Annual Report 2011/2012 - Colombo Stock Exchange

MERCANTILE SHIPPING COMPANY PLC
CORPORATE GOVERNANCE Contd...
Rule No.
Subject
Applicable requirement
Compliance
Status
Details
7.10.5
(c)
Disclosure in the Annual Report
relating to Remuneration
Committee
The Annual Report should set
out:
a) Names of directors
comprising the Remuneration
Committee
b) Statement of Remuneration
Policy
c) Aggregated remuneration
paid to Executive and Non-
Executive Directors
Compliant
Compliant
Compliant
Please refer
Page 10
7.10.6
Audit Committee
The company shall have a
Audit Committee
Compliant
Given in page 10
under the heading
Audit Committee
7.10.6
(a)
Composition of Audit Committee
Shall comprise of Non-
Executive Directors a majority
of whom will be independent
Compliant
As above
Non-Executive Director shall
be appointed as the Chairman
of the Committee
Compliant
As above
Chief Executive Officer and the
Chief Financial Officer should
attend Audit Committee
Meetings
Compliant
As above
The Chairman of the Audit
Committee or one member
should be a member of a
professional accounting body
Compliant
As above
7.10.6
(b)
Audit Committee Functions
Should be as outlined in the
Section 7 of the listing rules
Compliant
As above
7.10.6
(c)
Disclosure in the Annual Report
relating to Audit Committee
a) Names of Directors
comprising the Audit
Committee
Compliant
As above and given
in this Report
b) The Audit Committee shall
make a determination of the
independence of the Auditors
and disclose for such
determination
Compliant
As above
c) The Annual Report shall
contain a Report of the Audit
Committee setting out of the
manner of Compliance of the
functions
Compliant
As above
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