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COSCO Corporation (Singapore) Limited
The Board acknowledges the importance of strategic planning and development. SDC assists the Board in fulfilling
its responsibilities for developing, evaluating and monitoring the Company’s long and short-term strategic goals.
The SDC operates at the Board level but does not assume the Board’s governance accountability or to make final
strategic decisions. The SDC acts solely to address and develop current and future strategy-related issues. It has
the responsibility for creating and driving the Company’s strategy development and planning and Management takes
responsibility for implementing the Company’s strategies after the SDC received approval from the Board. The SDC
held one meeting during the financial year.
The SDC has the following authority and responsibilities:
a)
Review and develop Company Strategies: Meet with Management periodically to review, develop and evaluate
the Company’s evaluation and implementation of its business strategy;
b)
Provide Resource Support: Support the Board or Management in the evaluation and/or refining of the
Company’s strategic plans;
c)
Assess Progress: Review and assess the status of implementation of the Company’s business strategy and
whether the results are consistent with the goals of the strategic plan as adopted by the Board; and
d)
Recommend Improvements: Recommend areas of improvement and provide feedback to the Board and
Management regarding the overall success of the business strategy.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Principle 3
Mr Li Yun Peng and Capt Wu Zi Heng, who are not related to each other, are respectively the Chairman of the Board
and the President of the Company. The roles of the Chairman and the President undertaken by separate persons will
create a clear division of responsibilities and maintain an effective oversight.
The Chairman is responsible for the workings of the Board, ensuring the integrity and effectiveness of its governance
process. In his absence, his appointed alternate would act on his behalf.
The President is the most senior executive in the Company and has full executive responsibilities over the business
directions and operational decisions of the Group. He works closely with the Board to implement the policies set by the
Board to realise the Group’s vision.
BOARD MEMBERSHIP
Principle 4
Recommendations for nominations of new directors and retirement of directors are made by the Nominating
Committee (“NC”) and considered by the Board as a whole.
The NC reviews and assesses candidates for directorship before making recommendations to the Board. The NC
takes into consideration the skills and experience required and the existing composition of the Board and strives to
ensure that the Board has an appropriate balance of independent directors as well as directors with the right profile of
expertise, skills, attributes and abilities when recommending new directors to the Board.
The process for the appointment of new directors begins with the NC, together with the Chairman and President
cum Vice Chairman of the Company, conducting a needs analysis and identifying the critical requirement in terms of
expertise and skills that are needed in the context of the strengths and weaknesses of the existing Board. When a
candidate has been endorsed by the NC, the NC will then make a recommendation to the Board for the approval of his
appointment.
Corporate
Governance
Corporate Governance and Transparency
