Board Diversity Policy
- This Board Diversity Policy (“Policy”) aims to set out the Company's approach to achieve diversity on the Company's board of directors (“Board”).
- This Policy applies to the Board of the Company.
- The Company recognises and embraces the importance and benefits of having a diverse Board to better support the Company's strategic objectives for sustainability development. A diverse Board enhances the decision-making process of the Board through the perspectives garnered from the various skills, business experience, industry discipline, gender, age, ethnicity and culture, geographical background and nationalities, tenure of service and other distinguishing qualities of the Directors.
- Board diversity will be considered from several perspectives, including but not limited to gender, age, nationalities, ethnicity, cultural background, educational background, experience, knowledge and skills, independence, length of service and other relevant qualities considered essential for the effective governance of the Company.
- The Nominating Committee (“NC”) of the Company will review and assess the Board composition on behalf of the Board, having regard to, amongst others, the diversity of skills, experience, gender and knowledge of the Directors, the core competencies of the Directors as a group, the scope and nature of the operations and the requirements of the business. In making recommendation for the appointment of new Directors, the NC will:
- consider all aspects of diversity against the requirements needed to govern and direct the Company's strategic objectives; and
- identify and nominate suitable candidates to the Board based on merit and independence, and against a set of objective criteria that complements and expands the skills and experience of the Board as a whole, and after having given due regard to the overall needs, balance, efficiency and effectiveness of a diverse Board.
- Any search firm engaged, where required, to assist the Board or a committee of the Board in identifying candidates for appointment to the Board will be specifically required to include diverse, experienced and reputable candidates
- All appointments to the Board are based on merit, in the context of the skills, experience, independence and knowledge which the Board requires to be effective. The Board will take into consideration a range of diversity perspectives as described in this Policy to promote boardroom diversity.
- The NC is responsible for ensuring that boardroom diversity objectives are adopted in an effective and practical manner in Board recruitment, Board performance evaluation and succession planning processes.
- The NC is responsible for defining and setting the relevant measurable objectives for promoting and achieving diversity on the Board, and to make its recommendations for consideration and approval by the Board.
- The Board shall review and assess the effectiveness of the Policy on an annual basis to ensure that the objectives of this Policy are met and remain effective for the Company. Any changes to this Policy shall be deliberated and approved by the Board. At any given time, the Board may seek to improve one or more aspects of its diversity and measure progress accordingly.
MONITORING AND REPORTING
- The NC will monitor the implementation of this Policy and report to the Board on the process it has used in relation to Board nominations and appointments, and the progress made in achieving the measurable objectives for promoting diversity as described in this Policy. The NC will also report annually, in the Corporate Governance Report, on the Board's composition under diversified perspectives.
REVIEW OF THIS POLICY
- The NC will review this Policy, as appropriate, to ensure the effectiveness of this Policy. The NC will discuss any revisions that may be required and recommend any such revisions to the Board for consideration and approval.
DISCLOSURE OF THIS POLICY
- This Policy will be published on the Company's website for public information. A summary of this Policy together with the measurable objectives set for its implementation, and the progress in achieving these objectives, will be disclosed in the Corporate Governance Report which forms part of the Company's Annual Report.
Reviewed and recommended by the Nominating Committee on 4 July 2022
Approved and adopted by the Board of Directors on 4 July 2022