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COSCO Corporation (Singapore) Limited
Corporate
Governance
Corporate Governance and Transparency
COSCO Corporation (Singapore) Limited (“COSCO Corporation” or the “Company”) and its subsidiaries (together,
the “Group”) believe that good corporate governance is essential to facilitate effective, entrepreneurial and prudent
management that can deliver the long-term success of the Company.
The Board of Directors (the “Board”), guided by the Singapore Code of Corporate Governance 2012 (the “CG Code
2012”) issued by the Monetary Authority of Singapore (the “MAS”), remains committed to the principles and guidelines
stated therein to achieve high standards of business integrity, ethics and professionalism across all its activities. The
Company complies with all key principles and guidelines set out in the CG Code 2012.
A. BOARD MATTERS
THE BOARD’S CONDUCT OF AFFAIRS
Principle 1
Governance is overseen by the Board together with Management, who is led by the Group President and accountable
to the Board. All directors make decisions objectively in the best interests of the Company and have exercised due
diligence and independent judgment in so doing.
The principal functions of the Board apart from its statutory responsibilities are:
a)
to provide entrepreneurial leadership; approve the strategic objectives, corporate policies and authorisation
matrix of the Company; and ensure that the necessary financial and human resources are in place for the
Company to meet its objectives;
b)
to approve the nominations to the Board and appointment of key management, as may be recommended by
the Nominating Committee;
c)
to oversee the processes for risk management, financial reporting and compliance and evaluate the adequacy
of internal controls; approve annual budget, key operational matters, major acquisition and divestment
proposals, major funding proposals of the Company;
d)
to assume responsibility for corporate governance framework of the Company and establish a framework of
prudent and effective controls which enables risks to be assessed and managed, including safeguarding of
shareholders’ interests and the Company’s assets;
e)
to review management performance;
f)
to identify the key stakeholder groups and recognise that their perceptions affect the Company’s reputation;
g)
to set values and standards (including ethical standards) of the Company and ensure that obligations to
shareholders and others are understood and met; and
h)
to promote corporate social responsibilities throughout the Group and include environmental and social factors
as part of its strategic formulation.
