Corporate Governance

Board Committees

  • Executive Committee
    The Committee comprises all the EDs of the Company with Mr. Phang Yew Kiat acting as the chairman of the Committee. The Committee operates as a general management committee under the direct authority of the Board to increase the efficiency for business decision. It monitors the execution of the Company’s strategic plans and operations of all business units of the Group and discusses and makes decisions on matters relation to the management and day-today operations of the Company.
  • Audit Committee
    The Committee comprises of four members, all of them are INEDs of the Company. The chairman of the Committee also possesses the appropriate accounting and financial management expertise as required under Rule 5.28 of the GEM Listing Rules. None of the members of the Committee is a former partner of the Company’s existing external auditor.

    The principal duties of the Committee are: 1) To review the financial statements and reports and consider any significant or unusual items raised by the Company’s staff responsible for the accounting and financial reporting function, compliance officer or external auditor before submission to the Board; 2) review the Company’s relation with the external auditor by reference to the work performed by the auditor, their fees and terms of engagement, and make recommendation to the board on the appointment, reappointment and removal of external auditor; and 3) review the adequacy and effectiveness of the company’s financial reporting system, internal control system and risk management system and associated procedures.
  • Remuneration Committee
    The Committee comprises a total of four members, the principal duties of the Committee are to 1) make recommendations to the Board on the Company’s policy and structure for all remuneration of Directors and senior management and the Establishment of formal and transparent procedure for developing a policy on such remuneration; 2) make recommendations on the remuneration packages of EDs and senior management; and 3) review and approve performance-based remuneration by reference to the corporate goals and objects resolved by the Board from time to time.
  • Nomination Committee
    The Company has established the Committee which comprises a total of four members. The principal duties of the Committee are to 1) review the Board composition; 2) develop and formulate relevant procedure for the nomination and appointment of Direct5ors; 3) identify qualified individuals to become members of the Board; 4) monitor the appointment and succession planning of Directors; and 5) assess the independence of the INEDs.

Internal Control and Risk Management

The Board is responsible for maintaining an adequate internal control system to safeguard the interests of the Shareholders and the Group’s assets and, with the support of the Audit Committee, for reviewing the effectiveness of such system on an annual basis.

The senior management of the Company reviews and evaluates the control process and monitors any risk factors on a regular basis and reports to the Board and the Audit Committee on any findings and measures to address the variances and identified risks.