48
COSCO Corporation (Singapore) Limited
Corporate
Governance
Corporate Governance and Transparency
The Company’s Articles allow a shareholder entitled to attend and vote to appoint a proxy who need not be a
shareholder of the Company to attend and vote at the meetings.
The Board members and chairpersons of the Audit, Nominating, Remuneration, Enterprise Risk Management and
Strategic Development Committees are present and available to address shareholders’ questions at general meetings.
The external auditors are also present to address shareholders’ queries relating to the conduct of the audit and the
preparation and content of the auditors’ report.
The Board is of the view that voting by poll is time-consuming and increases the cost of holding general meetings.
However, the Board will continue to study the feasibility of conducting poll voting in general meetings on a case-
by-case basis. Unless the context otherwise requires or a poll is demanded in accordance with the provision of the
Articles, the Company shall, for the time being continue to conduct its votes on a show of hands. The Board notes
that pursuant to the Rules 730A (2) of the Listing Manual of the Singapore Exchange Securities Trading Limited, voting
by way of poll would be required by 1 August 2015.
E. INTERESTED PERSON TRANSACTIONS (“IPTS”) POLICY
The Company has adopted an internal policy in respect of any transactions with interested persons and has set out the
procedures for review and approval of the Company’s interested person transactions with the China Ocean Shipping
(Group) Company and its associates, which are covered by a Shareholders’ Mandate approved at each general
meeting.
The AC reviews the Shareholders’ Mandate at regular intervals, and is satisfied that the review procedures for IPTs and
the reviews to be made periodically by the AC in relation thereto are adequate to ensure that the IPTs will be transacted
on normal terms and will not be prejudicial to the interests of the Company and its minority shareholders.
Pursuant to Rule 907 of the Listing Manual, the following interested person transactions were entered into during the
financial year:
Name of interested person
Aggregate value of all interested
person transaction during the
financial period under review
(excluding transactions less
than $100,000 and transactions
conducted under shareholders'
mandate pursuant to Rule 920)
Aggregate value of all interested
person transactions conducted
under shareholders' mandate
pursuant to Rule 920 (excluding
transactions less than $100,000)
S$’000
S$’000
Between Subsidiaries and:
Chimbusco Guangzhou Branch
–
4,251
Chimbusco Zhoushan Branch
–
7,712
China Marine Bunker (Dalian) Co., Ltd
–
11,090
China Ocean Shipping (Group) Company
–
123
Cosco (HK) Insurance Brokers Ltd
–
243
Cosco (HK) Investment & Development
Co., Ltd
–
1,067
Cosco (HK) Shipping Co., Ltd
–
11,547
COSCO (Weihai) Shipbuilding Marine
Technology Co., Ltd
–
530
Cosco Air Service Shanghai Ltd
–
112
Cosco Bulk Carrier Co., Ltd
–
8,837
Cosco Bulk Carrier Holdings (Cayman)
Limited
–
1,002
