Singapore Airlines 2003 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2003 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

SIA Annual Report 02/0334
3.6 The Committee has full access to and the co-operation of the Company’s Management. The Committee has the discretion
to invite any Director or executive officer to attend any of its meetings, and has adequate resources to discharge its
functions.
3.7 The Committee, having reviewed all non-audit services provided by the external auditors to the Company, is satisfied
that the nature and extent of such services would not affect the independence of the external auditors.
3.8 In the opinion of the Directors, the Company complies with the Code of Corporate Governance on Audit Committees.
4. BOARD FINANCE COMMITTEE
4.1 Formed on 11 August 2000, the Board Finance Committee is tasked to set directions, policies and guidelines pertaining
to certain financial matters of the Company. The Committee also acts as the approving body for new initiatives or projects
coming within its scope, which includes management of surplus funds, liquidity and financing management, financial
risk management, and review of share buy back procedures.
4.2 The Committee holds meetings at quarterly intervals, and comprises the following members:
Chairman : Fock Siew Wah
Members : Cheong Choong Kong (until 9 June 2003)
Chew Choon Seng (from 9 June 2003)
Charles B Goode
Davinder Singh
All members, save for Mr Chew Choon Seng (who was only appointed on 9 June 2003) were present at the meetings
held in 2002-03.
5. BOARD COMPENSATION AND ORGANIZATION COMMITTEE
5.1 The former Board Senior Officers’ Committee was renamed the Board Compensation and Organization Committee
(BCOC) on 11 September 2002.
5.2 The BCOC annually reviews and approves recommendations on remuneration policies and packages for key executives,
as well as oversees labour-management relations. It implements and administers the Company’s Employee Share Option
Plan. The BCOC also ensures that there are sufficient candidates recruited and/or promoted to leadership positions,
which include monitoring the leadership development programme.
5.3 The BCOC held four meetings in 2002-03. The members of the BCOC are:
Chairman : Koh Boon Hwee
Members : Cheong Choong Kong (until 9 June 2003)
Fock Siew Wah
Lim Boon Heng
Lim Chee Onn (until 13 July 2002)
All the members, save for Mr Lim Boon Heng and Mr Lim Chee Onn (who stepped down on 13 July 2002) were present
for the meetings held in 2002-03. Mr Lim Boon Heng attended three of the meetings as he was only appointed to the
BCOC on 11 September 2002.