Singapore Airlines 2005 Annual Report Download - page 36

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34 SIA Annual Report 04/05
The Directors come from diverse backgrounds and possess varied expertise in finance, legal, industry, business, labour
and management fields. Management briefs new Directors on the Company's business and strategic directions. The
Company will consider formulating training programmes, if the need arises.
The Chairman, Mr Koh Boon Hwee and the Chief Executive Officer, Mr Chew Choon Seng are not related to each
other. There is division of responsibilities between the Chairman and the Chief Executive Officer, which ensures a
balance of power and authority within the Company.
The Board has established seven Board Committees to assist in the execution of its responsibilities, namely:
• the Board Executive Committee
• the Audit & Risk Committee
• the Board Finance Committee
• the Board Compensation and Organisation Committee
• the Nominating Committee
• the Safety and Reliability Committee
• the Board Labour Relations Committee.
These committees have written mandates and operating procedures, which are reviewed periodically. The Board has
also established a framework for the management of the Group including a system of internal controls and a business
risk management process.
A table setting out the Board Members and their memberships on the various Board Committees can be found on
page 39.
Board Executive Committee (ExCo)
The ExCo comprises 3 members, namely, Koh Boon Hwee (Chairman), Chew Choon Seng and Fock Siew Wah. They
are authorised to make decisions on routine and operational matters, including opening of bank accounts, granting
Powers of Attorney, affixing the Company's seal on documents, and authorizing specific officers to sign pertinent
documents on behalf of the Company. The other functions of the ExCo include reviewing the overall strategy of the
Group and making recommendations to the Board, reviewing and recommending to the Board the annual operating
and capital budgets, and reviewing and approving matters relating to the Group's wholly-owned subsidiaries.
The ExCo does not conduct regular physical meetings. Resolutions are generally passed by circulation.
Board Finance Committee (BFC)
The BFC comprises 4 members, namely, Fock Siew Wah (Chairman), Charles B Goode, Davinder Singh and Chew
Choon Seng.
The BFC 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. Meetings are held on a quarterly basis.
Safety and Reliability Committee (SRC)
The SRC comprises of Koh Boon Hwee (Chairman) and Ho Kwon Ping. The functions of the SRC include ensuring that
systems and programmes comply with regulatory requirements and accord with the best practices of the aviation
industry; reviewing regular reports on safety and reliability performances; reviewing accident investigation findings
and recommendations; and advising Management and reporting to the Board on safety and reliability issues.
Corporate Governance Report
For the period 1 April 2004 to 31 March 2005