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THE STRAITS TRADING COMPANY LIMITED
The summary compensation table for the key management personnel (who are not Directors) in bands of S$250,000 for FY2015
is as follows:
Name of Key Management Personnel
Salary
Bonus
Benefits in kind
Total
S$250,000 – S$499,999
Ms Yeo Sock Koon
76%
18%
6%
100%
Below S$250,000
Ms Thai Kum Foon
1
99%
–
1%
100%
Note:
1
Remuneration is for the period from 1 January 2015 to 31 March 2015.
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. For the purpose of
the Code, the Company had two key management personnel (who are not Directors).
The total remuneration paid to the two key management personnel (who are not Directors) in FY2015 amounted to S$664,934.
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 monthly basis.
AUDIT COMMITTEE
(Principle 12)
For FY2015, the AC, chaired by Mr Razman bin Ariffin, an Independent and Non-Executive Director, comprised five non-executive
Directors, the majority of whom were independent. The other members of the AC were Ms Chew Gek Hiang, Mr Yap Chee
Keong, Mr Tan Tiong Cheng and Dr Gary Hilton Weiss. Following Mr Razman bin Ariffin’s resignation on 18 March 2016, the
Board appointed Dr Gary Hilton Weiss and Mr Chia Chee Ming, Timothy as the Chairman and member of the AC respectively on
18 March 2016.
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 internal and external auditors. The AC also meets with the internal and external auditors on a quarterly
basis to review their findings and effectiveness.
To assist the discharging of its functions, the AC is provided with adequate resources, has full access to and co-operation of the
Management and the internal auditors, and has full discretion to invite any Director or executive officer to attend its meetings. All
major findings and recommendations are brought to the attention of the Board of Directors.
REPORT ON CORPORATE GOVERNANCE
