committee (“NC”); (b) the Remuneration Committee (“RC”); and (c) the Audit Committee
(“AC”) to facilitate effective management. While each Board committee has the power to examine particular
issues and will make recommendations to the Board, the ultimate responsibility for the final decision on all
matters lies with the Board. Where a potential conflict of interest arises, the Director concerned does not
participate in discussions and refrains from exercising any influence over other members of the Board.
Our Board meets regularly and as warranted by particular circumstances, as deemed appropriate by the Board
members. Fixed meetings are scheduled on a quarterly basis and additional meetings are convened as and
when there are matters requiring the Board’s consideration and decision at any particular point in time. Our
Articles of Association allow each Director to participate in a Board Meeting by means of teleconference, video
conference, audio visual or other similar communications equipment.
The number of Board and committee meetings held in FY2011 since the Company was listed on 17 August,
and the attendance of our Directors at these meetings are as follows:
Executive Directors
Board NC RC AC
Number of meetings Number of
meetings
Number of
meetings
Number of meetings
Position Held Attended Position Held Position Held Position Held Attended
Lim Hock Chee M 1 1 – – – – – 1 *1
Lim Hock Eng C 1 1 – – – – – 1 *1
Lim Hock Leng M 1 1 – – – – – 1 *1
Tan Ling San M 1 1 – – – – – 1 *1
Non-executive
Directors
Goh Yeow Tin M 1 1 M – C – M 1 1
Jong Voon Hoo M 1 1 – – M – C 1 1
Francis Lee Fook Wah M 1 1 C – – – M 1 1
Lee Teck Leng, Robson M 1 1 M – M – M 1 1
* By invitation
Newly appointed Directors will receive a formal appointment letter setting out their duties and obligations, and
undergo an orientation that includes a briefing by Management on the Group’s structure, businesses, operations,
policies and governance practices. Directors who are not familiar with the duties and obligations required of a
listed company in Singapore have undergone the necessary training and briefing. As an ongoing exercise, the
Directors receive updates and the necessary training on new laws and regulations which have an important
bearing on the Company and the Directors’ obligations to the Company, from time to time.