REPORT ON CORPORATE GOVERNANCE
There are no employees of the Group who are immediate family members of a Director, and whose remuneration exceeds
S$50,000 a year.
The summary compensation table for the key management personnel (who are not Directors) in bands of S$250,000 for FY2014
is as follows:
Name of Key Management Personnel
Salary
Bonus
Benefits in Kind
Total
S$500,000 – S$749,999
Ms Thai Kum Foon
93%
–
7%
100%
Below S$250,000
Ms Chi Ping Huey
1
98%
–
2%
100%
Legend:
1 Remuneration is for the period from 1 January 2014 to 30 June 2014.
Due to the sensitivity and confidentiality of remuneration matters, the Board is of the view that it is in the best interests of the
Company not to fully disclose the remuneration of each individual Director and key management personnel.
The total remuneration paid to the two key management personnel (who are not Directors) in FY2014 amounted to S$727,650.
ACCOUNTABILITY
(Principle 10)
In presenting the annual financial statements and quarterly announcements to shareholders, it is the aim of the Board to provide
shareholders with a balanced and detailed analysis, explanations and assessment of the Company’s and the Group’s performance,
financial position and prospects.
The Management currently provides the Board with balanced and understandable accounts of the Company’s performance,
financial position and business prospects on a regular basis.
The Board has received assurance from the Management that the financial statements have been properly drawn up in accordance
with the Companies Act and Singapore Financial Reporting Standards and are not false or misleading in any material aspect.
AUDIT COMMITTEE
(Principle 12)
Up to 31 December 2014, the AC, chaired by Mr Gautam Banerjee, the Lead Independent Director, comprised three non-executive
Directors, the majority of whom are independent. The other members of the AC are Tan Sri Dato’ Dr Lin See-Yan (until 30 April
2014), Ms Chew Gek Hiang and Mr Tan Tiong Cheng (appointed on 30 April 2014). Mr Razman bin Ariffin, the current AC chairman,
Mr Yap Chee Keong and Dr Gary Hilton Weiss were appointed on 31 December 2014.
All members of the AC are financially literate and have accounting or related financial management expertise or experience.
The role of the AC is documented in the Terms of Reference approved by the Board. The Terms of Reference defines the purpose,
authority and responsibilities of the AC. The AC has the power to conduct or authorise investigations into any matters within
its scope of responsibilities. The Board is updated by the AC Chairman on the significant issues discussed at the AC meetings.
In performing its functions, the AC reviews the overall scope of both internal and external audits and the assistance given by
the Company’s officers to the auditors. It meets with the Company’s internal and external auditors to discuss the results of
38
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
