Ecowise Annual Report 2007 - ecoWise Holdings Limited

CORPORATEGOVERNANCEThe Board of Directors (the “Board”) of ecoWise Holdings Limited is committed to maintaining a high standard of corporategovernance within the group. The Board recognizes the importance of practicing good corporate governance as a fundamentalpart of its responsibilities to protect and enhance shareholders’value and the financial performance of the Group.This Report describes the Company’s corporate governance practices with specific reference to the Code of Corporate Governance2005 (“the Code”). Where there are deviations from the Code, appropriate explanations are provided.BOARD MATTERSBoard’s Conduct of its AffairsPrinciple 1: Effective Board to lead and control the CompanyThe Board oversees the business affairs of the Group, determine the Group’s overall corporate strategies and set directions andgoals. It also monitors and evaluates the Group’s operations and financial performance, establishes goals for Management andmonitors the achievement of these goals. It is responsible for the overall corporate governance of the Group.The Board also adopted a set internal control which sets out operational and financial policies and procedures. The internalcontrol is reviewed regularly.The Board has 3 committees namely, the Audit Committee, the Nominating Committee and the Remuneration Committee toassist in the execution of its responsibilities. Each committee has its own written mandate and operating procedures, whichare reviewed periodically.The Board holds scheduled regular meeting to review, consider and approve strategic, operational and financial matters.Important matters concerning the Group are put before the Board for their decisions and approvals. Ad-hoc meeting will be heldwhen circumstances required.The attendance of the Directors at Board and Committee meetings since the date of the last annual report and up to the dateof this statement is tabulated below:Attendance at MeetingsBoard CommitteesBoard Audit Nominating RemunerationNo. of Meetings Held 4 3 1 2Board MembersNo. of Meetings AttendedLee Thiam Seng 4 - 1 -Teoh Teik Kee 4 - - -Sunny Ong Keng Hua 4 - - -Ng Cher Yan 4 3 - 2Ang Mong Seng 3 2 0 1Ong Teck Ghee 4 3 1 221