Access to Information
Principle 6:
In order to fulfill their responsibilities, directors
should be provided with complete, adequate
and
timely
information
prior
to
Board
meetings and on an on-going basis so as
to enable them to make informed decisions
to discharge their duties and responsibilities.
All directors have unrestricted access to the Company’s records and
information. The Board members receive detailed quarterly management
reports, cash flow projections, and budget variance reports of the Group
and all major divisions of the Group to enable them to oversee the Group’s
financial and operational performance as well as analysts’ reports to
keep them apprised of analysts’ views on the Company, the Company’s
performance and market expectations. The Board members also
receive relevant information including reports from internal and external
auditors and significant developments or matters relating to the Group’s
business operations to be brought before the Board for discussion and
decision. The independent directors, on an ad hoc basis, speak directly
and privately to the Chief Financial Officer of the Company concerning
financial matters of the Group. The AC Chairman and the Chief Financial
Officer/Group Financial Controller speak regularly and spoke at least
12 times last year. The independent directors also, on an ad hoc basis,
speak directly and privately to other executives concerning other matters of
the Group.
The Board and the Board Committees are furnished with complete and
adequate information in a timely manner to enable full deliberation on the
issues to be considered at the respective meetings. Board papers with
sufficient background and explanatory information are circulated at least
three days before each meeting. From time to time, managerial staff, lawyers,
the Company’s auditors or external consultants engaged on specific projects
are invited to attend the Board and Board Committee meetings so as to
provide additional insight into the matters for discussions.
The Board organises offsite meetings which are designed to focus on
strategic issues, risk and medium and longer term direction of the Group.
At these meetings, the independent directors are updated with industry trends
and developments, government and international policies and opportunities
and threats that the Group face. The Board then weights up options and sets
or revises growth targets and risk levels.
Governance
Disclosure Guide
Guideline 6.1:
What types of information
does the Company provide
to independent directors to
enable them to understand
its business, the business
and financial environment
as well as the risks
faced by the Company?
How frequently is the
information provided?
ASL Marine Holdings Ltd.
Annual Report 2016
37
