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GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CORPORATE GOVERNANCE REPORT
The Directors of Grand Banks Yachts Limited (the “Company”) are committed to maintaining a high standard of corporate
governance within the Company and its subsidiary companies (the “Group”).
This report outlines the Company’s main corporate governance practices that were in place through the financial year with
reference to the principles set out in the Code of Corporate Governance 2012 (the “Code”) established by the Singapore
Corporate Governance Committee. Where there are deviations from the Code, appropriate explanations are provided. The
Board confirms that the Group has generally adhered to the principles and guidelines as set out in the Code.
BOARD MATTERS
The Board’s Conduct Of 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.
Guidelines Of The Code
Grand Banks Corporate Governance Practices
1.1 The Board’s role is to:
(a)
provide entrepreneurial leadership, set strategic
objectives, and ensure that the necessary financial
and human resources are in place for the company
to meet its objectives;
(b)
establish a framework of prudent and effective
controls which enables risks to be assessed and
managed; including safeguarding of shareholders’
interests and the Company’s assets;
(c)
review management performance;
(d)
identify the key shareholder groups and recognize
that their perceptions affect the company’s
reputation;
(e)
set the company’s values and standards (including
ethical standards), and ensure that obligations to
shareholders and other stakeholders are understood
and met; and
(f)
consider sustainability issues, e.g. environmental and
social factors, as part of its strategic formulation.
The Board views one of its primary functions as
protecting and enhancing shareholder value. In addition,
the Board oversees the management of the Group and
meets regularly to do so. The Board sets the overall
strategies of the Group as well as policies covering
various matters with an emphasis on values, standards,
internal controls, budget, financial performance,
quarterly reporting and risk management procedures
as well as environmental and social issues.
The Board also reviews and approves all major
investment and divestment proposals, acquisitions and
disposal of assets and interested person transactions,
if any.
1.2 All directors must objectively discharge their duties and
responsibilities at all times as fiduciaries in the interests of
the company.
Every Director, in the course of carrying out his duties,
acts in good faith and considers at all times, the
interests of the Group.
