22
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CORPORATE GOVERNANCE REPORT
4.6 A description of the process for the selection, appointment
and re-appointment of directors to the Board should be
disclosed in the company’s Annual Report. This should
include disclosure on the search and nomination process.
When the need for a new director is identified, either
to replace a retiring director or to enhance the Board’s
capabilities, the NC will make recommendations to
the Board regarding the identification and selection of
suitable candidates based on the desired qualifications,
skill sets, competencies and experience, which are
required to supplement the Board’s existing attributes.
If need be, the NC may seek assistance from external
search consultants for the selection of potential
candidates. Directors and Management may also put
forward names of potential candidates, together with
their curriculum vitae, for consideration.
The NC, after completing its assessment, meets with
the short-listed candidates to assess their suitability,
before submitting the appropriate recommendations to
the Board for approval.
The NC reviews the re-nomination of directors who
retire by rotation, taking into consideration the director’s
contribution, performance and any other factors it may
determine before submitting its recommendation to the
Board for approval.
4.7 The following information regarding directors, should be
disclosed in the company’s Annual Report:
•
academic and professional qualifications;
•
shareholdings in the company and its related
corporations;
•
board committees served on (as a member or
Chairman), date of first appointment and last
re-appointment as a director;
•
directorships or chairmanships both present and
those held over the preceding three years in other
listed companies and other principal commitments;
•
indicate which directors are executive, non-executive
or considered by the NC to be independent; and
•
the names of the directors submitted for appointment
or re-appointment should also be accompanied by
such details and information to enable shareholders
to make informed decisions.
Details of the Directors’ academic and professional
qualifications, date of first appointment and other
relevant information are set out on pages 8 and 9 of
this Annual Report as well as in Table C.
