Roles and Responsibilities of the Board

The Board comprises of competent individuals with specialised skills and knowledge providing clear and effective leadership to the Group. The
Board is responsible for charting the strategic direction of the Group as well as over-seeing the conduct, performance, risk management and internal
controls of the Group’s business activities. In order to ensure a constantly well-balanced Board, careful consideration is given when selecting and
balancing the composition of Independent and Non-Independent Directors.

The Board has a formal schedule of matters requiring its decision as detailed below:

  • Reviewing and adopting the Group’s strategic direction, as proposed by the Group Chief Executive Officer (“Group CEO”). All approved strategies
    will then be communicated down to respective Heads of Departments for implementation;
  • Reviewing the adequacy of significant risks presented by the Audit and Risk Management Committee (“ARMC”) and in ensuring the implementation
    of appropriate measures to manage these risks;
  • Reviewing the adequacy and integrity of the Group’s systems of internal control and management information, including ensuring that a sound
    risk management framework, reporting framework and systems for compliance with applicable laws, regulations, directives and guidelines are
    in place;
  • Reviewing, approving and monitoring the implementation of the Group’s strategic business plans;
  • Assessing and evaluating the Group’s business and operational performance so as to ensure that the Group is on track with the strategic direction
    as approved by the Board;
  • Approving significant policies that may have a material impact on the Group’s business activities;
  • Approving the Group’s annual budget which includes all major capital expenditure and all new investment activities;
  • Reviewing the Group’s financial performance and position on a quarterly basis;
  • Reviewing other significant matters that may have a material impact on the Group;
  • Reviewing succession planning including appointments, determination of compensation levels and replacement of senior management staff; and
  • Reviewing strategies promoting sustainability in ensuring that the Group operates its business through good processes and policies which are
    applied by competent and responsible employees.