47
ANNUAL REPORT 2015
CORPORATEGOVERNANCEREPORT
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BAKERTECHNOLOGYlimited
Baker Technology Limited (the “Company” or “Baker Tech”) and its subsidiaries (collectively, the “Group”) are committed to observing high standards of corporate
governanceandpromoting corporate transparency accountability and integrity toenhance shareholders’ value.
Baker Techwas awardedaBronzeaward forBest Annual Report for companiesunder $300million inmarket capitalisationat the2015SingaporeCorporateAwards,
making it thefifth consecutive year that theGrouphaswonanaward in this category. Theaward recognisesexcellence in thepresentationof financial reporting, high
level of corporatedisclosuresand transparency. TheCompany receivedGoldawards in the “BestManagedBoard” category at the2014and2011SingaporeCorporate
AwardsandSilver in2010. TheSingaporeCorporateAwards, organisedbyTheBusinessTimesandsupportedbyTheSingaporeExchange, aim toshowcaseandhonour
excellence in shareholder communicationsand corporategovernanceamongst SGX-listed companies.
This report setsout theCompany’scorporategovernancepractices for thefinancial yearended31December 2015 (“FY2015”),withspecific reference to theprinciples
and guidelines of the Code of Corporate Governance 2012 (the “Code”). The Company has adhered to such principles and guidelines, where applicable, and has
identifiedandexplainedareasof non-compliance in this report.
BOARDMATTERS
Principle1: TheBoard’sConduct ofAffairs
Board’sRole
The Board oversees the overall management and business affairs of the Group. The Board also sets the Group’s values and standards to ensure obligations to
shareholdersandother stakeholdersareunderstoodandmet. Itsprimary functionsare toapprove thebroadpolicies, strategiesandfinancial objectivesof theGroup
andmonitor theperformanceofManagement, consider thesustainability issuesaspart of itsstrategic formulation, oversee theprocesses forevaluating theadequacy
of internal controls, riskmanagement, financial reporting and compliance and assume responsibility for corporategovernance. TheBoarddelegates the formulation
of businesspoliciesandday-to-daymanagement to theExecutiveDirectors.
Independent Judgment
Indischarging theirfiduciaryduties, all Directorsareexpected toexercise independent judgement andmakedecisionsobjectively in thebest interest of theCompany.
ADirectorwho is interested ina transactionorproposed transactionwill declarehis interest andalsoabstain fromdeliberationanddecisionmaking. Independence is
an important criterion for theNominatingCommittee’sevaluationof theperformanceof eachDirector and the individual Director’s self-assessment.
DelegationofAuthority toBoardCommittees
The Board is supported by the Board Committees established to assist the Board in discharging its responsibilities and enhance the Group’s corporate governance
framework. Theyare theAuditCommittee, theRemunerationCommitteeand theNominatingCommittee. Eachof thesecommitteeshas itsownspecific termsof reference
settingout theauthorityanddutiesof theBoardCommitteesandall the termsof reference for theBoardCommitteesareapprovedby theBoard.
BoardProcesses
BoardandBoardCommitteemeetingsareheld regularly,with theBoardmeetingno less than4 timesa year. To facilitateDirector’sattendanceatmeetings, thedates
ofBoardandBoardCommitteemeetingsaswell asannual generalmeetingsarescheduled inadvance.Ad-hocBoardandBoardCommitteemeetingsarearrangedas
andwhen circumstances require. Telephonic attendanceand conference viaaudio-visual communicationat BoardandBoardCommitteemeetings areallowedunder
theCompany’sConstitution. In2015, theBoardmet five times.
Thenumber of theBoardandBoardCommitteesmeetingsheld in2015, and theattendanceof eachmember of theBoardandBoardCommitteesat themeetingsare
as follows:
NameofDirectors
Board
AuditCommittee
NominatingCommittee
RemunerationCommittee
No. of
MeetingsHeld
No. of
Meetings
Attended
No. of
MeetingsHeld
No. of
Meetings
Attended
No. of
MeetingsHeld
No. of
Meetings
Attended
No. of
MeetingsHeld
No. of
Meetings
Attended
LimHoSeng
5
5
5
5*
1
1*
1
1
DrBenetyChang
5
5
5
5*
1
1
1
1*
JeanetteChang
5
5
5
5*
1
1*
1
1*
TanYangGuan
5
5
5
5*
1
1*
1
1*
WongMengYeng
5
5
5
5
1
1
1
1*
AngMiahKhiang
5
5
5
5
1
1*
1
1
HanSahHeokVicky
5
5
5
5
1
1
1
1
*Refers tomeetingsattendedby invitation
MattersRequiringBoardApproval
TheGrouphas inplacean internalguideregardingmatters thatrequire theBoard’sapproval.These includesettingofstrategicdirections,policiesorfinancialobjectives
which are significant in terms of future profitability or performance of the Group, material transactions such asmajor investment or acquisition, divestments and
fundingproposals, approval of annual budgets, financial statements anddeclaration of dividends.Management was also given clear directions onmatters (including
setting thresholds for operatingand capital expenditure relating to subsidiaries) that require theapproval of theBoard.
