Straco Corporation Limited • Annual Report 2014
14
The Board of Directors (the “
Board
”) of Straco Corporation Limited (“
Straco
” or the “
Company
”) is committed to good standards of corporate governance
to enhance corporate performance and accountability. The Company has adopted, as far as possible, the principles and practices of corporate governance in
line with the recommendations of the Code of Corporate Governance 2012 (the “
Code
”).
The Board recognizes the need to keep balance with accountability, in creating and preserving shareholder value and achieving its corporate vision for the
Company and its subsidiaries (the “
Group
”).
This statement on the corporate governance practices of Straco describes the corporate governance policies practiced by Straco during the year ended 31
December 2014, with specific references made to each of the principles set out in the Code.
BOARD MATTERS
Principle 1: The Board’s Conduct of Affairs
The Board holds meetings on a regular basis throughout the year to approve the Group’s key strategic plans as well as major investments, disposals and
funding decisions. The Board is also responsible for the overall corporate governance of the Group.
The Board has delegated specific responsibilities to 3 sub-committees namely, the Audit, Nominating and Remuneration Committees (collectively the “
Board
Committees
”), the details of which are set out below. These Board Committees have the authority to examine particular issues under the purview of each of their
committees and report back to the Board with their recommendations. The ultimate responsibility for the final decision on all matters, however, lies with the entire Board.
The Board hosts regular scheduled meetings on a quarterly basis. When circumstances require, ad-hoc meetings are arranged. A board member contributes
both at formal board meetings as well as outside of these meetings. Therefore to focus on a director’s attendances at formal board meetings may not reflect
the level of contributions made outside of those meetings and may lead to a narrow view of a director’s contributions. The Group is thus of the view that the
reporting of director attendances at Board meetings and Board Committees meetings is unnecessary.
The matrix of the Board members’ participation in the various Board Committees is appended below:
Audit
Committee
Nominating
Committee
Remuneration
Committee
Board Members
Wu Hsioh Kwang (Alternate: Wu Xiuyi)
-
M
-
Chen Hong Sheng (resigned on 13 November 2014)
-
-
-
Xu Niansha (appointed on 28 November 2014)
-
-
-
Li Weiqiang
-
-
-
Fu Xuezhang
-
-
-
Chua Soh Har (Alternate: Wu Xiuzhuan)
-
-
M
Tay Siew Choon
-
C
C
Lim Song Joo
C
-
-
Choong Chow Siong
M
-
M
Neo Poh Kok David
M
M
-
C – Chairman
M – Member
CORPORATE GOVERNANCE
