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SINGAPORE SHIPPING CORPORATION LIMITED
Article 91 of the Articles of Association (“Articles”) requires one third of the Board to retire by rotation
at every AGM and such retired Directors may however be eligible for re-election. At the AGM of the
Company held on 30 July 2015 (“2015 AGM”), Ow Yew Heng was re-elected as Director pursuant
to Article 91 of the Articles. Prior to such re-election, the candidacy of Ow Yew Heng was reviewed
and following such review, recommended by the NC and endorsed by the Board for re-election by
Shareholders at the 2015 AGM.
At the forthcoming AGM to be held on 28 July 2016, Ng Jui Ping and Stanley Lai Tze Chang shall
be proposed to the Shareholders for re-election as Directors pursuant to Articles 91 and 97 of the
Articles respectively. The NC has reviewed the candidates and recommends that the candidates be
proposed to the Shareholders for their re-election to be approved. The Board has endorsed the NC’s
recommendations.
Independence of Directors
The NC has in relation to FY2016 annually and upon the appointment of each new Director, carried
out the review of independence of each Independent Director. Following such review the NC has
determined that Tan Guong Ching, Ng Jui Ping, and Stanley Lai Tze Chang are all independent. None
of the Independent Directors have all served more than 9 years.
Principle 5: Board Performance
The Company holds the belief that the Group’s performance and that of the Board’s performance are
directly related. The Company assesses the Board’s performance through its ability to steer the Group
in the right direction and the support it renders to management.
The Board, with the assistance of the NC, has established and implemented a formal process for
evaluating and assessing the effectiveness of the Board as a whole, together with the contributions
by each Director to the effectiveness and performance of the Board. This evaluation and assessment
exercise is carried out annually.
The Board’s evaluation and assessment covers areas such as Board Composition, Board Information,
Board Process, Internal Controls and Risk Management, Board Accountability, and the Board’s
relationship with the Group’s senior management. Each Director evaluates and assesses the Board
and their individual performance, the results of which are consolidated, analysed and discussed within
the NC, which includes a comparison with the results of the preceding financial year. As part of the
evaluation carried out by the Board, members of the Board considered whether fellow members
are able to and have adequately carried out their duties as Directors. The results and areas to be
strengthened are identified and reported to the Board, and led by the Chairman of the Board. Upon the
endorsement of the report, Directors act upon its findings.
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
