ANNUAL REPORT

22Middle East Development Singapore ltdannual report 2007CORPORATE GOVERNANCESTATEMENTACCESS TO INFORMATIONPrinciple 6: In order to fulfil their responsibilities, Board members should be provided with complete, adequate and timely informationprior to Board meetings and on an on-going basis.In order to ensure that the Board is able to fulfill its responsibilities, the Management will provide complete, adequate and timelyinformation to the Board on the Group’s affairs and issues that require the Board’s decision as well as ongoing reports relating to theoperational and financial performance of the Group and the Company.The Board has separate and independent access to the Company’s senior management and the Company Secretary at all times.The Board, either individually or as a group, in the furtherance of their duties, takes independent professional advice, if necessary, atthe Company’s expenses.The Company Secretary attends all Board and Committee meetings and is responsible for ensuring that proper procedures at such meetingsare followed. Together with the Management, they are responsible for ensuring that the Company complies with the requirements of theSingapore Companies Act, Listing Manual of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and other rules andregulations that are applicable to the Company.The appointment and removal of the Company Secretary are subject to the approval of the Board.(B)REMUNERATION MATTERSREMUNERATION COMMITTEEPROCEDURES FOR DEVELOPING REMUNERATION POLICIESPrinciple 7: There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing theremuneration packages of individual directors. No director should be involved in deciding his own remuneration.The RC was reconstituted on 18 January 2007 following the appointments of Mr Tee Tua Ba, Mr Hoon Tai Meng and Mr Tan Song Koon asIndependent Directors on 18 January 2007. The current RC comprises of three Independent Directors, namely, Mr Tee Tua Ba, Mr HoonTai Meng and Mr Tan Song Koon, with Mr Tee Tua Ba chairing the RC.The RC shall hold at least one meeting per year. The key functions of the RC under the Terms of Reference are, inter alia:-(i)(ii)(iii)to set up and implement procedures to facilitate a formal and transparent process by which the remuneration of all Directors andat least the top five executives is fixed;to adopt such performance measurement tolls as may be appropriate for the purpose of assessing the performance and contributionof Directors and executives in an objective and fair manner;the remuneration of Non-Executive Directors shall be appropriate to the level of their contribution, taking into account factorssuch as effort and time spent, and their responsibilities;