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(I) BOARD MATTERS
The Board’s Conduct of its Affairs
Principle 1: Every company should be
headed by an effective Board to lead
and control the company. The Board is
collectively responsible for the long-
term success of the company. The
Board works with the Management
to achieve this objective and the
Management remains accountable to
the Board.
The Board effectively leads the
Company, working together with the
Management to achieve success for
the Group. The Management remains
accountable to the Board.
In managing the Group’s business, the
principal functions of the Board are to:
1.
Undertake the strategic planning
and setting
of
long-term
objectives for the Group;
2.
Approve major investment and
funding decisions;
3.
Establish a framework of prudent
and effective control systems and
policies which enables risks to be
assessed and managed including
safeguarding of shareholders’
interest and company’s assets;
4.
Monitor the financial performance
of the Group;
5.
Evaluate the performance and
determine the compensation of
key management personnel; and
6.
Assume
responsibility
for
corporate governance
The Directors recognise the
importance
of
corporate
governance and the offering of
high standards of accountability
to the shareholders of our
Company. The Company aims to
comply with the recommendations
of the Code of Corporate
Governance 2012 (“Code”)
through effective self-regulatory
corporate practices to protect
and enhance the interests of its
shareholders. The statement
describes
the
Company’s
corporate governance processes
and actions with reference to
the Code, Listing Manual of the
Singapore Exchange Securities
Trading Limited, the Singapore
Companies Act, and the Audit
Committee Guidebook.
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DYNA-MAC HOLDINGS LTD.
2016 ANNUAL REPORT
18
CORPORATE
GOVERNANCE