35
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CORPORATE GOVERNANCE REPORT
SHAREHOLDER RIGHTS AND RESPONSIBILITIES
Shareholder Rights
Principle 14:
Companies should treat all shareholders fairly and equitably, and should recognize, protect and facilitate
the exercise of shareholders’ rights, and continually review and update such governance arrangements.
Guideline Of The Code
Grand Banks Corporate Governance Practices
14.1 Companies should facilitate the exercise of ownership rights
by all shareholders. In particular, shareholders have the right
to be sufficiently informed of changes in the company or its
business which would be likely to materially affect the price
or value of the company’s shares.
The Company has adopted quarterly results reporting
since the quarter ended 31 December 2008.
In line with the Group’s disclosure obligations pursuant
to the Singapore Exchange Listing Rules and the
Singapore Companies Act, the Board’s policy is that
all shareholders should be informed simultaneously in
an accurate and comprehensive manner for all material
developments that impact the Group through SGXNET
and press releases on an immediate basis.
14.2 Companies should ensure that shareholders have the
opportunity to participate effectively in and vote at general
meetings of shareholders. Shareholders should be informed
of the rules, including voting procedures, that govern
general meetings of shareholders.
The Company appoints a polling agent for general
meetings. The polling agent explains the rules and
voting procedures to shareholders at the meetings.
14.3 Companies should allow corporations which provide
nominee or custodial services to appoint more than two
proxies so that shareholders who hold shares through such
corporations can attend and participate in general meetings
as proxies.
The Company’s Articles of Association do not place
a limit on the number of proxies a shareholder can
appoint.
Communication With Shareholders
Principle 15:
Companies should actively engage their shareholders and put in place an investor relations policy to promote
regular, effective and fair communication with shareholders.
Guidelines Of The Code
Grand Banks Corporate Governance Practices
15.1 Companies should devise an effective investor relations
policy to regularly convey pertinent information to
shareholders. In disclosing information, companies should
be as descriptive, detailed and forthcoming as possible, and
avoid boilerplate disclosures.
The Company has adopted quarterly results reporting
since the quarter ended 31 December 2008.
In line with the Group’s disclosure obligations pursuant
to the Singapore Exchange Listing Rules and the
Singapore Companies Act, the Board’s policy is that
all shareholders should be informed simultaneously in
an accurate and comprehensive manner for all material
developments that impact the Group through SGXNET
and press releases on an immediate basis.
