board of directors - Petron

At the date of this report, there does not exist:1. any charge on the assets of the Company which has arisen since the end of the year which secures theliability of any other person; or2. any contingent liability of the Company which has arisen since the end of the year.At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in thisreport or the financial statements which would make any amount stated in the financial statements misleading.In their opinion,1. the results of the Company's operations during the year were not substantially affected by any item,transaction or event of a material and unusual nature, and2. there has not arisen in the interval between the end of the year and the date of this report any item,transaction or event of a material and unusual nature likely to affect substantially the results of theoperations of the Company for the year in which this report is made.DIRECTORSThe Directors who have held office during the period since the date of the last report are as follows:Mr. Richard M. Kruger (appointed w.e.f. August 3, 2001)Mr. James A. HallY. A. Bhg. Tun Dato' Seri Haji Omar Yoke Lin OngY. Bhg. Tan Sri Dato' Dr. Syed Jalaludin Syed SalimY. Bhg. Tan Sri Abdul Halim Ali (appointed w.e.f. May 22, 2001)Dr. Abu Hassan SulaimanEncik Abu Hassan Seeni AbdulY. Bhg. Dato' (Dr.) Philip J. Dingle (resigned w.e.f. July 31, 2001)Y. Bhg. Dato' Kamaruddin Mohd Jamal (resigned w.e.f. December 31, 2001)DIRECTORS' BENEFITSSince the end of the previous year, no Director has entered into or received or become entitled to receive abenefit (other than benefits disclosed in note 5 to the financial statements) by reason of a contract made by theCompany or a related corporation with the Director or with a firm of which he is a member, or with a companyin which he has a substantial financial interest. All transactions between the Company or a related corporationand companies in which Directors have interests are conducted on an arms-length, commercial basis in theordinary course of business.The company was not a party to any contract or arrangement during the year and at the end of the year, asenvisaged by section 169 (6)(f) of the Companies Act, 1965, which would have enable any of the Directors toacquire benefits through the acquisition of shares in or debentures of the Company or any other body corporate.ANNUAL REPORT & ACCOUNTS 200121