Conduct of shareholder meetings
Principle 16: Companies should encourage greater shareholder participation at general
meetings of shareholders, and allow shareholders the opportunity to
communicate their views on various matters affecting the company.
All registered shareholders are invited to participate and given the right to vote on resolutions
at general meetings. Every matter requiring shareholders’ approval is proposed as a separate
resolution. Each item of special business included in the notice of the meeting is accompanied,
where appropriate, by an explanation for the proposed resolution. Proxy form is sent with
notice of general meeting to all shareholders. If any shareholder is unable to attend the general
meeting in person, he is allowed to appoint up to two proxies to attend and vote on his behalf
at the meeting through proxy forms sent in advance. The Company also allows CPF investors
to attend general meetings as observers. Voting in absentia by mail, facsimile or e-mail is
currently not allowed as such voting methods would need to be cautiously evaluated for
feasibility to ensure that there is no compromise to the integrity of the information and the
authenticity of the shareholders’ identity. The results of all AGMs and EGMs are disclosed by
way of an announcement through SGXNET.
In consideration of the dilution impact to shareholders, the Company has voluntarily reduced
the limit for non-pro rata shares issue from 20% to 15% of the total number of issued shares in
the capital of the Company with effect from 2010 AGM.
The Board, Chairman of the AC, NC, RC and management are present at the Company’s
general meeting to address questions that shareholders may have concerning the Group. The
Company’s external auditors are also present to address any relevant queries relating to the
conduct of the audit and the preparation and content of the auditors’ report. The Company
usually hosts a buffet and drinks for shareholders after the AGM so that they have a further
opportunity to communicate their views and discuss on affairs of the Group with the Board and
management after the meeting.
The Company acknowledges that voting by poll is integral in the enhancement of corporate
governance and lead to greater transparency of the level of support for each resolution. The
Board would adhere to the requirements of the Listing Manual where all resolutions are to be
voted by poll at general meetings held on or after 1 August 2015.
VOLUNTARY LIMITS
The Company voluntarily limits the percentage of the enlarged share capital to be offered by
way of a private placement or such other way except on a pro-rata basis to all shareholders to
between 10-15%.
CORPORATE GOVERNANCE
REPORT
ASL Marine Holdings Ltd. /Annual Report 2015
46
