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GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
CORPORATE GOVERNANCE REPORT
Conduct Of Shareholder Meetings
Principle 16:
Companies should encourage greater shareholder participation at general meetings of shareholders, and
allow shareholders the opportunity to communicate their views on various matters affecting the company.
Guidelines Of The Code
Grand Banks Corporate Governance Practices
16.1 Shareholders should have the opportunity to
participate effectively in and to vote at general
meetings of shareholders. Companies should
make the appropriate provisions in their Articles
of Association (or other constitutive documents)
to allow for absentia voting at general meetings of
shareholders.
The Company’s Articles of Association allow for shareholders
to vote in absentia (including but not limited to the voting by
mail, electronic mail or facsimile).
16.2 There should be separate resolutions at general
meetings on each substantially separate issue.
Companies should avoid “bundling” resolutions
unless the resolutions are interdependent and linked
so as to form one significant proposal.
All the resolutions at general meetings are single item
resolutions.
16.3 All directors should attend general meetings of
shareholders. In particular, the Chairman of the
Board and the respective Chairman of the AC, NC
and RC should be present and available to address
shareholders’ queries at these meetings.
The external auditors should also be present to
address shareholders’ queries about the conduct
of audit and the preparation and content of the
auditors’ report.
Where possible, the Chairmen of the RMAC, Remuneration
and Nominating Committees are present at the AGM to
answer queries raised at the meetings. The Chairman of the
RMAC, Remuneration and Nominating Committees will where
possible be present at all Extraordinary General Meetings to
answer queries provided that such extraordinary meetings are
scheduled in advance.
The external auditors, KPMG LLP, and internal auditor, JF
Virtus Pte Ltd, are also invited to attend the AGM to address
any shareholders’ queries about the conduct of their audits.
16.4 Companies should prepare minutes of general
meetings that include substantial and relevant
comments or queries from shareholders to the
agenda of the meetings, and responses from the
Board and Management, and to make these minutes
available to shareholders upon their requests.
The Company prepares minutes of general meetings and makes
them available upon request by shareholders.
16.5 Companies should put all resolutions to vote by poll
and make an announcement of the detailed results
showing the number of votes cast for and against
each resolution and the respective percentages.
Companies are encouraged to employ electronic
polling.
The Company has employed electronic polling. All resolutions
are put to vote by poll and the detailed results of the poll is
announced at the meetings as well as in SGXNET.
