Annual Report 2010 - Leeden Limited

Corporate Governance ReportLeeden Limited Annual Report 2010Level and Mix of Remuneration of DirectorsThe following table shows a breakdown (in percentage) of each Director’s remuneration paid in the year ended 31 December2010.Name of Directors Salary Bonus Benefits Fees Total% % % % %$1,000,001 to $1,250,000Steven Tham 36 62 2 0 100$500,001 to $750,000Kelvin Lee 36 61 3 0 100Below $250,0000Lim How Boon (Retired on 23 April 2010) 49 49 2 0 100Philip Hong – – – 100 100Leslie Struys – – – 100 100Loh Weng Whye – – – 100 100Hendra Harjadi – – – 100 100Tony Chan (Resigned on 8 March 2010) – – – 100 100The top five executives of the Group (who are not directors) are Yip Sook Fun, Chow Seow Woon Edwin, Goh Eng Huat Robert, ChanKwai Sin Philip and Yap Yin Yin Iris. For the financial period under review, the remuneration of Chan Kwai Sin Philip falls under theS$250,000 to S$500,000 band. The other four executives’ remuneration are below the S$250,000 band.For the financial year ended 31 December 2010, there were no employees in the Group who are immediate family members of aDirector and whose remuneration exceeds S$150,000.Principal 10 : Accountability and AuditPrinciple 11 : Audit CommitteePrinciple 12 : Internal ControlsAudit CommitteeAs at the date of this report, the Audit Committee (“AC”) comprises the following members:Mr Philip Hong Peng Wai Chairman (Independent)Mr Leslie Struys(Independent)Mr Loh Weng Whye(Independent)The AC members have had many years of experience in senior management positions in both the financial and industrial sectors.All members are financially literate and have accounting or related financial management expertise or experience. The AC membersare all Independent Directors.The role of the AC is regulated in its Terms of Reference which has been approved by the Board. The Terms of Reference definesthe purpose, authority and responsibilities of the AC. The AC is authorized to investigate any matters specified in the Terms ofReference.During the financial year, the AC met four times and performed the following key functions:♦♦♦♦♦♦♦Reviews with the internal auditors, the scope and the results of internal audit procedures and their evaluation of theoverall internal control systems and any significant findings;Reviews with the external auditors, their audit plan, risk assessment, findings for the external audit process and any otherrelevant matters;Reviews significant financial reporting issues and judgments to ensure the integrity of the financial statements and anyformal announcements in relation to financial performance;Reviews the interim and annual financial statements before submission to the Board for release to SGX-ST;Reviews and makes recommendations to the Board on the appointment of external auditors;Reviews interested person transactions, if any, as set out in the Listing Rules of SGX-ST; andReviews all non-audit services provided by the firm of external auditors, if any, to determine if the provision of such serviceswould affect the independence of the external auditors.27