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Food Empire Holdings Limited Annual Report 2014
CORPORATE GOVERNANCE
E)
BOARD PERFORMANCE (cont’d)
- Principle 5: Formal assessment of the effectiveness of the Board and contributions of each Director
(cont’d)
The Board’s evaluation process is performed annually.
The Board is of the view that the financial parameters recommended by the Code as performance criteria for
the evaluation of Directors do not fully measure the contributions Directors make to the long-term success of
the Company.
F)
ACCESS TO INFORMATION
- Principle 6: Board members to have complete, adequate and timely information
In order to ensure that the Board is able to fulfill its responsibilities, management provides the Board members
with periodic updates of the latest developments in the Group, accounts, reports and other financial information.
The Directors have been provided with the contact particulars of the Company’s senior management staff and the
Company Secretary to facilitate access. The Directors are informed and are aware that they may take independent
professional advice at the Company’s expense, where necessary, in furtherance of their duties.
The Company Secretary or his representatives will attend all Board and Board Committee meetings. They are
responsible for ensuring that Board procedures are followed and that the Company has complied with the
requirements of the Companies Act, Chapter 50 and the SGX-ST Listing Manual.
G) REMUNERATION MATTERS
- Principle 7: Formal and transparent procedure for fixing remuneration packages of Directors
- Principle 8: Remuneration of Directors should be adequate but not excessive
- Principle 9: Remuneration policy, level and mix of remuneration and procedure for setting remuneration
The RC comprises:-
Mr. Lew Syn Pau
(Chairman)
Mr. Ong Kian Min
Mr. Boon Yoon Chiang
Mdm. Tan Guek Ming
Mr. Koh Yew Hiap
The RC’s main responsibility is to review and recommend a framework of remuneration for the Board members
and key executives of the Group. The objective is to motivate and retain executives and ensures the Group is able
to attract the best talent in order to maximise shareholder value.
The remuneration of the Executive Directors is based on service agreements signed upon their appointments.
The service agreements will continue unless otherwise terminated by either party giving not less than three
month’s notice in writing. Under the service agreements, the Executive Directors are entitled to a share of profits
on the Group’s profit before tax, on top of the monthly salary and bonus.
