Notes to the Financial Statements - Swissco Holdings Limited

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Corporate Information Board of Directors Mr Yeo Chong Lin Executive Chairman Mr Alex Yeo Kian Teong Chief Executive Officer Mr Phillip Chan Yee Foo Independent Director Mr Fong Hin Tat Independent Director Mr Kwah Thiam Hock Independent Director Company Secretaries Tan Ching Chek Lo Swee Oi Registered Office 60 Penjuru Lane Singapore 609214 Principal Place of Business 60 Penjuru Lane Singapore 609214 Telephone: (65) 6265 2855 Facsimile: (65) 6264 1661 / 6266 0719 e-mail: swissco@singnet.com.sg website: www.swissco.net Share Registrar and Share Transfer Office B.A.C.S. Private Limited 63 Cantonment Road Singapore 089758 Auditors PricewaterhouseCoopers LLP Certified Public Accountants 8 Cross Street #17-00 PWC Building Singapore 048424 Partner-in-charge: Tan Bee Nah (effective from 1 January 2007) Principal Banker United Overseas Bank Limited 80 Raffles Place UOB Plaza 1 Singapore 048624 Swissco International Limited Annual Report 2009 20
Corporate Governance Report Swissco International Limited (the “Company”) is fully committed to maintaining a high standard of corporate governance in the Company and its subsidiaries (the “Group”) in the interests of its shareholders, stakeholders and investing public. This report sets out the corporate governance practices of the Company during the financial year ended 31 December 2009 with specific reference to the principles of the Singapore Code of Corporate Governance 2005 (the “Code”). Principle 1: The Board’s Conduct of its Affairs The Board held four scheduled meetings for the financial year. In addition, the Board also met on an ad-hoc basis during the year to review and discuss corporate and strategic matters such as mid-year performance and budgets. The attendance of the directors at Board and Committee meetings during the financial year is tabled as follows: Type of Meeting Annual General Meeting Board Meeting Audit Committee Remuneration Committee Nominating Committee Ad-Hoc Meeting Held in FY2009 1 5 4 2 2 9 Attendance Yeo Chong Lin 1 5 NM NM NM 5 Alex Yeo Kian Teong 1 5 4¹ 2¹ 2 7 Phillip Chan Yee Foo 1 5 4 2 2 6 Fong Hin Tat 1 5 4 2 2 6 Kwah Thiam Hock 1 5 4 2 NM 9 ¹ : attendance by invitation NM : Non-member The Board oversees the overall management of the Group’s business and affairs and approves the corporate and strategic policies and direction. Matters which require the approval of the Board include inter alia, all major undertaking, material acquisitions and disposals of assets and investment decisions, funding and financing obligations and commitments, corporate policies, corporate restructuring and equity related matters. Principle 2: Board Composition and Guidance In FY2009, the Board comprised five directors of whom three were independent directors. This composition exceeded the Code’s requirement that at least one-third of the Board should be made up of independent directors. The Board members are experienced and knowledgeable in their respective fields. They are able to exercise objective and independent judgment, which is beneficial to the growth and advancement of the Group. The Board is of the opinion that its current composition continues to reflect the broad range of experience, skills and knowledge necessary for the effective stewardship of the Group. All directors are provided with extensive information about the Group’s history and core values, its strategic direction, and corporate governance practices as well as industry-specific information. Directors also have the opportunity to visit the operational facilities of the Group and to meet with Management to gain a better understanding of the business operations of the Group. The Board has no dissenting view on the Chairman’s statement for the year in review. 21 Annual Report 2009 Swissco International Limited
Page 1 and 2: Swissco International Limited Steer
Page 3 and 4: Corporate Profile Swissco Internati
Page 5 and 6: Ship Repair and Maintenance Small t
Page 7 and 8: Financial Summary FY2009 FY2008 FY2
Page 9 and 10: Chairman’s Statement Dividend The
Page 11 and 12: ENTRY INTO ACCOMMODATION WORK BOAT
Page 13 and 14: Fleet Composition Our fleet has gro
Page 15 and 16: Operations Review Our vessels AHT B
Page 17 and 18: SW Marine (M) Sdn Bhd 49% PT Swissc
Page 19 and 20: Board of Directors Mr Phillip Chan
Page 21: Key Management Mr Sam Kwai Hoong Ch
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Page 31 and 32: Directors' Report For the financial
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Page 41 and 42: Consolidated Statement of Changes i
Page 43 and 44: Notes to the Financial Statements F
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Notes to the Financial Statements F
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Statistics of Shareholdings As at 1
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Notice of Sixth Annual General Meet
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Notice of Sixth Annual General Meet
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NOTES 1. A member entitled to atten
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Notes to the Financial Statements - Swissco Holdings Limited

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