The Board and management of InnoTek Limited (“InnoTek” or the “Company”) are committed to setting and
maintaining a high standard of corporate governance within the Company and its subsidiaries (the “Group”).
On 2 May 2012, the Monetary Authority of Singapore issued a revised Code of Corporate Governance (“Code”),
which took effect with respect to Annual Reports of listed entities relating to financial years commencing 1
November 2012. This report (“Report”) outlines the corporate governance framework and practices adopted by
the Company with specific reference given to the Code. In so far as the Company has not complied with any
guideline, we have provided the reason.
BOARD MATTERS
Board’s Conduct of its Affairs
Principle 1: Effective Board to lead and control the company
The Board is collectively responsible for overall corporate governance, strategic direction and formulation of
policies to oversee the business, performance and affairs of the Group. The Board supervises the Management
which has the role of ensuring that the day-to-day operation and administration of the Group are carried out in
accordance with the policies and strategies determined by the Board, and in that respect, Management is fully
accountable to the Board.
The principal functions of the Board are to:
–
Act as ultimate decision-making body of the Company, except with respect to those matters reserved to
shareholders. All directors take decisions objectively in the interests of the Company;
–
Represent shareholders’ interest in developing the Company’s businesses successfully including optimizing
long-term financial returns;
–
Review and evaluate management performance and ensure that management is capable of executing its
responsibilities;
–
Act as an advisor to senior management;
–
Recognise its legal, social and moral obligations towards its stakeholders;
In addition to its statutory duties, the Board is also responsible for:
–
Providing entrepreneurial leadership within a framework of prudent and effective controls which enable
risks to be adequately assessed and managed.
–
Ensuring that the necessary financial and human resources are in place for the Company to meet its
objectives and overseeing the management of the Company and the Group;
–
Approving of investment and divestment proposals;
I N N O T E K L I M I T E D
A N N U A L R E P O R T 2 0 1 5
17
CORPORATE
GOVERNANCE REPORT
