43 Annual Report 2024 REPORT ON CORPORATE GOVERNANCE Directors’ Induction, Training and Development The Company has in place general induction-training programmes to ensure that every newly appointed Director of the Company is familiar with the Group’s structure, the Group’s business and its operations, the Company’s governance practices and relevant statutory and regulatory compliance issues. Every newly appointed Director of the Company is expected to undergo an induction programme which includes meetings with the Chairman, Managing Director and Group Chief Financial Officer as part of the training in the affairs of the business. For new Directors who do not have prior experience as a director of a public listed company in Singapore, they must undergo the mandatory training courses as prescribed by Singapore Exchange Securities Trading Limited. The Company will issue a formal appointment letter, which sets out the director’s duties and obligations, to each director upon appointment. A formal letter was issued to Mr Tang Wai Loong, Kenneth who was appointed on 29 April 2024. To ensure that Directors have the opportunities to develop their skills and knowledge and to continually improve performance of the Board, all Directors are encouraged by the Company to undergo continual professional development at the Company’s expense, during the term of their appointment. Our Directors are also encouraged to be members of the Singapore Institute of Directors (“SID”) and to receive updates and training from SID in order to stay abreast of relevant developments in financial, legal and regulatory requirements. Our Directors are regularly updated on the Group’s businesses and the regulatory and industry-specific environments in which the entities of the Group operate. Updates on relevant legal, regulatory and technical developments and good corporate governance may be in writing or disseminated by way of briefings, presentations and/or handouts. During the financial year: a) The external auditor, Ernst & Young LLP briefed the ARC on changes in accounting standards that affects the Group; b) The Chief Executive Officer regularly updates the Board on the business activities and strategies of the Group during Board meetings. Such update would also include any significant developments, issues or risks affecting the Group; c) The Board and Senior Management also held business planning meetings to have a more in-depth discussion on the strategic issues and direction of the Group; and d) Some of the Directors also conducted site visits to the overseas subsidiaries to understand the operations as well as interaction with the senior management in the overseas subsidiaries. Access to Information The management of the Company has an on-going obligation to supply the Board with complete, adequate and relevant information in a timely manner. In addition, the Board has separate and independent access to the Company’s management in respect of obtaining information, as reliance purely on what is volunteered by the management of the Company may not be adequate in certain circumstances and further enquiries may be required for the Board to fulfil its duties properly. The information that is provided by the management of the Company to the Board includes background or explanatory information relating to matters to be brought before the Board, copies of disclosure documents, budgets, forecasts and internal financial statements. In addition, in respect of budgets, any material variances between the projections and actual results are also disclosed and explained. As a general rule, board papers are sent to Board members at least 3 working days before the board meeting to afford the Directors with sufficient time to review the board papers prior to the meetings.
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