All the Independent Directors had confirmed that they do not have any relationship and business dealing with the Management
and 10% shareholders of the Company.
The Board will continue reviewing the size and composition of the Board and the independent status of its directors on an
ongoing basis.
Directors are provided with regular updates on relevant new laws and regulations, and evolving commercial risks and business
conditions from the Company’s relevant advisors. Newly appointed directors would receive a formal letter setting out the
director’s duties and obligations and receive comprehensive and tailored induction and training in areas such as accounting,
legal and industry-specific knowledge on joining the Board. Annual visits are arranged for Non-Executive Independent Directors
to acquaint them with important operations overseas.
STRATEGIC DEVELOPMENT COMMITTEE
The Strategic Development Committee (“SDC”) comprises the following directors, majority of whom are independent directors:
Wu Zi Heng (Chairman)
Non-Independent Executive
Wang Yu Hang
Non-Independent and Non-Executive
Tom Yee Lat Shing
Non-Executive Lead Independent
Wang Kai Yuen
Non-Executive Independent
Er Kwong Wah
Non-Executive Independent
Ang Swee Tian
Non-Executive Independent
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 Wang Yu Hang 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 Chairman and the President undertaken by separate persons will create a clear
division of responsibilities and maintain an effective oversight.
Corporate Governance and Transparency
CORPORATE
GOVERNANCE
36
COSCO Corporation (Singapore) Limited
Annual Report 2015
