Megachem Limited Annual Report 2015 49 5.3 The Board reviews the assessment conducted by the Nominating Committee and where necessary makes changes to further improve the effectiveness of the Board. Following the review, the Board is of the view that the Board and its Board Committees operate effectively. ACCESS TO INFORMATION Principle 6 In order to fulfill their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings and on an on-going basis so as to enable them to make informed decisions to discharge their duties and responsibilities. 6.1 The Board is provided with complete and adequate information prior to Board meetings and on an on-going basis. The Company circulates copies of the minutes of the meetings of all Board Committees and the Board to all members of the Board to keep them informed of on-going developments within the Group. The Board also has separate and independent access to management. 6.2 Information provided to the Board include financial management reports, reports on performance of the Group against the budget with notes on any significant variances, papers pertaining to matters requiring the Board’s decision, updates on key outstanding issues, strategic plans and developments in the Group. 6.3 The directors have separate and independent access to the Company Secretary at all times. The Company Secretary attends all Board and Committee meetings and is responsible for ensuring that Board procedures are followed. The Company Secretary assists management in ensuring that the Company complies with rules and regulations which are applicable to the Company. 6.4 The Board is involved in the appointment and removal of the Company Secretary. 6.5 The Company has in place procedures for directors to seek independent advice, where necessary, in the furtherance of their duties and at the Company’s expense. REMUNERATION MATTERS Procedures for Developing Remuneration Policies Principle 7 There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration packages of individual directors. No director should be involved in deciding his own remuneration. The Remuneration Committee comprises:- Dr Tay Kin Bee (Chairman and Independent Non-executive Director) Mr Lee Bon Leong (Member and Independent Non-executive Director) Mr Chan Kam Loon (Member and Lead Independent Non-executive Director) 7.1 The members of the Remuneration Committee are all independent non-executive directors. 7.2 The Remuneration Committee’s principal responsibilities are to:- (a) review and recommend to the Board for endorsement an appropriate framework of remuneration and the specific remuneration packages for each director and the Managing Director;
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