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Corporate Governance

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(Extracted from Annual Report 2016)

At OKP, we are committed to ensuring high standards of corporate governance. We believe that sound corporate governance principles and practices will improve corporate transparency, accountability, performance and integrity, and at the same time, protect and enhance shareholder value.

The Listing Manual of the Singapore Exchange Securities Trading Limited (SGX-ST) requires all listed companies to describe, in their annual reports, their corporate governance practices, with specific reference to the principles of the Code of Corporate Governance (the Code).

We have presented our corporate governance policies and practices on each of the principles of the Code in a tabular form, stipulating each principle and guideline, and explaining any deviations from the Code and taking consideration the Disclosure Guide provided by the SGX-ST on 29 January 2015. The Board of Directors is pleased to confirm that for the financial year ended 31 December 2016, the Company has adhered to the principles and guidelines of the Code as well as the Listing Manual of the SGX-ST where appropriate.

1. BOARD MATTERS

The Board's Conduct of its Affairs

Principle 1: Every company should be headed by an effective Board to lead and control the company. The Board is collectively responsible for the long-term success of the company. The Board works with Management to achieve this objective and the Management remains accountable to the Board.

Our Policy and Practices:

The principal functions of the Board, apart from its statutory responsibilities, are:

  • Reviewing and approving the corporate policies, strategies, budgets and financial plans of the Company;
  • Monitoring financial performance, including approval of the full year and quarterly financial reports of the Company;
  • Approving major investment and funding decisions;
  • Reviewing the evaluation process on the adequacy of internal controls, risk management, financial reporting and compliance;
  • Overseeing the business and affairs of the Company, establishing the strategies and financial objectives to be implemented by the Management and monitoring the performance of the Management; and
  • Assuming responsibilities for corporate governance.
Guideline 1.1 of the Code: The Board's role

One-third of the Board is made up of Independent Directors who are independent of the Management and 10% shareholders. The Directors on the Board have the appropriate core competencies and diversity of experience to enable them, in their collective wisdom, to contribute effectively. Every Director is expected, in the course of carrying out his or her duties and responsibilities, to act in good faith, provide insights and consider at all times the interests of the Company.

The Board oversees the management of the Company. It focuses on strategies and policies, with particular attention paid to growth and financial performance. It delegates the formulation of business policies and day-to-day management to the Executive Directors.

Guideline 1.2 of the Code: Directors to act in the interests of the Company

The Board has established three board committees (Board Committees) to assist in the execution of its responsibilities. They are the Audit Committee (AC), the Remuneration Committee (RC) and the Nominating Committee (NC). The terms of reference and composition of each Board Committee are presented in the following sections of this Report.

Guideline 1.3 of the Code: Disclosure on delegation of authority by Board to Board Committees

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