Board committees

As there is currently only one independent non-executive director of the Company, being (Dominic) Seah Boon Chin, the Board has not established remuneration, nomination and audit committees. The Directors have also undertaken to appoint an additional independent non-executive director as the Company starts to implement its Investing Policy. Following such appointment, the Board will establish remuneration, nomination and audit committees comprised exclusively of non-executive directors, with formally delegated duties and responsibilities.

Until the appointment of a further independent non-executive director, (Dominic) Seah Boon Chin will be responsible for the Company’s remuneration policy and the Board as a whole will monitor the performance of the Board and plans for succession and the functions usually carried out by a nominations committee. Until an audit committee is appointed, the Board as a whole will be responsible for reviewing and monitoring internal financial control systems and risk management systems on which the Company is reliant, considering annual and interim accounts and audit reports, considering the appointment and remuneration of the Company’s auditor and monitoring and reviewing annually their independence, objectivity, effectiveness and qualifications.