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The Chairman is Dr Hu Tsu Tau who brings with him a wealth of experience both in the Singapore Government (as a former Cabinet Minister) and in a major global company (as previous Chairman and Chief Executive of the Shell Group of companies in Singapore).
The sole executive director is Mr Liew Mun Leong, who is also the President and CEO.
The Board meets regularly to review the key activities and business strategies of the Group, at least once every quarter, and as required by business imperatives. The Board deliberates strategic policies of the Group, including significant acquisitions and divestments, approving the annual budget, reviewing the performance of the Group’s businesses, and approving the release of the quarterly and full year results. The Audit Committee is delegated the authority by the Board to review such results. A total of four Board meetings was held in 2007.
A table of the Board members participation in the various Board committees is set out on page 62 of this Report. This reflects each Board member’s additional responsibilities and special focus in the respective Board committees.
A table showing the attendance record of directors at Board meetings and Board committee meetings during the year is set out on page 63 of this Report. We believe in the manifest contribution of our directors beyond attendance at formal Board and Board committees meetings. CapitaLand’s directors who are all professionals with diverse experience are able to provide effective guidance on the strategic direction of the Group’s businesses. To judge a director’s contribution based on his attendance at formal meetings alone would not do justice to his overall contribution, which includes being accessible to Management for guidance or exchange of views outside the formal environment of Board meetings.
The Board has adopted a set of internal controls which sets out approval limits for capital expenditure, investments and divestments, bank borrowings and signature of cheques at Board level. Approval sublimits are also provided at Management levels to facilitate operational efficiency.
Changes to regulations and accounting standards are monitored closely by Management. Where regulatory changes have an important bearing on the Company’s or directors’ disclosure obligations, directors are briefed during Board meetings or at specially-convened sessions conducted by professionals.
Newly appointed directors are given briefings by Management on the business activities of the Group and its strategic directions. Upon appointment, each director is briefed and provided with a formal letter setting out the director’s duties and obligations. Directors are also briefed and provided with relevant information on the Company’s policies and procedures relating to corporate conduct and governance including disclosure of interests in securities, prohibitions on dealings in the Company’s securities, restrictions on disclosure of price sensitive information and the disclosure of interests relating to certain property transactions. |
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