Currently, the Board has not set any specific target for gender diversity but will include female candidates, if available, for consideration when identifying candidates to be appointed as new directors. Similarly, the Board does not set any specific target for ethnic diversity, age diversity and age limit for its Directors given that Directors are selected based primarily on experience and knowledge and his/her ability to contribute to the Board. The Board as a group provides an appropriate balance of diversity of skills, experience and knowledge of the Company, with core competencies in accounting and finance, legal expertise, business and management experience, industry knowledge, strategic planning and customer-based experience and knowledge. This enables the Management to benefit from the external and expert perspectives of the Directors who collectively possess the core competencies relevant to the direction and growth of the Group. Provision 2.5 of the Code: Meeting of Independent Directors without Management Where necessary or appropriate, the Independent Directors will meet without the presence of the Management. The Independent Directors communicate regularly to discuss matters related to the Group, including the performance of the Management. Where appropriate, Independent Directors provide feedback to the Board after such meetings. The profiles of our Directors are set out on pages 18 to 22 of this Annual Report. Chairman and Chief Executive Officer Principle 3: There is a clear division of responsibilities between the leadership of the Board and Management, and no one individual has unfettered powers of decision-making. Provision 3.1 of the Code: Separation of the roles of the Chairman and the Chief Executive Officer (“CEO”) Provision 3.2 of the Code: Division of responsibilities between the Chairman and CEO Provision 3.3 of the Code: Lead Independent Director The Chairman, Mr Yeo Wee Kiong, and the Managing Director, Mr Sidney Chew Choon Tee, are separate persons and have no familial relationship with each other. As the Chairman is independent, there is no necessity for the appointment of a Lead Independent Director. Mr Sidney Chew Choon Tee is responsible for formulating corporate strategies, leading the Group’s marketing and business development activities as well as ensuring the smooth operation of the Group. The Board is of the view that as all major decisions are made in consultation with the Board and with the establishment of the three Board Committees, there are adequate safeguards in place to ensure accountability and unfettered decision-making, as well as to prevent an uneven concentration of power and authority in a single individual. MEGACHEM LIMITED ANNUAL REPORT 2025 57 CORPORATE GOVERNANCE REPORT
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