i'mpact Singapore Tourism Board Annual Report 2010/2011

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Corporate Governance 20
Corporate Governance BOARD MATTERS Responsibilities of the Board The Board oversees and monitors organisational performance and the achievement of the Singapore Tourism Board’s (STB) strategic goals and objectives. It assumes the responsibility of reviewing and approving corporate strategies, budgets and financial plans. Board Composition and Membership From 1 Apr 2010 to 31 Dec 2010, there were nine directors on the Board, including Ms Aw Kah Peng, the STB’s Chief Executive and the only non-independent director. With effect from 1 Jan 2011, Mr Simon Israel retired from the position of Chairman of the Board and Mr Chew Choon Seng was appointed. In addition, two new members joined the Board, bringing the total number of directors to 11. The size and composition of the Board are guided by the clauses stated in the STB Act, with the eventual composition subject to approval by the Cabinet. The desired outcome is the provision of a conducive environment for effective discussions and decisionmaking to happen. The process for the appointment of Directors to the Board is kept formal and transparent as this is critical to the role that corporate governance plays. A review of the Directors’ membership on the Board is done as and when their official term of appointment is up. The Board is given the mandate to act independently and exercise objective judgment on the STB’s corporate affairs. This is to ensure that there are checks and balances instituted. Apart from Ms Aw, the other 10 Directors on the Board are Independent Directors. A Director’s independence is re-assessed at the point of each re-appointment. Conduct of Board Affairs The Board approves financial transactions above a certain financial limit. A regular review of the financial authorisation and approval limits is performed to ensure that the authorisation and approval limits are kept up-to-date and relevant. During the financial year, the Directors were requested to complete a Board Evaluation Questionnaire as part of the process adopted to assess the overall administration of and engagements with the Board. Under the year in review, there were a total of six scheduled Board meetings and a one-day Board Strategy Workshop, held at an off-site venue to discuss key strategic issues that may impact the achievement of the Board’s targets. A record of the Directors’ attendance at Board meetings during the financial year, which ended on 31 March 2011, is set out in Table 1. 21
Page 1 and 2: i’mpact Singapore Tourism Board A
Page 3 and 4: Vision To be a leading economic dev
Page 5 and 6: Chairman’s message On behalf of t
Page 7 and 8: Chief Executive’s Message Collabo
Page 9 and 10: Board of Directors Ms Aw Kah Peng M
Page 11 and 12: Board of Directors Mr Mike Barclay
Page 13 and 14: Board of Directors Mr Steven Lim Mr
Page 15 and 16: Board of Directors Mrs Diana Ee-Tan
Page 17 and 18: Board of Directors Ms Jessica Tan A
Page 19: MANAGEMENT team (as of 1 July 2011)
Page 23 and 24: Corporate Governance Table 2: Direc
Page 25 and 26: Corporate Governance It approves th
Page 27 and 28: YourSingapore Bringing the YourSing
Page 29 and 30: STB ACROSS THE GLOBE Stamping A Glo
Page 31 and 32: STB ACROSS THE GLOBE N-TV channel b
Page 33 and 34: STB ACROSS THE GLOBE WORLD EXPO Orc
Page 35 and 36: Tourism Sector Performance Overview
Page 37 and 38: Tourism Sector Performance This tre
Page 39 and 40: Tourism Sector Performance Cruise R
Page 41 and 42: Tourism Sector Performance the prof
Page 43 and 44: Tourism Sector Performance The loca
Page 45 and 46: Tourism Sector Performance No less
Page 47 and 48: Tourism Sector Performance alongsid
Page 49 and 50: Awards and Accolades Destination
Page 51 and 52: Awards and Accolades Shangri-La Hot
Page 53 and 54: Awards and Accolades Attractions Bu
Page 55 and 56: FINANCIAL STATEMENTS Statement by t
Page 57 and 58: INDEPENDENT AUDITORS’ REPORT TO T
Page 59 and 60: STATEMENT OF FINANCIAL POSITION As
Page 61 and 62: STATEMENT OF CHANGES IN EQUITY Year
Page 63 and 64: 2010/2011 2009/2010 $’000 $’000
Page 65 and 66: NOTES TO THE FINANCIAL STATEMENTS 3
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NOTES TO THE FINANCIAL STATEMENTS 3
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i'mpact Singapore Tourism Board Annual Report 2010/2011

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