Singapore Airlines 2016 Annual Report Download - page 65

Corporate
Governance Report
The Board and Management are committed to
continually enhancing shareholder value by
maintaining high standards of corporate governance,
professionalism, integrity and commitment at all
levels, underpinned by strong internal controls and risk
management systems.
This Report sets out the Company’s corporate
governance processes, with specific reference to the
guidelines of the revised Code of Corporate Governance
issued by the Ministry of Finance in Singapore in May
2012 (“the Code”).
Board’s Conduct of Its Aairs (Principle 1)
The Board oversees the business performance and
aairs of the Company and provides general guidance
to Management. Its principal functions include charting
the Group’s strategic direction, reviewing and approving
annual budgets, financial plans and monitoring the
Group’s performance; approving major acquisitions
and fund-raising exercises; and ensuring the Group’s
Name of Director
Position held
on the Board
Date of first
appointment
to the Board
Date of last
re-election
as Director
Nature of
Appointment
Stephen Lee Ching Yen Chairman 26 April 2004 30 July 2014 Non-executive/
Independent
Peter Seah Lim Huat Deputy
Chairman 1 September 2015 – Non-executive/ Independent
Goh Choon Phong Director 1 October 2010 26 July 2013 Executive/
Non-Independent
Gautam Banerjee Director 1 January 2013 26 July 2013 Non-executive/
Independent
William Fung Kwok Lun Director 1 December 2009 30 July 2014 Non-executive/
Independent
Hsieh Tsun-yan Director 1 September 2012 26 July 2013 Non-executive/
Independent
Christina Ong Director 1 September 2007 30 July 2015 Non-executive/
Independent
Helmut Gunter Wilhelm Panke Director 1 September 2009 30 July 2015 Non-executive/
Independent
Lucien Wong Yuen Kuai Director 1 September 2007 30 July 2015 Non-executive/
Non-Independent
compliance with all laws and regulations as may be
relevant to the business.
To assist the Board in the discharge of its oversight
function, five board committees have been constituted
with written terms of reference. All board committees
are actively engaged and play an important role in
ensuring good corporate governance in the Company.
Management briefs new Directors on the Company’s
business and strategic directions, as well as governance
practices. The Company conducts orientation
programmes and site visits for new Directors, and
arranges for Directors to be updated on new laws and
regulations, as well as changing commercial risks and
industry developments, as deemed appropriate. Formal
letters are issued to newly-appointed Directors upon
their appointment, including details of their duties and
obligations as Directors.
Board Composition and Guidance (Principle 2)
The Board currently comprises nine Directors as follows:
Annual Report FY2015/16 63