Trading Limited (“SGX-ST”). Apart from matters that specifically require the
Board’s approval, in accordance with applicable financial authority limit,
the Board approves transactions exceeding certain threshold limits and
delegates authority for transactions below those limits to management so
as to optimise operational efficiency. This include among others contracts
with value more than $10 million entered by the Group are to be approved by
the Board.
To assist the Board in the execution of its responsibilities and to provide
independent oversight of management, various Board Committees,
namely the Audit Committee (“AC”), Nominating Committee (“NC”) and
Remuneration Committee (“RC”), have been constituted with clear written
terms of reference. These Committees are made up solely of independent
directors and the effectiveness of each Committee is constantly monitored
by the Board.
Board orientation and training
No new director was appointed by the Company during the financial year
ended 30 June 2016. For new appointments to the Board, the newly-
appointed director will be given a formal letter setting out his duties and
obligations. The newly appointed director will be briefed by the lead
independent director and management and provided with a director’s folder
containing materials relating to the Group’s businesses and governance
practices, including information such as organisation structure, contact
details of senior management, Company’s Constitution, respective Board
Committees’ terms of reference and financial and corporate policies
and procedures. All directors are also invited to visit the yards and meet
with middle management to gain a better understanding of the Group’s
business operations.
To keep pace with regulatory changes, the director’s own initiatives are
supplemented from time to time with information, updates and sponsored
seminars conducted by external professionals, including any changes in
legislation and financial reporting standards from lawyers and external
auditors, government policies and regulations and guidelines from SGX-ST
that affect the Company and/or the directors in discharging their duties.
The Company Secretary informs the directors of upcoming conference and
seminars relevant to their roles as directors of the Company. The Company will
bear such costs for all directors to attend appropriate courses, conferences
and seminars conducted by external professionals.
During the year, other than briefings on developments in financial reporting
and governance standards presented by the Group’s external auditors at
AC meetings, selected members of the Board attended seminars on
“Capturing Indonesia’s Latent Markets”, “Social Media and the Sharing
Economy”, “Risk Management Essentials”, “Funding the next phase of
infrastructure development in the Indo-Pacific”, “Improving Board Risk
Oversight Effectiveness”, “Launch of the Board Risk Committee Guide
& ASEAN Corporate Governance Scorecard”, “Creative Thinking in the
Governance
Disclosure Guide
Guideline 1.6:
(a) Are new directors given
formal training? If not,
please explain why.
(b) What are the types
of information and
training provided to (i)
new directors and (ii)
existing directors to
keep them up-to-date?
ASL Marine Holdings Ltd.
Annual Report 2016
27
