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SINGAPORE SHIPPING CORPORATION LIMITED
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
Board Committees and Board Approvals
In order for the Board to efficiently oversee the various matters of the Group, it delegates specific
areas of its responsibility to its three board committees (“Board Committees”), namely the Audit and
Risk Management Committee (“ARMC”), the Nominating Committee (“NC”) and the Remuneration
Committee (“RC”). Each Board Committee is governed by clear terms of references approved by the
Board and its role is to assist the Board in the matters that the Board delegates to it. Notwithstanding
the Board’s delegation to its Board Committees, the Board maintains its responsibility on the matters
overseen by each Board Committee.
The Board has put in place a process of approvals to ensure a balance between business efficacy and
the maintenance of internal controls. However, various matters are reserved for the Board’s approval,
and these matters principally include:
•
approval of the Group’s policies, strategies and financial objectives;
•
approval of the Group’s internal control and risk management framework;
•
annual budget and major funding requirements of the Group; and
•
any acquisitions and divestments of assets and investments by the Group.
Meetings of the Board and Board Committees
The Board and the ARMC meet at least once every financial quarter and as and when required. The
NC and RC meet as and when required to assist the Board in its respective roles and to perform the
responsibilities that have been delegated to them. Where necessary, additional meetings are held
to address significant transactions or issues arising from the business operations of the Group. For
FY2016, the Board convened a total of 5 times, with the ARMC convening 5 times, and both the
NC and RC convening 2 and 3 times respectively. In addition to these meetings, independent and
non-executive directors (“Independent and Non-Executive Directors”) meet without the presence of
management, as and when required. As an alternative to physical meetings, teleconference facilities
are made available to members of the Board to facilitate directors’ participation at Board meetings.
