The Group is committed to the establishment of good corporate governance practices and procedures. The corporate governance principles of the Group emphasize a quality Board, accountability, transparency, fairness, ethical business practices, responsibility, and effective risk management and internal control.
The Board, comprising members of diverse professional backgrounds and skills, oversees the system of rules, practices, and processes by which the Group is directed and controlled. There is a schedule of matters reserved for the Board’s approval, which mainly relates to formulating corporate strategies and policies, approving business plans, supervising the Group’s financial and business performance, and approving major management and financial matters such as major acquisition, disposal, or capital commitment. Safe those matters set out in the schedule, all other general powers of the Board are delegated to an Executive Board, which is responsible for the management of the day-to-day operation of the Group.
The Board has overall responsibility for maintaining effective risk management and internal control systems. To assist the Board to discharge its responsibility, two board committees, namely the Risk Management Committee and the Audit Committee have been established. The Risk Management Committee (RMC) oversees the Group’s risk management framework, evaluates its effectiveness and adequacy, assesses the material risks, approves and updates risk policies and tolerances, and review breaches, and advises the Board on significant risk related issues. Reporting to the RMC is an Environment, Health and Safety (EHS) Committee which monitors risks related to environment, occupational health, and safety in each of our manufacturing facilities with the emphasis on implementing effective preventive measures against possible hazards.
The Audit Committee (AC) provides oversight of the financial reporting process, the audit process, the Group’s system of internal controls, and compliance with laws and regulations. In support of the two board committees, the Group Management maintains an independent Internal Compliance Control function which conducts regular internal reviews and audit for compliance on the Group’s risk management, financial checks and internal control system.
The Group maintains an Anti-Corruption Policy and Code of Conduct, which provide rules and guidelines to employees to meet high standards of integrity and honesty internally and externally and not to engage in any kind of bribery and corruption prohibited by local laws and international regulations. The Group has zero tolerance towards non-compliance of its Anti-Corruption Policy.