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Singapore (Board matters (Board performance (headed by an effective Board…
Singapore
Board matters
The Board’s conduct of affairs
formal and transparent
Board composition and guidance
formal annual assessment
For the effectiveness of the board
Chairman and Chief Executive Officer
clear division of responsibilities between Board and the executives responsible for managing the company’s business
No one
individual should represent a considerable concentration of power
Board membership
strong and independent
individual or small group of individuals should be
allowed to dominate the Board’s decision making
Board performance
headed by an effective Board to lead and control the
company
collectively responsible for the long-term success of the company
Board works with Management to achieve this objective and Management remains
accountable to the Board
Access to information
provided complete,
adequate and timely information
informed decisions to discharge their duties and responsibilities
Accountability and audit
Accountability
Audit Committee (“AC”) with written terms
Risk management and internal controls
responsible for the governance of risk
maintains a sound system of risk management and internal controls
Audit committee
should present a balanced and understandable assessment
Internal audit
effective internal audit function
Remuneration matters
Procedures for developing remuneration policies
should be aligned with the long-term should be aligned with the long-term
directors to provide good stewardship of the company
key
management personnel to successfully manage the company
avoid paying more than is necessary for this purpose.
Disclosure of remuneration
provide clear disclosure of its remuneration policies
Level and mix of remuneration
formal and transparent procedure of executive remuneration
No
director should be involved in deciding his own remuneration.
Shareholder rights and responsibilities
Shareholder rights
treat all shareholders fairly and equitably
protect shareholders’ rights continually review
update such governance arrangements
Communication with shareholders
effective and fair communication with shareholders
Conduct of shareholder meetings
participation at general
meetings
focused on the areas of director independence, board composition, director training, multiple directorships, alternate directors, remuneration practices and disclosures, risk management, and shareholder rights and roles.
Singapore is one of the leading financial centres in Asia, offering a broad range of financia
services, including banking, insurance, investment banking, and treasury services
Singapore, another country where families play a dominant role and which is emerging
as one of the key players in financial markets in the region