The primary duties of the audit committee are mainly to assist the Board in maintaining a high standard of corporate governance, particularly by providing an independent review of the Group’s material internal controls, including financial, operational, compliance and information technology controls, to safeguard the assets and maintain adequate accounting records, with the overall objective of ensuring that Management creates and maintains an effective control environment in the Group.
The primary functions of the nominating committee are to review the structure, size and composition (including the skills, knowledge and experiences) of the Board and to make recommendations to the Board on any proposed changes to the Board composition; to assess the independence of Independent non-executive Directors; to identify individual suitably qualified as potential Board members and to select or make recommendation to the Board regarding candidates to fill vacancies on the Board; and to make recommendations to the Board on the appointment and re-appointment of Directors and succession planning of the Directors.
The primary functions of the remuneration committee are to make recommendation to the Board on the overall remuneration policy and structure relating to all Directors, Supervisors and senior management of the Group and review performance based remuneration.
The Board has established an Executive Committee of the Board (the “EXCO”) on 1 January 2022. The EXCO is established to assist the Board with its oversight responsibilities in, amongst others, making business decisions and evaluating major strategic initiatives including acquisition or disposal transactions, based on authority delegated to the EXCO.
The Executive Committee comprises of both the Joint Chairmen, two Executive Directors, one non-Executive Director and the Chief Executive Officer (who is not a Director) as follows:
- Loh Kim Kang David (Chairman)
- Han Seng Juan
- Wong Kok Hoe
- Kong Chee Min
- Teo Peng Kwang