Chairman and Chief Executive Officer
Principle 3: There should be a clear division of responsibilities between the leadership
of the Board and the executives responsible for managing the company’s
business. No one individual should represent a considerable concentration
of power.
Mr Ang Kok Tian is both the Chairman of the Board and the Managing Director of the Company.
Mr Ang Kok Tian is involved in the day-to-day running of the Group; he leads management
in setting marketing strategies and objectives and ensures accurate, adequate and timely
flow of information between the Board, management and shareholders of the Company. He
facilitates constructive discussions between the Board and management and encourages
their effective contributions. Whilst the independent directors of the Company possess
the relevant expertise and experience in their respective professional fields, none have had
significant hands-on experience in the marine industry. Consequently, and given the volatility
and challenges of the marine industry, they are of the view that it is in the best interests of
the Group to have a Chairman so that the Board can have the benefit of a Chairman who is
knowledgeable about the marine industry and the businesses of the Group and is thereby
better able to guide discussions and ensures that the Board is properly briefed in a timely
manner on pertinent issues and developments. The Chairman takes a leading role in ensuring
the Company’s compliance with corporate governance guidelines with the full support of the
directors, Company Secretary and management.
Mr Ang Kok Tian is supported by Mr Ang Ah Nui, the Deputy Managing Director on the setting
of business strategies and managing the day-to-day operations of the Group. In the absence
of Mr Ang Kok Tian, Mr Ang Ah Nui would stand in as the acting Managing Director to ensure
continuity of the business operations of the Company.
Our independent director, Mr Christopher Chong Meng Tak has been appointed as lead
independent director to coordinate the activities of the independent directors and act as
principal liaison between the independent directors and Chairman on sensitive issues. The
lead independent director is also available to shareholders where they have concerns, for
which contact through the normal channels of the Chairman and Managing Director has failed
to resolve or for which such contact is inappropriate.
All major decisions made by the Board are subject to majority approval of the Board and are
reviewed by the Board Committees, whose members comprise only independent directors of
the Company. Mr Ang Kok Tian’s performance and remuneration are reviewed by the NC and
RC respectively, whose members comprise only independent directors of the Company. The
Board believes that there are adequate safeguards in place to ensure an appropriate balance
of power and authority within the spirit of good corporate governance.
CORPORATE GOVERNANCE
REPORT
ASL Marine Holdings Ltd. /Annual Report 2015
29
