Corporate Governance Report

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Intended Outcome
Board decisions are made objectively in the best interests of the company taking into account diverse perspectives and insights.

Practice 4.2
The tenure of an independent director does not exceed a cumulative term limit of nine years. Upon completion of the nine years, an independent director may continue to serve on the board as a non-independent director.

If the board intends to retain an independent director beyond nine years, it should justify and seek annual shareholders’ approval. If the board continues to retain the independent director after the twelfth year, the board should seek annual shareholders’ approval through a two-tier voting process.

Application Applied - Annual shareholders' approval for independent directors serving beyond 9 years
Explanation on application of the practice The Board of 3A comprises four (4) Independent Directors whom have served beyond 9 years as follows:
  • Chew Eng Chai;
  • Tan Chong Sing @ Tan Kim Tieng and;
  • Mohd Zaki Bin Hamzah; and
  • Khoo Wee Boon

The retention of Independent Directors who have served a cumulative term of nine years, are submitted to shareholders’ approval at each Annual General Meeting on an annual basis. The Company had sought shareholders’ approval at the Company’s Fifteenth Annual General Meeting held on 11 May 2017 to retain the above Independent Directors who have served more than 9 years with justifications provided.

Explanation for departure  
 
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure  
Timeframe    

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