2015/2016 ANNUAL REPORT
29
The Board of Directors (“Board”) of Singapore Shipping Corporation Limited (“Company”) and its
subsidiaries (“Group”) are committed to high standards of corporate governance in its business and
operations in the way in which the Company is directed, administered and controlled. The Board believes
that good governance is an essential ingredient to ensure corporate and business success, and to maintain
sustainable growth. In this respect, the Board promotes accountability to its shareholders in its pursuit of
its corporate and business objectives.
The Company is pleased to confirm that it has adopted corporate governance practices which are in line
with the principles and guidelines of the revised Code of Corporate Governance 2012 (“2012 Code”).
This corporate governance statement provides an insight into the Company’s corporate governance
framework and practices in reference to the 2012 Code for the financial year ended 31 March 2016
(“FY2016”).
1. BOARD MATTERS
Principle 1: The Board’s Conduct of Affairs
The Board provides the entrepreneurial leadership, sets the strategic direction and performance
objectives of the Group, and sets the standards for the Group’s corporate governance policies and
practices. Its principal function is to:
• Formulate corporate strategies, financial objectives and direction for the Group;
• Ensure effective management leadership of the highest quality and integrity;
• Provide oversight in the proper conduct of the Group’s businesses;
• Oversee and/or evaluate the adequacy of the internal audit, risk management, financial reporting
and compliance processes; and
• Oversee and ensure high standards of corporate governance for the Group.
The Board also deliberates and makes decisions on material acquisitions and divestments, any
corporate restructuring, dividend payments and other returns to shareholders (“Shareholders”), and
on matters that may involve a potential conflict of interest for any director.
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
