Guideline
Questions
How has the Company complied?
General
(a) Has the Company
complied with all
the principles and
guidelines of the Code?
If not, please state
the specific deviations
and the alternative
corporate governance
practices adopted by
the Company in lieu of
the recommendations
in the Code.
(b) In what respect do
these alternative
corporate governance
practices achieve
the objectives of the
principles and conform
to the guidelines in the
Code?
(a) The Company has complied in all material
aspects with the principles and guidelines
set out in the Code save for deviation
with reference to Guideline 3.1 (Chairman
and CEO should be separate persons)
which is explained in this report and the
Board will be appointing an Independent
Chairman (compliance with Guideline 3.1
and succession planning) by 31 October
2017, the transition period granted by the
Monetary Authority of Singapore.
(b) The Group has appointed its independent
director, Mr Christopher Chong Meng
Tak as the 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.
Board Responsibility
Guideline
1.5
What are the types of
material transactions which
require approval from the
Board?
Board’s approval is required for matters such
as the Group’s financial plans and annual
budget, acceptance of bank facilities, major
investments and divestment proposals,
material acquisitions and disposal of assets,
interested parties transactions of a material
nature and release of the Group’s quarterly and
full year financial results.
DISCLOSURE GUIDE ON GOVERNANCE
PRACTICES
ASL Marine Holdings Ltd. /Annual Report 2015
49
