45
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
DIRECTORS’ STATEMENT
Details of option granted to directors of the Company under the Scheme are as follow:
Director
Exercise
period
Option granted
for financial year
ended 30 June
2016
Aggregate
options
granted since
commencement
to 30 June
2016
Aggregate
options
exercised since
commencement
to 30 June
2016
Aggregate
options
forfeited/expired
since
commencement
to 30 June
2016
Aggregate
options
outstanding
as at 30 June
2016
Heine Askaer-Jensen
2/3/2017 to
1/3/2020
–
200,000
–
–
200,000
Basil Chan
2/3/2017 to
1/3/2020
–
200,000
–
–
200,000
Gerard Lim Ewe Keng
2/3/2017 to
1/3/2020
–
200,000
–
–
200,000
Mark Jonathon Richards
2/3/2017 to
1/3/2025
–
1,350,000
–
–
1,350,000
Except as disclosed above, there were no unissued shares of the Company or its subsidiaries under options granted by the
Company or its subsidiaries as at the end of the financial year.
Size of the PSP and ESOS
The total number of new shares which may be allotted and issued to the participants shall not exceed 15% of the total number
of issued shares of the Company.
No awards or options have been granted to an associate of a controlling shareholder of the Company.
No individual recipients of awards or options have been granted more than 5% of the total number of awards or options that
can be granted under the PSP and the ESOS.
The options granted by the Company do not entitle the holders of the options, by virtue of such holding, to any rights to
participate in any share issue of any other company.
RISK MANAGEMENT AND AUDIT COMMITTEE
The members of the Risk Management and Audit Committee during the year and at the date of this statement are as follows:
Basil Chan
(Chairman, Non-executive and independent director)
Heine Askaer-Jensen
(Non-executive and independent director)
Gerard Lim Ewe Keng
(Non-executive and non-independent director)
Gary James Weisman
(Non-executive and independent director)
The Risk Management and Audit Committee performs the functions specified by section 201B of the Companies Act, the
SGX Listing Manual and the Code of Corporate Governance.
The Risk Management and Audit Committee has held four meetings since the last directors’ statement. In performing its
functions, the Risk Management and Audit Committee met with the Company’s external and internal auditors to discuss the
scope of their work, the results of their examination and evaluation of the Company’s internal accounting control system.
