Our Directors recognise the importance of corporate governance and the offering of high standards of accountability to our Shareholders, and will use best efforts to implement the good practices recommended in the Code of Corporate Governance 2012 ("Code"). Our Board of Directors has formed three committees, namely, our Audit Committee, our Remuneration Committee and our Nominating Committee.
Our Directors are appointed by our Shareholders at a general meeting, and an election of Directors takes place annually. One third (or the number nearest one third) of our Directors, are required to retire from office at each annual general meeting. Further, all our Directors are required to retire from office at least once in every three years. However, a retiring Director is eligible for re-election at the meeting at which he retires. Further details on the appointment and retirement of Directors can be found in the section entitled "Appendix C – Selected Extracts of our Constitution" of this Offer Document.
The members of our Audit Committee are Mr. Cheah Teik Seng, Dato' Alan Teo and Dr. Lim Su Kiat, and the Chairman of our Audit Committee is Mr. Cheah Teik Seng. Our Audit Committee will assist our Board in discharging its responsibility to safeguard our assets, maintain adequate accounting records, and develop and maintain effective systems of internal control, with the overall objective of ensuring that our management creates and maintains an effective control environment in our Group.