Corporate Governance Framework
Our Directors recognise the importance of good corporate governance and the offering of high standards of accountability to our Shareholders and will use best efforts to implement the good practices recommended in the Code of Corporate Governance. Our Board of Directors has formed three committees: (a) the Audit and Risk Committee; (b) the Remuneration Committee; and (c) the Nominating Committee.
Audit & Risk Committee
The Audit and Risk Committee will assist our Board in discharging its responsibility to safeguard our Company’s assets, maintain adequate accounting records, and develop and maintain effective systems of internal controls with an overall objective of ensuring that our management has created and maintained an effective control environment in our Company, and that our management demonstrates and stimulates the necessary aspect of our Group’s internal control structure among all parties.
The Remuneration Committee will recommend to our Board a framework of remuneration for our Directors and Executive Officers and determine specific remuneration packages for each Executive Director. The scope of responsibilities of the Remuneration Committee encompasses all aspects of remuneration, including but not limited to Directors’ fees, salaries, allowances, bonuses, options and benefits in kind, to ensure that their remuneration packages are in line with staff remuneration guidelines and commensurate with their respective job scopes and level of responsibility.
The Nominating Committee has been set up to, inter alia, develop and maintain a formal and transparent process for the selection, appointment and re-appointment of Directors, taking into account the need for progressive renewal of the Board of Directors and make recommendations to the Board of Directors on the appointment and re-appointment of Directors.
Our Directors have no fixed term of office. Our Directors are to be appointed by our Shareholders at a general meeting and an election of Directors is held annually. One third (or the number nearest to one third) of our Directors are required to retire from office at least once every three (3) years. However, a retiring Director is eligible for re-election at the meeting at which he retires.
According to the Code of Corporate Governance, the chairman of the board and the chief executive officer or managing director of a company should be separate persons, to ensure an appropriate balance of power, increased accountability and greater capacity of the board of directors of the company for independent decision making.
Our Audit and Risk Committee, Nominating Committee and Remuneration Committee are all chaired by Independent Directors. Our Board is of the view that there are sufficient safeguards and checks in place to ensure that the process of decision-making by our Directors is independent and based on collective decision-making without our Executive Director and CEO being able to exercise considerable power or influence.
Corporate Social Responsibility and Environmental Efforts
Our Group strives to be part of a positive change and is committed to serving and giving back to the community and maintaining an environmentally sustainable way of conducting our business. We recognise that for long term sustainability, we need to achieve a balance between business profitability and corporate social responsibility.
Our emphasis on providing a range of quality and environmentally friendly offerings and services to our customers, including services relating to the renewable energy industry. As a member of the RSPO, we intend to participate in promoting sustainability in the palm oil industry and the supply chain.