51 Annual Report 2024 REPORT ON CORPORATE GOVERNANCE Board Performance Criteria In evaluating the performance of the Directors, the NC took into account, amongst other factors, the Directors’ qualification by knowledge and experience to fulfil their duties, attendance and participation at Board meetings and Committee meetings (where applicable), quality of interventions or differences of opinion expressed and any other special contributions. The NC also considered whether the Directors have reasonable understanding of the Company’s business and the industry, and the Directors’ working relationship with the other members of the Board. These performance criteria shall not change from year to year, and where circumstances deem it necessary for any of the criteria to be changed, the NC and the Board shall justify its decision for the change. As the NC will be measuring the Board’s stewardship of the Company based principally on qualitative criteria, it is therefore not easy to show a direct correlation between the Board’s actions taken as a whole and the Company’s long-term performance. Therefore, the NC will not attempt to specifically quantify the Board’s contribution to enhancing long term shareholders’ value, for instance, by measuring it against the Company’s share price performance over a five-year period vis-à-vis the Singapore Straits Times Index. As such, the Company’s share price performance will not be used as a performance evaluation criterion of the Board. In addition, there are no specific benchmark indices of industry peers for comparison in respect of such quantitative performance criteria. In the absence of any appropriate and relevant benchmark indices, the benchmark indices of industry peers will also not be used as a performance evaluation criterion of the Board. Individual Director Evaluation Individual Director self-assessment is also conducted to provide performance feedback which can help individuals to evaluate their own skills and performance as directors and motivate them to more effective contributors. The Board is cognizant that individual director evaluations are an important complement to the evaluation of a board’s overall performance and the results of the Individual Director self-assessment are also compiled by the Company Secretary and discussed by the NC. The assessment of CEO’s performance is undertaken by the Board and the results are reviewed by the NC and Board. Feedback is also provided to the CEO by the NC Chairman and the NC will also report the same to the Board. REMUNERATION MATTERS Procedures for Developing Remuneration Policies Principle 6 The members of the RC at the date of this report comprise the following Directors: - Ms Wong Su Yen – Chairman Ms Ng Shin Ein Mr Tan Teck Koon The RC comprises a majority of independent directors including the RC Chairman. During FY2024, the RC held one meeting.
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