FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
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Board Composition and Balance<br />
<strong>Sheng</strong> <strong>Siong</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
Corporate Governance<br />
Principle 2: There should be a strong and independent element on the Board, which is able to exercise objective<br />
judgement on corporate affairs independently, in particular, from Management. No individual or small group of<br />
individuals should be allowed to dominate the Board’s decision making.<br />
Our Board comprises eight (8) Directors, four (4) of whom are non-executive and three (3) of whom are<br />
independent. The list of Directors is as follows:<br />
Name Date of Appointment Designation<br />
Mr. Lim Hock Chee 10 November 2010 Chief Executive Officer<br />
Mr. Lim Hock Eng 10 November 2010 Executive Chairman<br />
Mr. Lim Hock Leng 10 November 2010 Managing Director<br />
Mr. Tan Ling San 22 June <strong>2011</strong> Executive Director<br />
Mr. Goh Yeow Tin 22 June <strong>2011</strong> Non-executive, Lead Independent Director<br />
Mr. Jong Voon Hoo 22 June <strong>2011</strong> Non-executive Director, Independent<br />
Mr. Francis Lee Fook Wah 22 June <strong>2011</strong> Non-executive Director, Independent<br />
Mr. Lee Teck Leng, Robson 22 June <strong>2011</strong> Non-executive Director<br />
As a group, the Directors bring with them a broad range of relevant industry knowledge, expertise and<br />
experience in areas such as accounting, finance, business, legal and management. The size and composition<br />
of the Board are reviewed by the NC on an annual basis to ensure that the Board has the appropriate mix<br />
of expertise and experience and collectively possesses the necessary skills sets and core competencies for<br />
effective decision making.<br />
The Board is of the opinion that its current size of eight (8) Directors is appropriate, taking into account the<br />
nature and scope of the Group’s operations. As independent and/or non-executive Directors make up half of<br />
the Board, no individual or group of individuals is able to dominate the Board’s decision-making process. The<br />
current Board composition represents a well-balanced mix of experience and expertise to facilitate effective<br />
decision-making.<br />
Each Director has an equal responsibility towards the Group’s operations. Our independent and/or nonexecutive<br />
Directors play an important role in ensuring that the strategies proposed by Management are<br />
constructively challenged, fully discussed and examined, and take into account the long-term interests of<br />
not only the shareholders, but also of other stakeholders such as the employees, customers and suppliers of<br />
the Group. Where appropriate and requested to do so by the Board, our independent and/or non-executive<br />
Directors will also review Management’s performance in meeting prescribed goals and objectives, and monitor<br />
the reporting of performance.<br />
Executive Chairman and Chief Executive Officer (“CEO”)<br />
Principle 3: There should be a clear division of responsibilities at the top of the company – the working of the<br />
Board and the executive responsibility of the company’s business – which will ensure a balance of power and<br />
authority, such that no one individual represents a considerable concentration of power.<br />
Mr. Lim Hock Eng is our Executive Chairman. He bears primary responsibility for the workings of the Board,<br />
by ensuring its effective function and oversight of the Group’s conduct and corporate governance structure.<br />
Together with the other executive Directors, our Executive Chairman also provides overall leadership and<br />
strategic vision for the Group.<br />
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