1. AUDIT COMMITTEE

Terms of Reference

Composition

The Board of Directors appoints from among its members to the Audit Committee as follows:-


Secretary

The Company Secretaries shall be the secretaries of the Audit Committee.

Quorum

The quorum for the meeting of the Audit Committee shall be two (2), where the majority of members present must be independent directors.

Meetings

The Committee shall meet at least five (5) times a year although additional meetings may be called at any time at the discretion of the Chairman. The Audit Committee meeting should be conducted separately from the board meeting to enable objective and independent discussion during the meeting. Participation by a member in a meeting by conference telephone, video, electronic or such other communication facilities will be allowed, and shall be treated as if that member was present in person at the said meeting.

Other directors and employees attend Audit Committee meetings only at the Audit Committee’s invitation.

Minutes and Proceedings

The Committee shall cause minutes to be made in respect of the proceedings and resolutions of all its meetings.

The minutes of the Audit Committee meetings shall be tabled at the Board Meetings to inform the Board of the activities of the Audit Committee.

Authority

The Committee is authorised by the Board:-


Key Functions and Responsibilities

The key functions and responsibilities of the Audit Committee shall be:-



2. NOMINATION COMMITTEE

Terms of Reference

Composition

The Chairman and members of the Nomination Committee shall be appointed by the Board from amongst the Directors of the Company and shall comprise exclusively of non-executive directors, a majority of whom must be independent. The Chairman of the Board should not be a member of the Nomination Committee. The Nomination Committee shall be chaired by an independent director.

The Nomination Committee shall comprise no fewer than three (3) members. In the event of any vacancy resulting in the non-compliance of the requirements, the Company must fill the vacancy within three (3) months.

The performance of the Nomination Committee and the terms of office of each of its members shall be assessed by the Board every year to determine whether such the Nomination Committee and its members have carried out their duties in accordance with their terms of reference.

Secretary

The Company Secretaries shall be the secretaries of the Nomination Committee.

Quorum

A quorum shall be two (2) Committee members.

Meetings

The Committee shall meet at least once (1) a year, and hold additional meetings as and when necessary. Participation by a member in a meeting by conference telephone, video, electronic or such other communication facilities will be allowed, and shall be treated as if that member was present in person at the said meeting.

Only members of the Committee have the right to attend Nomination Committee meetings. However other directors and employees may be invited to attend the meetings, as and when appropriate.

Minutes of meetings

The Secretary shall minute the proceedings and resolutions. The minutes shall be tabled at Board Meetings to inform the Board of the activities of the Nomination Committee.

Authority

The Committee is authorised to seek any information it requires from any employee of the Group in order to discharge its responsibilities to the Company.

The Committee is authorised to obtain independent professional advice at the Group's expense, on matters within its terms of reference.

Reporting

The Committee Chairman shall report to the Board on its proceedings after each meeting on all matters within its duties and responsibilities where appropriate.

The Committee shall make recommendations to the Board it deems appropriate on any area within its responsibility where action or improvements is needed. The Board shall make all final decisions on appointments after considering the recommendations of the Nomination Committee.

Key Functions and Responsibilities

The key functions and responsibilities of the Nomination Committee shall be:

  1. To identify, select and recommend for the approval of the Board, candidates to fill vacancies at the Board as well as board committees as and when they arise.
  2. To review the structure, size, composition (including skills, knowledge and experience) required of the Board and make recommendations as deemed appropriate giving full consideration to succession planning for directors and taking into account the challenges and opportunities facing the Group, and the skills and expertise that are therefore needed on the Board in the future;
  3. To assess the effectiveness of the Board as a whole, the Board Committees and each individual Director on an annual basis. In developing such recommendations, the Nomination Committee will consult all Directors and reflect that consultation in any recommendation brought forward to the Board;
  4. To review the term of office and performance of the Audit Committee and each of its members annually to determine whether such Audit Committee and members have carried out their duties in accordance with their terms of reference;
  5. To assess and evaluate the Chief Executive Officer and the Chief Financial Officer on an annual basis;
  6. To make recommendations to the Board concerning:-
    1. appointment of new director(s);
    2. re-election by shareholders of any director under the retirement provisions in the Constitution;
    3. membership of Board committees in consultation with the Chairmen of those committees;
    4. succession planning, particularly for key roles on the Board;
    5. continuation in office of any director and termination of employment of executive directors; and
    6. re-appointment of independent directors who are in office beyond nine years.
  7. The Committee shall, at least once a year, review its own performance and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers necessary to the Board for approval.
  8. To review and facilitate Board induction and training programme.


3. REMUNERATION COMMITTEE

Terms of reference

Composition

The Chairman and members of the Remuneration Committee shall be appointed by the Board from amongst the Directors of the Company and shall comprise a majority of non-executive directors.

The Remuneration Committee shall comprise no fewer than three (3) members. In the event of any vacancy resulting in the non-compliance of the requirements, the Company must fill the vacancy within three (3) months.

The performance of the Remuneration Committee and the terms of office of each of its members shall be assessed by the Board every year to determine whether such the Remuneration Committee and its members have carried out their duties in accordance with their terms of reference.

Secretary

The Company Secretaries shall be the secretaries of the Remuneration Committee.

Quorum

A quorum shall be two (2) Committee members.

Meetings

Only members of the Committee have the right to attend Remuneration Committee meetings. However other directors and employees may be invited to attend the meetings, as and when appropriate.

The Committee shall meet at least once (1) a year, and hold additional meetings as and when necessary.

Minutes of meetings

The Secretary shall minute the proceedings and resolutions. The minutes shall be tabled at Board Meetings to inform the Board of the activities of the Remuneration Committee.

Key Functions and Responsibilities

The Remuneration Committee is responsible for the formulating and reviewing the remuneration policies and procedures to determine the remuneration for the members of the Board, Board Committees and such member of the senior management as the Board may determine from time to time, and recommending it to the Board for approval.

The Remuneration Committee reviews the Board remuneration policy and terms of conditions of service of each Director and such member of the senior management annually. The remuneration of Directors is generally based on market conditions and comparisons, responsibilities held, business strategy, long term objectives and the overall financial performance of the Group. The Remuneration Committee also takes into consideration remuneration of directors of other public listed companies, particularly those in the financial sector that are of comparable size and nature, to ensure that the Board's remuneration policy are justified to attract, motivate and retain the Directors of the Company.

Relevant directors are required to abstain from deliberation and voting decisions in respect of their own remuneration. Decisions and recommendations of the Remuneration Committee shall be tabled at the Board meeting for approval and where required by rules and regulations governing the Company, for approval of shareholders at the Annual General Meeting.