CORPORATE GOVERNANCE REPORT
(CONT’D)
Seven (7) Board meetings were held during the financial year 2015 and the attendance at the Board meetings are set out
on page 46 of this Annual Report.
Board Composition
Principle 2: “There should be a strong and independent element on the Board, which is able to exercise objective judgement
on corporate affairs independently, in particular, fromManagement and 10% shareholders. No individual or small group
of individuals should be allowed to dominate the Board’s decision making.”
The composition of the Board is determined using the following principles:
•
The Chairman of the Board should be a Non-Executive Independent Director;
•
At least one-third of the Board should comprise Independent Directors; and
•
The Board should be of appropriate size andmix of expertise and experience in business, finance, andmanagement
skills critical to LMIR Trust’s businesses and that each director brings to the Board an informed and objective
perspective to enable balanced and well considered decisions to be made.
The Board presently consists of seven (7) directors and the Board considers this number to be appropriate for the nature
and scope of LMIR Trust’s operations. They are as follows:
Name of Directors
Nature of Designation
Appointment Date
Mr Albert Saychuan Cheok Non-Executive Independent Director and
Chairman of the Board
29 July 2010
Ms Viven Gouw Sitiabudi
Executive Director
15 June 2007
Mr Lee Soo Hoon, Phillip
Non-Executive Independent Director
4 August 2011
Mr Douglas Chew
Non-Executive Independent Director
Appointed as Non-Executive on
4 August 2011 and as an Independent
Director on 26 November 2013.
Mr Goh Tiam Lock
Non-Executive Independent Director
27 September 2011
Mr Alvin Cheng Yu Dong
Executive Director and CEO
27 April 2013
Mr Ketut Budi Wijaya
Non-Executive Director
1 June 2015
The Board comprises business leaders and professionals with accounting, property, retail, banking and finance as well as
risk management backgrounds. The Manager is of the view that the current composition of the Board provides the required
diversity in skills, experience, gender and knowledge.
The profiles of the Directors are set out on pages 36 to 38 of this Annual Report.
Independence of the Board
The Board presently consists of seven (7) directors of which, four are Independent Non-Executive Directors. By this
composition, the Manager has complied with the required independence, as set out in the Code.
The independence of each director is reviewed upon appointment and thereafter annually by the Board Committees/Board.
There are no directors who have served on the Board beyond nine (9) years from the date of his/her first appointment.
In the financial year 2015, the Board has determined that Mr Albert Saychuan Cheok, Mr Lee Soo Hoon, Phillip, Mr Goh
Tiam Lock and Mr Douglas Chew are independent based on the criteria set out in the Code.
ANNUAL REPORT 2015
43
