ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

corporate governancePASSIONASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /1344Statement of Compliance under Section 7.10 of the Rules of the Colombo Stock Exchange (CSE) on Corporate GovernanceCSERule No.Subject Compliance requirement Compliancestatus7.10.1(a) Non-Executive Directors Two or at least one third of the total number ofDirectors should be Non-Executive Directors,whichever is higher.7.10.2(a) Independent Directors Two or one third of Non-Executive Directors,whichever is higher, should be independent.7.10.2(b) Independent Directors Each Non-Executive Director should submit adeclaration of independence / non-independence inthe prescribed format.7.10.3(a) Disclosure relating to Directors The Board shall annually determine the independenceor otherwise of the Non-Executive Directors.Names of the Independent Directors should bedisclosed in the Annual Report.7.10.3(b) Disclosure relating to Directors The basis for the Board to determine a Director isIndependent, if criteria specified for Independence isnot met.7.10.3(c) Disclosure relating to Directors A brief resume of each Director should be included inthe Annual Report and should include the Directorsareas of expertise.7.10.3(d) Disclosure relating to Directors Forthwith provide a brief resume of new Directorsappointed to the Board with details specified in7.10.3(a), (b) and (c) to the Colombo Stock Exchange.7.10.4(a-h)Criteria for definingIndependence7.10.5 Human Resources &Compensation Committee7.10.5(a)7.10.5.(b)Composition of HumanResources & CompensationCommitteeFunctions of Human Resources& Compensation CommitteeCompliedCompliedCompliedCompliedCompliedCompliedCompliedApplicable Section inthe Annual ReportCorporate GovernanceCorporate GovernanceAvailable with theSecretaries for reviewCorporate GovernanceCorporate GovernanceBoard of Directors(profile) section in theAnnual ReportCorporate GovernanceRequirements for meeting criteria to be Independent. Complied Corporate GovernanceA listed Company shall have a RemunerationCommittee. The Remuneration Committee ofthe listed Parent Company may function as theRemuneration Committee.Shall comprise of Non-Executive Directors, a majorityof whom will be Independent.The Human Resources & Compensation Committeeshall recommend the remuneration of the ChiefExecutive Officer and Executive Directors.CompliedCompliedCompliedCorporate GovernanceCorporate GovernanceCorporate Governance