Asean CG Scorecard Ali

PART A - RIGHTS OF THESHAREHOLDERS
Guiding Reference
A.1
A.1.1
A.2
A.2.1
A.2.2
A.2.3
Basic Shareholder Rights

Does
the
company
pay
(interim and
final/annual) dividends in an
equitable and timely manner;
that is, all shareholders are
treated equally and paid within
30 days after being (i) declared
for interim dividends and (ii)
approved by annual
general
meeting
(AGM)
for
final
dividends?
Assessment Guidance/Notes
toAssessors
Source
Document/
LocationofInform
Not Applicable(N/A)=for those that Dividends

don't pay dividend. To assign 'Y', both announcement
interim and final dividends have to be
paid within 30 days after being
declared or approved by shareholders
respectively and all shareholders
within the same class of share are
treated equally. Shareholders within
the same class of share are treated
equally when they receive the same
amount of dividend per share and the
dividends are paid at the same time.
Right to participate in decisions concerning fundamental corporate changes.
Do shareholders have the

right to
participatein:
Amendments
to
the
company's
constitution?
OECD
Principle II: The Rights
of
Shareholders and
Key
Ownership
Functions (A) Basic shareholder rights
should include the right to, amongst
others: (6) share in the profits of the
corporation.
OECD
Principle
II
(B)Shareholders should have the right to
participate in, and to be sufficiently
informed
on,
decisions
concerning
fundamental corporate changes such as:
(1)amendments to the statutes, or articles
of
incorporation Principle
or similar governing
OECD
II
As the owners of a company,

shareholders have the right to be
involved in decisions concerning
fundamental
corporate
changes
specified in point A.2.1-A.2.3 to
provide a check and balance and to
assure that these changes are not
abused. These rights need to be
The authorization of additional
publicly disclosed to shareholders. If
shares?
(B):
not disclosed, assign 'N'. Example of
(2)the
The transfer of all or
OECD authorization of additional shares
Principle
A.2.3 is the sale of a business unit/a
substantially all
II.(B):
subsidiary that accounts for a
assets, which in effect results in (3)extraordinarytransactions,
including
majority portion of the company's
the sale of the company?
thetransfer
assets.
ofallorsubstantiallyallassets,thatinefectres
ult in thesaleofthecompany
Annual Report/
Company
website/Articles of
Association.
Points
Y
1
N
0
A.3 Right toparticipate effectivelyinandvoteingeneralshareholdermeetingsandshouldbeinformedofthe rules,

includingvotingproceduresthatgoverngeneral shareholder meetings.
A.3.1
Do shareholders have the

opportunity,
Evidenced
by an agenda item, to
approve
Remuneration
(fees, allowances,
benefit-inkind and other emoluments)
or any
increases in remuneration for
the non- executive
directors/commissioners?
A.3.2
Does the company provide noncontrolling shareholders a right

to nominate candidates for
board
of
In most jurisdictions, shareholders Annual

Report/Company
owning at least more than a certain 1
0
threshold
may
nominate
board website/ of Association.
members. If not disclosed, assign
zero.
A.3.3
Does the company

shareholders
to
directors/commissioners
individually?
If not disclosed,assign 'N'.
A.3.4
A.3.5
OECD
Principle
(C):
II
(3)
Effective shareholder
in
participationgovernance decisions, as
key
corporate
such
nomination
and
election
of the
board
members, should
be facilitated. Shareholders should be able
to make their views known on the
remuneration policy for board members
and key executives. The equity component
of compensation schemes for board
members and employees should be
subject to shareholder approval.
allow
elect
OECD
Principle
II
(C):
Shareholdersshouldhavethe
opportunityto participateeffectively and
voteingeneral shareholder meetingsand
Doesthecompanydisclosethevot
shouldbeinformed
ofthe
ingand
rules,includingvoting
votetabulationprocedures used,
procedures,thatgovern
general
declaring
bothbefore
shareholdermeetings.
themeeting proceeds?
Do theminutes of the most
recent AGM recordthattherewas
anopportunity
allowingforshareholderstoas
kquestions or raiseissues?
The definition of total remuneration

all
refers
forms
to of remuneration, and not just
fees.disclosed,
If
not
assign 'N'. Where
shareholders
give the authorization to the Board to
set or
determine total remuneration then it
is also
"N".

1
0
Announcement
of 1
AGM/Articles
of
Association/Annu
al
Report/Companywebsite.
Minutes of AGM/
Result of 1
0
AGM/ of Association/
Annual Report/ website.
AGM Minutes/Articles of
Association/Comp
any website.
OECD
II
shouldhavethe
Principle questionstotheboard,includingquestio
(C): ( 2)Shareholders nsrelating
opportunitytoask totheannualexternalaudit,toplaceite
msonthe
AGM
provides
the
avenue
for rights,
shareholders
(andespeciallyfor
non- includingraisingquestions/issuestome
controlling shareholders) to exercise their mbers
AGMMinutes/Summaryof 1
0
Minutes
A.3.6
A.3.7
A.3.8
A.3.9
Do the minutes of the most

recent AGM
recordquestionsand answers?
Doesthedisclosureoftheoutcome
ofthe
mostrecentAGMinclude
resolution(s)?
Does
the company disclose
the voting
resultsincluding
approving,dissenting,
and
abstainingvotesfor
each
agendaitemfor the mostrecent
AGM?
Doesthecompanydisclosethelisto
fboard
members who attended the
most recent
AGM?
A.3.10 Did the chairman of the

board of
attendthe most recentAGM?
A.3.11 Did the CEO/Managing
Director/President attendthe
A.3.12 mostrecentAGM?
DidthechairmanoftheAuditComm
ittee
attendthe mostrecentAGM?
A.3.13 Didthe company organise
theirmostrecent
AGMin aneasy toreach location?
agenda of general meetings, and to

ofthe board and the executive
propose
team.
resolutions,subjecttoreasonablelimitations. Therefore,board
members'attendanceatthe
AGMisnecessary
to
facilitatethis.Sincesome shareholders
maynotbe
abletoattendthe
AGM,itisimportantthat
companiespublicly
discloseboard
attendanceattheAGMso shareholders
willbeabletoidentifyboard
members
whodonotattendthemeetingand
to
OECD
Principle
II
(C); assessboard members' commitment
to theirduties. If notdisclosed,assign
and
'N'.Only
information
inEnglish
canbeassessed.
ICGN
2.4.2:
Alldirectorsneed
tobeabletoallocatesufficient
timetotheboard
toperformtheirresponsibilities
efectively,includingallowingsome
leewayfor
occasionswhen
greaterthanusual time demands aremade.
OECDPrincipleII (C)
'Easy to reach location' means

Notice of
that the meeting location is where
AGM/Company
the majority of
website.
shareholdersresideorthemeetinglocati
onis easilyaccessible.
A.3.14 Does the company allow for

voting in
absentia?
A.3.15
A.3.16
OECD
Principle
II
(C):
(4)Shareholdersshouldbeabletovoteinperso
nor
in absentia, and equal efect should be
given to
voteswhether castin person orin absentia.
Did
the OECDPrincipleII (C)
companyvotebypoll(asopposed
AGM Minutes.
tobyshow
of
hands)for
allresolutions at the mostrecent
AGM?
Doesthecompanydisclosethatit
has
appointedanindependent
party
(scrutineers/inspectors)tocount
and/or validate the votesatthe
AGM?
A.3.17 Doesthecompanymakepubliclyav
ailable
bythenextworkingdaytheresulto
fthe
votes taken during themost
recentresolutions?
AGM
forall
A.3.18 Do companiesprovide at least

21 days
noticeforallresolutions?
If
not
disclosed,
assign
'N'. AGM
Announcement/AGM
Minutes/Articles
document of
Association
For purposes of this

voting in
absentia means
theopportunityto
vote
withoutphysicallyparticipating
ata
general
meeting,andincludes
appointinganyperson
physicallypresentatthe
generalmeetingto
voteontheshareholder'sbehalf
(e.g.voting
via
proxy,
email,electronic,and/orpost).

1
OECD
Principle
II
Self-explanatory.
(C):
(1)Shareholdersshouldbefurnishedwithsuffi
cient
and timelyinformation concerning
thedate,location
andagendaofgeneralmeetings,aswellasfulla
nd
timelyinformation regarding the issues to be
decided atthemeeting.
AGMMinutes.10
Company
1
announcement/Compa
ny
website.
Self-explanatory.Company
10announcements/Articles
ofAssociation/Annual
Report/Companywebsite.
A.3.19 Does the company provide the

Self-explanatory.
rationale
andexplanation
for
each
agenda
item
whichrequireshareholdersappr
oval
in
the
notice
of
A.4 Markets for corporate controlshouldbeallowedtofunctionin anefficientandtransparentmanner.
Company
1
announcements/Article
s of
Association/
Annual Report/
Companywebsi
A.4.1
Merger
1
announcement/Compa
ny
Reportonthemerger.
A.5
A.5.1
In
cases
of
mergers,
acquisitions and/or
takeovers,
doestheboardof
ofthe
offeree
company
appointanindependent party to
evaluatethefairnessof
thetransaction price?
OECD
Principle
II
(E):
Marketsforcorporatecontrolshould
beallowed to function inan efficient and
transparent manner.
Doesthecompanypubliclydisclos
epolicies
toencourage
shareholders
including
institutionalshareholders
toattendthe AGM?
OECD
Principle
II
(F):
Theexerciseof
ownership
rightsbyallshareholders,
including
institutional
investors, should
be
facilitated.
(1)Therulesand proceduresgoverning the

acquisition ofcorporate controlinthecapital
markets,and
extraordinarytransactionssuch
as
mergers,and sales of substantialportionsof
corporateassets,
should
beclearlyarticulated
and
disclosed
sothatinvestorsunderstand theirrights and
recourse.
Transactionsshould
occurat
transparentprices
and
under
fair
The exerciseofownership rightsbyallshareholders,includinginstitutionalinvestors,shouldbe facilitated.
An institutional investor is an entity Annual Report/
which
Companywebsite.
poollarge
sums
of
moneyandinvestthemin
securities,realpropertyand
otherinvestment
assets.
Types
ofinstitutionalinvestorstypically
includebanks,insurance
companies,
mutual
funds,pension
funds,hedgefunds,investment
advisors.
shouldbeanexplicitstatementofpolicy
to score
a
"Y"
Emphasishereis
onthecompany'sactiveand
positive
stance
towards
encouraging
participation ofshareholders,including
institutional investorsatAGMs.
A.5.2
Isthe
shareownership
byinstitutional
investors,
otherthancontrolling
shareholders,greater than5%?
If thecontrolling shareholder isan Annual

Report/Company 10
institutional
investor,then website.
onlyownershipshareofother
institutionalinvestors
arecountedin
determiningiftheirownershipisgreatert
han
5%
.
For the purposes of this document a
controlling shareholder means any
person
whois
oragroupofpersonswhotogetherare
entitledtoexerciseorcontroltheexercis
eof
atleast
33%of
thevotingsharesinacompany (or such
other percentage as
may be
prescribed
in
therespectivehomecountry's
CodeOnTake-Overs and Mergers as
beingthe
levelfortriggeringa
mandatorygeneral
ofer)
orwhois
orarein
aposition
tocontrolthe
composition ofa majorityof theboard
of
directors
ofsuch
companyorhas/have
dominationor
controlof thecompany.
PART B - EQUITABLE TREATMENT OF SHAREHOLDERS

Source
Points
Document/Locationof
Informat
Y
N
OECD
Principle Self-explanatory
Annual
1
0
III
ReportCompanywebsite/
(A)Allshareholders of thesameseries
announcement
of a class
should
be The voting rights attached to a class Annual Report/
1
0
treated
equally. of
Companywebsiteannouncem
(1)Withinanyseries of aclass,allshares shares(e.g.
onevoteper ent
should
carrythesamerights.
All ordinaryshare)is
investors should beable to obtain deemedtohavebeenpublicisedwhen
information about therightsattached such
informationis
toallseriesand
classesof explicitlydisclosedin
any
mediumofcommunication
sharesbeforetheypurchase.Anychang
es
in
voting
rightsshould including, corporateannual report,
andwebsites
besubjecttoapprovalby thoseclassesof corporatewebsite,
oftheexchangesand/or regulators.
shareswhicharenegatively afected.
GuidingReference
B.1
B.1.1
B.1.2
B.2
B.2.1
Shares andvotingrights
Do the company's ordinary or
common
shareshaveone vote for one
Where the company has more
than one
classof
shares,
does
the
companypublicise
the
votingrights
attached
toeachclass
of
shares(e.g.throughthecompany
website
/
reports/
the
stock
exchange/ the
regulator'sweb
site)?
Noticeof AGM
Does each resolution in the
most recent
AGM
dealwithonlyone
item,i.e.,there is nobundling
ofseveral
itemsintothesame
resolution?
toAssessors
ICGN 8.3.1 Unequal voting rights N/Awhencompanyhas

class of shares.
Companiesordinary
orcommonsharesshould feature one
vote
for
one
share.Divergence
froma'one-share,
one-vote'standard
which
givescertain
shareholderspowerwhich
is
OECD
Principle Self-explanatory
III
(C)Shareholdersshould
havethe
opportunity
toparticipateeffectivelyand
votein
general
shareholder
onlyonce
NoticeofAGM
B.2.2
B.2.3
B.2.4
B.2.5
Are the company's notice of

the most
recent
AGM/circulars
fully
translated
into
Englishandpublishedonthesam
e
dateas
thelocal-language
version?
govern
shareholder
meetings:
(1)Shareholdersshould
befurnishedwith
sufficientandtimely
informationconcerning
thedate,
location and agenda of general
meetings, aswell as full and timely
information
regarding
theissuestobedecided
at
DoesthenoticeofAGM/circularsh the
meeting.
avethe
(3)Efectiveshareholder
followingdetails:
participationinkey
Are
the
profiles
of corporategovernancedecisions,suchas
directors/commissioners ( at the nomination and election ofboard
least age,
members, should
be
qualification,date
facilitated.
offirstappointment,
experience, and directorships OECD
Principle
in
other listedcompanies) III
(A)Allshareholders
of
Aretheauditorsseekingappoint
thesameseries of a class
should
ment/rebe
treat
equally.
appointmentclearly identified? (4)Impediments tocross border voting
should
be
eliminated.
Hasanexplanationofthedividend
policy
beenprovided?
B.2.6
Istheamountpayableforfinaldivi
dends
disclosed?
The English-language version of NoticeofAGM

these
documents
MUSTbeavailableon
thesame
daywhen
thecompanypublished
or
made
publiclyavailable
thelocallanguageversion of such documents
Profile refers to age,

NoticeofAGM/Annual Report
qualifications,
experiences,andpositionsordirectors
hips
in otherlistedcompanies
Thenameof theauditfirmmustbe
explicitly
statedeither in the resolution
or explanatorynotes.
NoticeofAGM/Annual Report
Merely disclosing the dividend

NoticeofAGM
rate or
ICGN8.3.2Shareholder participationin amountisnotsufficient.
governance
Shareholders
shouldhavetherightto NotApplicable(N/A)=ifnofinaldividend NoticeofAGM
participatein keycorporategovernance s
decisions, suchas therighttonominate, arepaid out
appointand removedirectors in an
B.2.7
Documents
requiredtobeproxy/Were the
proxydocumentsmade
easilyavailable?
shareholders should be facilitated,

including
giving
shareholders
timely and
adequate
notice
of
allmattersproposedfor
shareholder
vote.
Companiesmustclearlyspecifythenat NoticeofAGM
ure
ortypeofdocumentsrequiredtobepro
xy, if relevant.
B.3 Insider trading andabusive self-dealingshould be prohibited.

B.3.1
Does
the
company
have
policies and/or
rules
prohibiting
andemployeesto
benefit
fromknowledge
whichis
not
generally
availabletothe
market?
OECD
Principle This policy/rule must be explicitly
III
stated.
(B)Insider trading and abusivedealing Otherwise,'N'.
should
be
prohibited
ICGN 3.5 Employee share dealing
Companiesshouldhaveclearrules
regarding
anytradingbydirectors
andemployees inthe company's own
securities.
Among
other
issues,thesemustseektoensureindivid
uals
donotbenefitfromknowledgewhich
isnot generally
available
to
the
market.
ICGN 8.5 Shareholder rights of
action
...
Minorityshareholdersshould
beaforded
protectionandremedies
Annual
Report/Companywebsite
/announcement
B.3.2
Are the directors and

commissioners
requiredto report their
dealings in company
shareswithin3 business days?
Y'onlyifitisexplicitlystatedthatdirecto Annual
rs
arerequiredtoinform
orreporttothe /announcement
company
whentransactingincompany shares
regardless
whether dealings are
withinor
outsideblackout/closedperiods.
Otherwise,'N'.
OECD
Principle Thepresenceofthispolicymustbeevide Annual
III
nt.
(C)Members
oftheboard
/announcement
andkeyexecutives
shouldberequiredtodisclose
totheboard
whetherthey,directly,indirectly
oronbehalf
ofthird
parties,havea
materialinterestin any transaction or
matterdirectlyafectingthe
corporation.
B.4 Relatedparty transactionsbydirectors andkeyexecutives.

B.4.1
Aredirectorsandcommissionersr
equired
to disclosetheir interest in
transactions andanyother
conflictsofinterest?
B.4.2
Doesthecompanyhaveapolicyre
quiring
acommittee
of
independent
toreview
material/significant
RPTsto
determine
whethertheyareinthebestintere
stsof the company?
ICGN2.11.1Related partytransactions
Companies shouldhave a process
for
reviewing
and
monitoring
anyrelated
party
transaction.Acommitteeof
independent directors should review
significant related partytransactions
todeterminewhether
they
areinthebestinterests
of
thecompanyandif so to determine
what terms are fair.
Thetasktoreviewmaterial/significant Annual
RPT
(i.e.,RPTs thatmeetthethresholdlevel /announcement
stipulated
bytherespectivejurisdictions'
rules/regulations/requirements
onRPT)
normallyvests
withthe
AuditCommittee (AC).Hence,tocheck
theAC'stermsof
reference.Note:Anycases of noncompliancewith
prevailing
rules/regulations/requirements
ICGN2.11.2Directorconflictsof interest
B.4.3
Doesthecompanyhaveapolicyre participateinthosediscussionsandtheb
quiring
oard
boardmembers
should followanyfurther appropriate
(directors/commissioners)
processes. Individual directors should
toabstainfrom
be conscious ofshareholderandpublic
participatingintheboard
perceptions
and
seek to avoid
discussion
onaparticular situations where there mightbe
B.4.4
Doesthecompanyhavepolicieso anappearance ofa conflictof interest.
nloans
todirectors andcommissioners
either
forbidding
this
practiceorensuringthat theyare
beingconductedatarm'slength
basis andatmarketrates.
B.5 Protectingminority shareholders fromabusiveactions
B.5.1
WerethereanyRPTsthatcanbecla OECD
Principle
ssified
III
as financialassistance to
(A)Allshareholders of thesameseries
of a class
should
be
entities other than whollytreated
equally. (2)
ownedsubsidiary companies?
beprotected
fromabusiveactionsby,
orintheinterest
of,
controlling
shareholders acting either directly
orindirectly,andshouldhave efective
means
of
redress.
Thispolicymustbeclearlystated.
Annual
/announcement
Thispolicymustbeclearlystated.
Annual
/announcement
The detailsof RPT need to be Annual

examined.
Particularfocuspertains
/announcement/Media
totransactions
betweenthePLCand
otherthanwholly
owned
subsidiary.Financialassistanceneed
not bein cash
form only. An
exampleof non-cash form offinancial
assistanceis
forgiving
a
debt.
A
companycan
beconsidered
asgiving
financialassistanceif
ICGN2.11.1Related partytransactions thetermsand
conditions
arenot
Companies shouldhave a process innormalcommercial terms.
for
reviewing
and
monitoring
anyrelated
party Wherethereareloanstorelated
transaction.Acommitteeof
parties,
thereshould
bean
independent directors should review explicitstatementthat those loans
significant related partytransactions are
provided
at
prevailing
todeterminewhether
they marketinterestrate.Intheabsenceofs
B.5.2
DoesthecompanydisclosethatRP
Tsare
conducted insuch a wayto
ensure that theyare fair
andatarms' length?
Companies
should
have
a
process for
identifyingand managing conflicts of
interest directors may
have. If a
director has an interest in a matter
under
consideration
by
theboard,then thedirector should not
participatein
thosediscussionsand
theboard
should
followanyfurther
appropriate
processes.
Individual
directors
should
be
conscious
ofshareholderandpublic perceptions
and
seek to avoid
situations
where there mightbe anappearance
ofa conflict
of
interest.
ICGN 8.5Shareholder rights ofaction
Shareholdersshouldbeafordedrights
of actionandremedies whicharereadily
accessiblein ordertoredressconduct of
companywhichtreats
theminequitably.
ItmustbeclearlystatedanyRPTconduc Annual
ted
isfairand
atarms'
length /announcement
transactions,or "fair or normal
commercial
terms.
Otherwise,
'N'.
The termfair and at arms'lengthfor
the purposes ofthisdocumentrefers
to transactions
in an openand
unrestricted marketand between
awilling buyerand a willingseller
whoareknowledgeable,
informed,and
acting
independentlyof each other. Normal
commercial
terms are stronger
than normal business terms.
PART C - ROLE OF STAKEHOLDERS

GuidingReference
toAssessors
C.1 The rights ofstakeholders thatare established by lawor throughmutual agreementsare tobe respected.
C.1.1
C.1.2
Does the
companydiscloseapolicy that:
Stipulatestheexistenceandscop
eofthe
company'seffortstoaddresscus
tomers' healthandsafety?
Explains supplier/contractor
selection
practice?
Source Document/
Location of
Information
Points
Y
OECD
Principle
IV
(A):
The rightsof stakeholders that are
establishedbylawor
throughmutual
agreements aretoberespected. In all
OECD
countries,therights
of
stakeholdersare
establishedbylaw(e.g.
labour,business,
commercialandinsolvencylaws) orby
contractualrelations.
Eveninareas
where
stakeholderinterestsare
notlegislated,
many
firms
makeadditionalcommitments
to
stakeholders,and
concernovercorporate
reputationandcorporate performance
often
requirestherecognitionofbroaderinter
ests.
Customers expect products and

services to
perform their intended functions
satisfactorily,andnotposearisktohealt
h and safety. Theterm'health and
safety (including security)' includes
both
physical
as
wellasnonphysicalaspects.
Examples
of
suchpolicies:apolicy
on
productrecall,a policy on customer
refund for failure to deliver service
as
promised,
a
policy on
healthandsafetyinthe premisesofthe
company,apolicy
onantiharassmentto
stakeholders.Toassign'Y',
thereshouldbeat leastoneparagraph
explaining
thepolicy
relatedtothisissue.
Annual
1
Report/Company
website/Sustainability
or
CorporateResponsibility
Report (CSR)
GlobalReporting
Initiative:
Sustainability Report
(C1.1
C.15)
InternationalAccounting Standards 1:
Presentation of Financial Statements
Disclosure of
supplier/contractor
selection
practices mayreveal ifacompany's
considerationsincludeboth
economicand
noneconomicfactors,such
as
environment, social,orhuman rights.
Toassign
'Y',there
C.1.3
Describesthecompany'sefforts
toensure
thatitsvaluechain
isenvironmentally friendly or
isconsistent
withpromoting
sustainabledevelopment?
C.1.4
Elaborates the company's

efforts to
interact withthe communities
in which theyoperate?
C.1.5
Directs the company's anticorruption

programmesandprocedures?
Value chain consists of inputs to

the
productionprocess,
the
productionprocess
itselfand
theresulting output. Environmentally
friendly/sustainable
developmentmeansthat
thecompanynot
onlycomplies
withexistingenvironmental
regulationbut
also
voluntarilyemploys
value
chainprocesses
thatreduce
waste/pollution/damage
tothe
environment. Toassign'Y',thereshould
To assign 'Y', there should be at least
one
paragraph
explaining
the
company's
efforts tointeractwith
therelevantcommunities.
There
mustbeclear andstatedgoal(s) of the
company'scommunityprogrammesan
d
thus,
itsinteractionisnotadhoc
orarbitrary.An exampleis acompany's
programmethat
focuses
onthreepillars:buildinghuman capital
Corrupt practices include bribery,
fraud,
extortion,
collusion,
conflict
of
interest,
and
moneylaundering.Inthiscontext,
these
includeanofer
orreceiptofanygift,loan,
fee,reward,orotheradvantagetoorfro
m any person as an inducement to
do somethingthatisdishonest,illegal,
ora breachof trustintheconduct of
the
enterprisesbusiness
C.1.6
C.1.7
C.1.8
C.1.9
Describes how
rights are
safeguarded?
creditors'
Doesthecompanydisclosetheac
tivities
thatithasundertakentoimplem
entthe above
mentionedpolicies?
Customerhealthandsafety
OECD Principle IV (A) &Global
Reporting
Initiative
Supplier/Contractor selection
andcriteria
Environmentally-friendly value
chain
mitigatecorruptpractices.Examplesof
anticorruptionprogrammesareconducting
risk
analysis
on
business
unittoassess
the
potential
for
incidents of
corruption within
theunit,conducting
trainingtoemployees
on
thecompany'spolicyand procedures
on
anticorruption.Toassign
'Y',thereshould
beat
one
paragraph explainingthe company's
policy
forsafeguardingcreditorsrights.Polici
es
on
safeguardingcreditors'rightsamong
others includea)policy oncollaterals
ofthe
company'sassets,guarantees,and
subordinateddebt,b)policyondebtcovena
nts,
c)protection
inthecaseofdefault/distress, and d)
disclosing information that enables
external
parties
toevaluatethe
IntheAnnualReport/Companywebsite
and
for
each
stakeholder,to
assign
'Y',there
shouldbeatleastoneparagraph
explaining
activitiesthatthecompanyhasunderta
Annual
Report/Company
website/financial
statements
Annual
Report/company
website/Sustainability
CR Report
or
C.1.10
C.1.11
C.1.12
C.1.13
Interactionwiththe
communities
Anti-corruption
programmes and
Procedures
Creditors'
rights
Does the company have a

separate
corporateresponsibility(CR)
report/sectionor sustainability
report/section?
OECD
Principle
V
(A):
Disclosureshouldinclude,
butnotbelimited to,
material
information
on:
(7)Issuesregarding
employeesand
other stakeholders.
Companiesare encouraged toprovide

information on keyissuesrelevantto
employeesand otherstakeholdersthat
may
materiallyaffectthelongtermsustaina
bility of thecompany.
C.2 Where stakeholder interests are protectedby
law,stakeholders should
rights.
In
the
Annual
Report/Company
website/financialstatements,
toassign 'Y', thereshould beatleast
oneparagraph
explaining
activitiesthatthe
companyhas
undertaken
toimplementsuch
policies.
CRReport/SustainabilityReportisasep
arate
reportfromtheAnnual
Report.
CR
Section/Sustainability
Sectionisasection
withintheAnnualReport
thatintegratesall stakeholdersissues
in
one
section.
Annual
Report/Company
website/financial
statements
Annual
Report/Company
website/Sustainabilityor
CR Report.
Corporateresponsibilityincludes
social and environmental issues. If
acompanypractices
integratedreporting,this
wouldsatisfythe
requirementfor
a"Y".
have
theopportunity
toobtaineffectiveredress
for violationof their
C.2.1
Does
the
company
providecontactdetails
viathe
company'swebsite
orAnnual
Report
which
stakeholders
(e.g.
customers,suppliers, general
public etc.) canuse tovoice
their
concerns
and/or
complaintsforpossible
violationoftheir rights?
OECD
Principle
IV
(B):
Wherestakeholderinterestsareprotect
ed by law, stakeholders should have
the
opportunitytoobtain
efectiveredress
for
violation
of
their
rights.
To receive a score of one, contact

details
mustincludeadedicated
phonenumberor e-mail address.
Companywebsite/AnnualRep 1
ort.
Thegovernanceframeworkand
processes shouldbe
transparent
andnot
impede
the
abilityofstakeholderstocommunicate
and to
obtain redress for the
violation of rights.
C.3 Performance-enhancingmechanisms for employee participationshouldbepermittedtodevelop.
C.3.1
C.3.2
C.3.3
Doesthecompanyexplicitlydiscl
osethe
health,safety,andwelfarepolic
yforits employees?
OECD
Principle
IV
(C):
Performance-enhancing
mechanismsfor
employeeparticipationshouldbepermi
tted todevelop.In thecontext of
Doesthecompanypublishdatare corporate governance, performance
lating
enhancing
mechanisms
for
tohealth, safety and welfare participation
maybenefit
of its employees?
companiesdirectlyas wellasindirectly
through
thereadinessbyemployeestoinvest in
firm
specific
skills.
Toassign'Y',thereshouldbeatleastone
or
twoparagraphsdescribing
thecompany's
policyregardingthehealth,safety, and
welfare policyof its employees.
To assign 'Y', the company should
publish
ratesof injury/occupational diseases,
lost
days/absenteeism,andbenefitsprovid
ed to full-timeemployees.
AnnualReport/Companywebs 1
ite/
separateCRorESGreportasth
e casemay be
ite/
e casemay be
Does the company have

training and
developmentprogrammesfor
its employees?

one
paragraphdescribingthe
company'straining
and
developmentprogrammesfor
its
ite/
e casemay be
Firmspecificskills
arethose
skills/competenciesthat arerelatedto
production
technologyand/or
organizational aspects
that
are
unique to a firm.
C.3.4
C.3.5
Does the company publish

data on
training anddevelopment
programmes for
itsemployees?
representation
on
boards;
and
governance
processessuch as workscouncilsthat
consider
employeeviewpointsincertain
key
decisions.
Withrespect
Does
the
company toperformance
have
a
enhancingmechanisms,
reward/compensation
policy employeestock
ownershipplansor
that
otherprofit
sharing
accountsfortheperformance
mechanismsaretobe foundin many
ofthe company beyondshort- countries.
termfinancial measures?
To assign 'Y', the company should

publish
averagehours of training per year
per employeebyemployeecategory.
ite/
e casemay be
Thisreferstoemployeesotherthandire
ctors
andCEO.
Anexample
ofshorttermfinancial
measureislast
yearprofit/EPS/Return
on
Investment.Examplesof
measuresbeyond short-termfinancial
measuresare:Balanced
Scorecard,Employee StockOwnership
Plan
with
exercisepricesignificantlyhigher than
ite/
e casemay be
C.4
Stakeholdersincludingindividualemployeeandtheirrepresentativebodies,shouldbeabletofreelycommunicatetheirconcernsaboutillegalorunethi
calpracticestotheboardandtheir rights shouldnot be compromisedfor doingthis.
C.4.1
Does
the
company
have OECD
Principle
IV Toassign'Y',thecompanyshouldexplicit Annual
1
0
procedures for
(E):
ly
complaintsbyemployeesconcer Stakeholders,including
individual disclosetheprocedures.
ning
illegal
(including employees
andtheirrepresentative
corruption)
and
bodies,
shouldbe Toassign'Y',thecompanyshouldexplicit Annual
C.4.2
Does the company have a
1
0
abletofreelycommunicatetheir
policy or
ly
procedures
toprotect an concerns aboutillegal or unethical disclosetheprocedures.
employee/person who reveals practicestothe boardandtheir rights
compromisedfordoing
illegal/unethical behaviorfrom shouldnotbe
this.
retaliation?
PART D - DISCLOSURE AND TRANSPARENCY

GuidingReference
D.1 Transparentownershipstructure
D.1.1 Doestheinformationonshareholdi
ngsreveal
theidentityofbeneficialowners,hol
ding5%
shareholdingor more?
D.1.2 Does the company disclose the

direct and
indirect(deemed) shareholdings
of major and/or
substantialshareholders?
direct and
indirect (deemed) shareholdings
of directors
(commissioners)?
direct and
indirect(deemed) shareholdings
of senior management?
OECD
Principle
V:
Disclosure
and
Transparen
cy
(A)
Disclosure should
include,
but not limited
to,
material
information on: (3) Major share
ownership
and
voting
rights,including
group
structures,intragrouprelations,
ownershipdata,and
beneficial
ownership.
ICGN
7.6
Disclosure
of
ownership
...
the
disclosure
should
include a
descriptionoftherelationshipofthe
companyto othercompaniesin the
corporategroup,dataon
major
shareholdersand
anyother
information necessary for a proper
understanding
of
thecompany'srelationship
with
itspublic shareholders.
toAssessors
Source Document/
Location of
Information
Assign'Y'onlyif
theidentity
ofall Annual Report
beneficial owners holding more than
5% of issued
sharesisrevealed. If theshareholderis
deemed
tobean
institutional
investor,the
end
beneficialownersneed
notbe
disclosed.
Assign "Y" only if the company Annual Report
explicitly
disclosesbothdirect
andindirect
shareholdings.Ifthesubstantialshareh
older isacompany,theultimate owner
of the companymust bedisclosed.
Assign "Y" only if the company
explicitly
disclosedboth
direct
and
indirect shareholdings.
Points
Y
(1)
Annual Report
Seniormanagementreferstothelevelb Annual Report

elow
theboard
ofdirectors,which
typicallyrefers totheC-level oficers.
Assign
"Y"
onlyif
the
companyexplicitlydisclosesboth
directand indirectshareholdings.
D.1.5 Does
the
company
disclose
details of the
subsidiaries,associates,
jointventures
and
specialpurposeenterprises/vehicl
es (SPEs)/ (SPVs)?
D.2 QualityofAnnualReport
Does the company's annual report "OECD
Principle
V
disclose
(A):
the followingitems:
(1) The financial and operating
results
of
the
company; (2)Companyobjectives,
includingethics,
environment,and
D.2.1 Key risks
other publicpolicy commitments;
(3) Major share ownership and
voting
rights,including
group
D.2.2 Corporateobjectives
structures,intragrouprelations,
ownership
data,beneficial
ownership;
(4) Remuneration policy
for
members of the board and key
executives,
including
their
qualifications,
the
D.2.3 Financialperformanceindicators
selectionprocess,
other
companydirectorshipsandwhether
theyareregardedas
D.2.4 Nonindependentbythe board;
financialperformanceindicators
(6)Foreseeableriskfactors,including
risk
management
system;
(7)Issuesregarding
Apart
from
identifying
the Annual Report
subsidiary,
associates,JV/SPE,theshareholding
interest
(%)
mustalsobedisclosed.Ifthecompany
does nothave any of these, then
assign "N/A".
Therisksmustbethosebeyondthefinan Annual Report

cial
risk.Forexample,productrisk,countryr
isk etc. explanation/details of the Annual Report
Some
corporate
objectiveisexpected.
Performancetarget or long-termgoals
aretobecountedas objectives.
Atleastonefinancialperformanceindica Annual Report

tor
is expected. Examples include, ROI,
ROE, ROS,and EPS.
At least one quantifiable non- Annual Report
financial
performanceindicatoris
expected.
Examples
include,customersatisfaction
D.2.5 Dividend policy
D.2.6 Detailsofwhistle-blowingpolicy
particular, the content of

corporate
governancecodeorpolicy
andtheprocess by
which
is
implemented.
any To
assign'Y',the Annual Report
companymustdisclosea
quantifiabledividend
it policy,forexamplea
targetdividend
payoutratio/dividend per share.
OECD
Principle
V
(E): Channels for disseminating
information shouldprovidefor equal,
timelyand
costefficientaccess
(at torelevantinformationby users.
D.2.7 Biographical
details
least
age,
qualifications,
dateof
firstappointment,
relevantexperience, andany other
directorships oflisted companies)
of directors/commissioners
D.2.8 Training
and/or
continuing
education
programmeattended
by
director/commissioner
D.2.9 each
Numberofboardofdirectors/commi
ssioners
meetingsheld duringtheyear
D.2.1 Attendance
details
of
0
each
director/commissionerinrespectof
held
D.2.1 meetings
DetailsofremunerationoftheCEOan
1
deach
member
of
the
board
of
ICGN2.4Compositionandstructureof
the board
ICGN
2.4.1
Skills
and
experience
ICGN
2.4.3
Independence
ICGN
Remuneration
ICGN
Transparency
Details on how the policy is

Annual Report
implemented
and/ormonitoring processis expected.
To assign "Y" only if all the
Annual Report
specified
biographicaldetailsaredisclosed.
The training and/or continuing

5.0 education
mustbefor
5.4 Self-explanatory
eachdirectorforthemostrecent
UK Corporate Governance Code

(2010) A.1.2 -the number
of
meetings of the boardandthose
committeesandindividual
attendance
by
directors.
CLSA-ACGA (2010)CG Watch 2010Appendix
2 (I)
CG
rules
and
practices
(19)
Disclosetheexactremuneration
of
Annual Report
Annual Report
Annual Report
Thetotal
Annual Report
remunerationpaid/payabletoEACH
director/commissionermustbereveale
d.
Self-explanatory
CorporateGovernance ConfirmationStatement
D.2.1 DoestheAnnualReportcontainasta
2
tement
confirmingthe
company's
full
compliance
with
thecodeof
corporate
governanceand
wherethereisnoncompliance,identify
and
explainreasonsfor eachsuchissue?
OECD
(8)
PRINCIPLE
(A) The company has to specifically Annual Report

state that
theyhavecomplied
thecodeand
UK CODE (JUNE 2010): Listing withalltheguidelinesin
identifyspecificdeviations.
Using
Rules
as"generallycomplied",
9.8.6 R (for UK incorporated termssuch
whereapplicable"
companies)
and9.8.7R
(for "complied
or"complied
overseasincorporated
companies)statethatinthecase ofa withbestpractices"shouldnotbetaken
fullcompliance.
Thecompany
companythathasa
Premiumlisting as
one
statementinthe
of equityshares,thefollowingitems mayhave
AnnualReportconfirming
mustbe
includedinitsAnnualReportandaccou complianceoritmayhavetheinformati
atabularformindicating
nts:
astatement
ofhowthelisted onin
eachprincipleand
guidelineand
companyhas
appliedtheMainPrinciplessetoutinth commenting on if theyhave complied
e UKCG Code,ina manner thatwould or not. For thosenot complied
with,an explanation should begiven.
enable
methodof
disclosurecan
shareholderstoevaluatehowtheprin Either
ciples
havebeen assign a 'Y'.
applied;astatementasto
whether
thelisted
companyhascomplied
throughouttheaccounting
period
with
all
relevantprovisionsset
outintheUK CG Code;ornotcomplied
throughoutthe
accountingperiod
withallrelevant
provisionsset
outinthe
UKCGCode,andif
so,
setting
out:
(i)thoseprovisions,if
any,ithasnot
complied
with;
(ii)in
thecaseofprovisionswhose
requirements are of a continuing
nature,
theperiodwithin
arerequiredtoprovideastatementint
heir
Annual Report
disclosing the
extentto
whichtheyhave
followedthe
Recommendationsin
thereportingperiod.
Wherecompanies
havenotfollowedallthe
Recommendations,
they
mustidentifythe
Recommendationsthat
havenotbeen
followedandgive
reasons
fornotfollowing
them.
AnnualReportingdoes notdiminish
thecompanys obligation toprovide
D.3. Disclosureof relatedpartytransactions(RPT)
D.3.1 Doesthecompanydiscloseitspolicy
covering
thereview
and
approval
of material/significantRPTs?
OECD
Principle
Disclosure
and
Transparen
cy
(A)
Disclosure should
but not limited
to,
information
on: (5)
party
transactions
V: RPTsdisclosedinAnnualReportaredee Annual Report

med
tobe material/significantRPTas these
transactions have satisfied the
include, threshold level stipulated by the
material respective
jurisdictions'
Related rules/regulations/requirements
on
RPT. Thetasktoreviewand/orapprove
these
material/significant
RPTs
vestswith
ICGN
2.11.1
Related
party normally
theAuditCommittee.
Hence,to
transactions
Thecompanyshoulddisclose details checktheAC'sterms
of
all
materialrelated ofreference.Other
details,
partytransactionsin
its
Annual includingthe
process
and
Report.
procedures,areacceptable.Note:Any
cases
ofnon-compliancewith
prevailing
rules/regulations/requirementspertai
ning to material/significant RPT is
D.3.2 Doesthecompanydisclosethename
ofthe
relatedparty and relationship
each
D.3.3 for
Does
the material/significantRPT?
company disclose the
nature and
valuefor
eachmaterial/significantRPT?
D.4 Directorsandcommissioners dealingsin sharesof the company
D.4.1 Does the company disclose
trading in the
company'sshares byinsiders?
Self-explanatory
Annual Report
Self-explanatory
Annual Report
OECD
Principle
V The
disclosure
should Annual Report
(A):
preferably be
(3)Major shareownershipand voting presentedintabularform
showingthelevels
rights
ofholdingatthebeginningandattheend
the
year,and
ICGN 3.5 Employee share dealing of
Companies should have clear rules alsotheaggregatechanges
regarding
anytrading (boughtandsold)during theyear.Other
bydirectorsand employees in the forms ofdisclosurearealsoaccepted.
Where
thereis
company's own securities.
notradingbyinsiders,companies
ICGN
5.5
Share should makea statement to that
effect.
ownership
Everycompanyshouldhaveanddisclo
se a policy concerning ownership Insidersrefertodirectors, members of
of shares of thecompanybysenior managementor
keyofficers(seniormembers
managersand
ofmanagementonelevel
executivedirectorswith
major
theobjectiveof
aligning
the belowtheboard),
interests
of
these
key shareholdersorconnected persons.
executiveswith
thoseof
shareholders.
OECD
(C):
D.5 ExternalauditorandAuditor Report

D.5.1 Are auditfeesdisclosed?
Principle
Self-explanatory
Annual Report
Where the same audit firm is

engaged for
both auditand non-auditservices,
D.5.2 Are thenon-auditfeesdisclosed?
D.5.3 Does the non-audit fees exceed

the audit
fees?
Anannualauditshouldbeconductedb
yan
independent,competent
andqualified,
auditorin
ordertoprovide
an
externaland
objectiveassuranceto theboardand
shareholders
that
the
financial
Assign"Y"ifthecompanydisclosesnona Annual Report

udit
feesorwhenthecompanydisclosesthat
the
auditor doesnotprovidenonIf
non-audit
fees are more than the
Annual Report
audit
fees,
then
assign
'Y'.
statements
fairlyrepresentthefinancial
positionandperformanceofthecomp If there is no disclosureof non-audit
any in
all
material fees, assign "N/A"
respects.
OECD
Principle
V
(D):
External
auditors
shouldbeaccountableto
theshareholdersand oweadutytothe
companytoexercisedueprofessional
care in
the
conduct
of
the
audit.
D.6 Mediumof communications

Doesthecompanyusethefollowing
modesof
communication?
ICGN
6.5
Ethical
(Audit)
Theauditors
observehigh-quality
standards
should
OECD
Principle
V
(E):
Channels for disseminating
information
shouldprovideforequal,timelyandco
D.6.1 Quarterly reporting
D.6.2 Companywebsite
D.6.3 Analyst'sbriefing
efficientaccesstorelevantinformatio
nby
user
s.
Not necessarily in the form of

published
reports.
ICGN 7.1 Transparentand open

Self-explanatory
communication
Every companyshould
aspire to
transparent
and
open
communication
aboutitsaims,its Self-explanatory
challenges,its
achievements
and
its
failures.
D.6.4 Mediabriefings/press conferences
ICGN
7.2
Timely
disclosure
Companies
should
discloserelevantand
material
information
concerning
themselves
ona
timelybasis,inparticular
meeting
market guidelines where they
exist,soastoallowinvestorsto make
informeddecisionsabout
theacquisition,
D.7 Timely filing/releaseofannual/financialreports
D.7.1 Isthe
OECD
auditedannualfinancialreportrelea (C)
sed
within120 days
OECD
fromthefinancialyear end?
(E) ICGN
disclosure
Principle
Principle
7.2
Timely
Announcement
Company
website
Companywebsite
AnnualReport/Announcemen 1
t/
Companywebsite
Media releases, per se, are not AnnualReport/Announcemen 1
media
t/
briefings/pressconferences.
There Companywebsite
mustbe evidence ofactual conductof
media
briefings/pressconferenceduring
theyear under review.
The number of days refers to the Announcement

days
between thecompany's financial
year end and
thedateofannouncement.
D.7.2 Isthe
auditedannualfinancialreportrelea
sed
within90days fromthe
financialyear end?
D.7.3 Is the audited annual/financial
report
released within60 days from the
financial year end?
ICGN
7.3
Affirmation
of
financial
statemen
ts
Theboard
ofdirectorsand
thecorporate officers ofthecompany
shouldaffirmat least annuallythe
accuracy
of
the
company'sfinancialstatements
orfinancial accounts.
D.7.4 Isthetrueandfairness/fairrepresen
tationof
theannualfinancial
statement/reports affirmedbythe
boardof directors/commissioners
and/ortherelevant
officersof
thecompany?
D.8 Companywebsite
Doesthecompanyhaveawebsitedis OECD
closing
(A)
up-to-dateinformation onthe
D.8.1 Businessoperations
OECD
(E) ICGN
D.8.2 Financial statements/reports
(current and
prior years)
Principle
Principle
7.1
Transparent
and
open
communication
ICGN 7.2Timely disclosure
D.8.3 Materials provided in briefings to

analysts
andmedia

days
between thecompany's financial
year end and
thedateofannouncement.
days
between the company's financial
year end and thedateofrelease
Assign"Y"onlyifthereisanopinionabout Annual Report

trueand fairness/fairrepresentation.
Details pertaining to the company's

Companywebsite
major
productlinesorbusiness,includingthet
ypes
(local/export)
locations
of Companywebsite
The
Annualand Report/financial
statements of
thecurrentandatleast theimmediate
prior
year
mustbeavailable
onthecompany's
Thesaidmaterialscanincludepresentati Companywebsite
on
slides/notes,and/ormedia/newsreleas
D.8.4 Shareholding structure
This refers to details in terms of

major
classificationsofthecompany'sshareh
olders and
shareholdings.
Apart
fromtheir
identifying
the
subsidiary,
associates,JV/SPE,theshareholdingint
erestAnnual Report, in whole or in
The
parts,
shouldbe ina downloadable format.
The formatisnormallypdf.
ThiscanbeinHTMLformatordownloada
ble
documents(.e.g. PDF,MS-Wordetc.).
ThiscanbeinHTMLformatordownloada
ble
documents(.e.g. pdf,ms-word etc.).
Apartfromthecompanywebsiteitself,th
e
itemsD.8.1toD.8.8shouldalsobeavaila
ble in theEnglish language.
D.8.5 Groupcorporate structure
D.8.6 Downloadableannualreport
D.8.7 Noticeof AGM and/or EGM

D.8.8 Company's constitution
(company's by-laws,
memorandumandarticlesofassocia
D.8.9 Alloftheabove(D.8.1toD.8.8)areav
ailable
in English
D.9 Investor relations
D.9.1 Doesthecompanydisclosetheconta ICGN
7.1
Transparent
ctdetails
open
(e.g.telephone,fax,andemail)ofth communication
eofficer responsible for investor
relations?
and
Companywebsite
Companywebsite
Companywebsite
Companywebsite
Companywebsite
Companywebsite
Dedicated contact details of a person Annual

or
departmentresponsibleforinvestorrel
ations would besufficient.
PART E - BOARD RESPONSIBILITIES

GuidingReference
toAssessors
Source
Document/Locationof
Informat
Points
Y
E.1 Clearlydefined board responsibilities andcorporategovernancepolicy

E.1.1 Aretherolesandresponsibilitiesoft
heboard
ofdirectors/commissioners clearly
stated?
OECDPRINCIPLEVI:TheResponsibiliti
esof
the
Board (D)Theboard should fulfill
certain
key
functions,
including:
1.
Reviewing
and
guiding
corporatestrategy, major plans of
action,riskpolicy,annual budgetsand
businessplans;setting performance
objectives;monitoring
implementation and
corporate
performance;and
overseeingmajorcapital
expenditures,acquisitionsanddivestit
ures.
2.Monitoringthe efectiveness ofthe
companysgovernancepracticesand
making changes
as
needed.
3.Selecting,compensating,monitorin
g and, when necessary, replacing
key executives and
overseeing
succession
planning.
4. Aligning keyexecutiveand board
remuneration
with
thelongerterminterests of
the
TheAnnualReportshouldclearlylistout Annual Report/website

the
duties oftheboard such as overseeing
the
businessafairsofthecompany,
overseeing
theprocessesforevaluating
theadequacyof
internalcontrolsand
risk management systems,approving
broad
policies,strategies
and
objectivesof thecompany,etc.
misuse of corporate assets and

abuse in
relatedparty
transactions.
7.Ensuringtheintegrityof
thecorporations
accountingandfinancial
reportingsystems,
including
theindependentaudit,and
that
appropriatesystemsofcontrolareinpl
ace,
in
particular,systemsforrisk
management,
financial
and
operational
control,and
compliancewith thelawand relevant
standards.
8.Overseeingtheprocess
ofdisclosureand
communications.
E.1.2 Are
OECDPRINCIPLEVI
(D)
This refers to the issues for which Annual Report/website
thetypesofdecisionsrequiringboar
board
dof
approval isspecificallyrequired,such
as
acquisitionsand
directors/commissioners'
disposals,shareissuances,
financial
approval disclosed
restructuring, etc. Watch for key
?
words suchas "approval","reserved",
E.1.3 Does the company disclose its OECD PRINCIPLE V: Disclosure The company should disclose its Annual Report/website
corporate
and
own
governancepolicy /boardcharter? Transparen
corporategovernancepolicy or board
cy
charter
forthistobeY.
(A)
Disclosureshould Thecompletepolicyora
include,butnotbe limited
to, summaryofthepolicyshouldbe made
material information on:
available inthe annual report or
8.Governancestructures
website.
andpolicies,in particular,thecontent
ofanycorporate
Stating thatthecompany hasadopted
governancecodeorpolicyandtheproc the
code
ofgovernancesetby
ess bywhich itisimplemented.
theregulatorsand
providing
alinktothiscodeshould
notbe
considered ashaving thecompany's
E.2 Codeof ethicsor conduct

E.2.1 Doesthecompanyhaveacodeofethi OECD
PRINCIPLE
csor
VI
conduct?
(C)Theboard
should
applyhigh
ethical
standards.Itshouldtake
intoaccountthe
interests
of
stakeholders. The
boardhas a key role in setting the
ethicaltone
of
acompany,not
onlybyits
ownactions,butalsoin
appointingand
overseeingkey
executives andconsequently the
managementin general. High ethical
standardsareinthelongterminterests
of thecompanyasa meanstomakeit
credible
andtrustworthy,not
E.2.2 Are the details of the code of
onlyinday-to-day
ethics or
operationsbutalsowith
conduct disclosed?
respecttolonger
termcommitments.Tomakethe
objectives
oftheboardclearand
operational,
many
companieshavefoundit
E.2.3 Does
the
company
disclose
usefultodevelop
companycodes
that all
ofconductbased
on,inter
directors/commissioners, senior
alia,professional
management
standardsandsometimes
broader
andemployeesarerequiredto
codes
of behaviour. The latter
complywiththe code?
might
include
a
voluntary
commitment
by
thecompany(including
itssubsidiaries)to
complywith
theOECD
Guidelinesfor
MultinationalEnterprises
whichreflectall
four
principles
contained in theILO Declaration on
Self-explanatory
Annual Report/website
Thedetailsofthecodeshouldbeprovide Annual Report/website

d
such aswhoitcovers,whataretheitems
being covered, how are breaches
handled,
etc.Justhavingafewsentencesontheco
de
ofethicsin
theAnnualReport
The company should disclose that all Annual Report/website
the
three
partiesindicated
should
comply
with
thecode.If
it
onlyappliestoemployees,this should
be'N'. Companycan scoreYif ithas
separatecodeof ethicsfordirectors.
E.2.4 Does the company discloses

how it
implements andmonitors
compliance with the codeof
ethicsor conduct?
interests,includingdealingsintheshar
esof
thecompany.An overallframeworkfor
ethical
conductgoes
beyond
compliance
withthelaw,which
shouldalwaysbea
fundamental
requirement.
This could involve items such Annual Report/website

as:
-communicatingthe
code
toall
existingand new
employees
and
directors
making
thecodeavailableonthecompany
intranet
for
ease
of
access
requiring
all
parties
todeclareannuallythat
theyhavecompliedwiththecode
of
ethicsor conduct
Whilenotexplicitlystatedinmostcode
sof
corporategovernance,thisisconsiste
ntwith mostcodesspecifyingtheroles
oftheboard
asincluding
setting
thedirection
and
providing
strategicleadership.
The company should specifically Annual Report/website

state that
theboard hasreviewed and approved
the
visionandmissionatleastonceduringth
e
last5years.Disclosing
onlythecompany's visionand mission
should notbe given a 'Y'.
E.3 Corporate Vision/Mission

E.3.1 Does the board of
periodically reviewand approve
the vision andmission?
E.4 BoardStructure &Composition
E.4.1 Doestheboardofdirectors/commis
sioners
compriseatleastfivemembersand
no more than
12
members?
(i.e.,between512members)
UK Code
B.1 Supporting Principle
states:
Theboardshouldbeofsufficientsizetha
t therequirementsof thebusinesscan
bemet
and
changestotheboard'scomposition
and thatof its committees canbe
managed
withoutunduedisruption,and should
notbe
solargeas
tobeunwieldy.Mostcodes
of
corporate governance specify that
the
board
should
be
ofappropriatesizebutshould
not
betoolarge.
Therangeof5to12isbasedoncompanie Annual Report

s
needingenoughboard
memberstoensure adequate range
of
competencies
and
diversityontheonehand,
andnotbeingtoo large as to become
cumbersome
on
the other.
Empirically,theaverageboardsize
of
largecompaniesindeveloped
marketsis
between10to
11,
andthereissubstantial
research
thatoverlylargeboards are associated
withlower value. Some companies
willhave board changes during
thefinancialyear.The numberofboard
membersasatthedatetheAnnualRepor
t hasbeen published should betaken
into
accountwhen
answering
thisquestion.
However,
directorsproposed
for
appointmentbased on shareholder
approval
attheAGMshouldnot
beincluded.In addition, allquestions
which uses information onnumberof
E.4.2 Do
independent,
non-executive
directors/commissionersnumber
at least three andmake upmore
than50%
of
the
boardofdirectors/commissioners?
OECD
PRINCIPLE
VI
(E)
Inordertoexerciseitsdutiesof
monitoring
managerial
performance, preventing conflictsof
interest and balancing competing
demands
on
thecorporation,itis
essential
thattheboard
is
abletoexercise objective judgement.
In thefirst instance thiswill mean
independenceand
objectivity
withrespect
to
managementwithimportant
implicationsfor thecompositionand
structure
of
theboard.
Boardindependence
inthesecircumstancesusuallyrequire
sthat
asufficientnumber
ofboardmembers will need tobe
independent of management. The
ASX Code recommends at least
a
majority
ofindependent
directors,whilethe
UK
Coderecommends atleast halfofthe
board,excludingthe
Chairman,be
independent
directors.
The
minimumof
three
The percentage of independent Annual Report

directors
shouldbecomputedbydividingthenum
ber
of
independentdirectors
bythetotal
number
ofdirectors.Toscorea
Y,thispercentage
shouldbegreaterthan50%andthenum
ber of independentdirectors must
also be at least3.
E.4.3 Does the company provide a

OECD
PRINCIPLE
definition of
VI:
independenceinits AnnualReport? (E)The
boardshouldbe
abletoexercise
objectiveindependent judgementon
corporate
afairs.
Ifthecompanyonlystatesthattheyfollo Annual Report

w
thedefinitionofindependencegivenint
he
Code/ Listing Requirements, this
should be
'N'. The company should
give a
definition
suchas:independentfrommanagemen
Indefiningindependentmembers
ofthe
board,someprinciples
of t or fromsubstantial shareholders or
no
relationshipwith
corporate governancehavespecified has
thecompany,etc.
quitedetailed
presumptionsfornonindependence
which
arefrequentlyreflected
in
listing
requirements.
Whileestablishingnecessary
conditions,such
negativecriteriadefining when an
individualisnotregarded
as
independentcanusefully
becomplemented
bypositiveexamplesof
qualitiesthatwill
increasetheprobability of efective
independence. PRINCIPLE
OECD
VI Iftheyare,thecompanyshouldclearlyst Annual Report
(E)
ate
Inordertoexerciseitsdutiesof
thisintheAnnualReportthatALL
the
monitoring
managerial independentdirectorsareindependent
performance, preventing conflictsof of
managementand
interest and balancing competing major/substantial shareholders. In
demands
on
thecorporation,itis addition, It is a 'N' where oneor
essential
thattheboard
is moreof theindependentdirectorsare
abletoexercise objective judgement. closelylinked toa major/substantial
In thefirst instance thiswill mean shareholder
(e.g.,business
independenceand
objectivity associates)evenif
withrespect
to thecompanyassertsindependence.
E.4.4 Aretheindependent
independent of management
and major/
substantial shareholders?
inthesecircumstancesusuallyrequire
sthat
asufficientnumber ofboardmembers
will need to be independent of
management.
The variety ofboard structures,
ownership
patternsandpracticesin
diferentcountries
willthusrequirediferent
approachestothe issue of board
objectivity.
In
manyinstances
objectivityrequires that a sufficient
number
ofboardmembersnotbe
employedby
the
company
oritsaffiliatesandnotbeclosely
related
tothecompanyorits
management through
significant
economic,
family
or other
ties.Thisdoesnotprevent
shareholdersfrombeing
board
members.
In
others,
independencefromcontrolling
shareholders oranother controlling
body
willneedtobe
emphasised,inparticularif
the
exanterightsofminorityshareholders
are weak and
opportunities to
obtain
redressarelimited.This
E.4.5 Doesthecompanyhaveatermlimito
fnine
yearsor
less
for
its
independent
Previous
Toscorea'Y',termlimitshouldbenomore Annual Report/website
GN:
thannineyears.
ICGN:
2.4.3
Independence
Notallnonexecutivedirectors
willbefully
independentoftheexecutives orfrom
dominantshareholders.Among
thefactors
whichcanimpactthe
independence
ofnonexecutivedirectorsare thefollowing:
(a)
former
employmentwiththecompany,
unless there is an appropriate
period
of yearsbetweentheend
oftheexecutiverole
andjoiningtheboard;(b)
personal,business
or
financial
relationshipsbetween the directors
and the
company, its key
executives or large shareholders;
(c)
length
oftenure;and(d)thereceiptofincentiv
e
paywhich
alignsthedirectorsinterestswith
those oftheexecutives ratherthanthe
shareholders.
Whiletheseareimportant
factors,independenceis
more
thananything
astate
ofmind,requiringadisciplinedand
challengingapproachtotherole.
Every
companyshould
makesubstantive
disclosuresastoitsdefinition
of
independenceanditsdeterminationas
to whethereach member ofitsboard
UKCGCode(June2010):
B.1.1Theboard
shouldstateitsreasonsifitdeterminest
hat a director is independent
notwithstanding
theexistence
ofrelationships or circumstances
which mayappear relevantto its
determination,
including if the
director hasserved ontheboard for
morethannine years fromthedate of
theirfirst
election.B.2.3
Nonexecutive
directors
shouldbeappointedfor
specifiedterms subjecttore-election
and
tostatutory
provisionsrelatingtotheremoval ofa
director. Any termbeyond six years
for a non-executivedirectorshould
besubjectto
particularlyrigorous
review,and
should
take
intoaccounttheneed forprogressive
refreshing
of
the
board.
Curren
t:
UKCODE(JUNE2010):Nonexecutivedirectorsshouldbeappointe
dforspecifiedtermssubjecttoreelectionandtostatutoryprovisionsrela
tingtotheremovalofadirector.Anyter
mbeyondsixyearsforanonexecutivedirectorshouldbesubjectto
particularlyrigorousreview,andshoul
dtakeintoaccounttheneedforprogres
E.4.6 Has the company set a limit of

five board
seatsinpublicly-listedcompanies
thatan
individualdirector/commissioner
mayhold simultaneously?
E.4.7 Does the company have any

independent
directors/commissionerswhoserv
eonmore
E.4.8 thanfiveboardsofpubliclyDoes the company have any
executive
directorswhoserveonmorethantw
oboards of
listedcompaniesoutside of
thegroup?
E.5 SkillsandCompetencies
OECD
PRINCIPLE
VI
(E)
(3) Board
members should be
able
to
committhemselves
efectivelytotheir responsibilities.
Service
ontoo
manyboardscaninterfere
withtheperformance
of
boardmembers.
Companiesmaywishto
considerwhether
multipleboard
membershipsbythesame
personarecompatible with efective
board
performanceanddisclosetheinformat
ion to shareholders.
This refers to directorships in Annual Report

listed
companies
and
notprivatecompanies. The limit of
5isconsidered reasonablein light of
regulators,institutional investors,and
shareholderanddirector
bodiesspecifying
around
fiveor
sixasthemaximumnumber.
Annual Report
This refers to directorships in Annual Report

listed
companiesand notprivatecompanies.
Executive directorsare expected to
focus
their
attention
on
thecompany/group
in
which
theyareemployed.
E.5.1 Does at least one nonexecutive

director/commissionerhave
prior
workingexperience
inthemajor industry the
company is operating in?
ICGN:
2.4.3
Independence
Alongsideappropriate skill,competenceand
experience, andthe appropriate context to
encourage
efectivebehaviours,
one
oftheprincipal features
of
a
wellgoverned
corporation
is
the
exercisebyitsboard
of
directors
ofindependent
judgement,
meaningjudgementinthebestinterests ofthe
corporation,free of anyexternalinfluence on
anyindividualdirector,
or
theboardasawhole.In order toprovidethis
independentjudgement, andto generate
confidence that independent judgement is
beingapplied,aboard shouldincludea strong
presence of independent non-executive
directors
withappropriate
competenciesincludingkeyindustry
sector
E.5.2 Doesthecompanydiscloseab ASX
oard
Code
ofdirectors/commissioners Recommendation
diversity policy?
3.2
Companies should establish a policy
concerning
diversityanddisclosethepolicy or asummary
of
that
policy.
Thepolicyshould
includerequirementsforthe
board
toestablish measurable objectives for
achievinggender
diversityandfortheboardtoassess annually
both the
objectives and progress in
achieving
them.
E.6 BoardChairman
If a person has only held a nonexecutive

directorpositionin
acompanyinthesame
industry,thatwouldnot
beconsideredas
having
industryexperience.
Annual
1
Report
Corporate website or the
Exchangewebsite
mayneedtobe
used
toidentifythemajor industry
thecompanyisin
The company has to clearly disclose Annual Report/website

the
policyfora'Y' tobegiven. Juststating
that
theyhave
aboarddiversitypolicyshouldnot
be
taken
as
'Y'.
Diversity canrefer
to diversity in
ethnicity, age orgender.
E.6.1 Do different persons assume the

roles of
chairman andCEO?
E.6.2 Is
the
chairman
non-executive
director/commissioner?
E.6.3 Is
the
chairman
independent
an
E.6.4 Is the chairman the current or

immediate
pastCEO?
OECD
PRINCIPLE
VI
(E)The
boardshouldbe
abletoexercise
objectiveindependent judgementon
corporate
afairs.
Inanumber
ofcountries
withsingle tier boardsystems, the
objectivity of theboard and its
independence from
management
maybestrengthenedbytheseparation
of
theroleofchiefexecutive
andchairman,or,
iftheserolesarecombined,bydesignat
ing
a
leadnon-executive
directortoconvene or chairsessions
of theoutsidedirectors. Separation
of the two posts
may be
regardedasgoodpractice,
asitcanhelpto
achievean
appropriatebalance
of
power,
increaseaccountabilityandimprove
the
boardscapacityfordecision
making independent
of
management.
If the chairman is an executive

chairman,
assign a "N"
Self-explanatory
Please
note
that
while
all Annual Report/website
independent
directors arenon-executive, notall
nonexecutivedirectors
areindependent.If
the
AnnualReport/website onlystatesthat
the chairman isnon-executiveand
Self-explanatory
UK
Code
(June
2010) A.3.1Thechairman should on
appointment meettheindependence
criteriasetoutin B.1.1below.A chief
executiveshouldnotgo
ontobechairmanof
thesamecompany.If,
exceptionally,aboard
decidesthatachief
executive
shouldbecomechairman,
the
NOTES: D.1.1. to E.5.2., (DISCLOSURE & TRANSPARENCY and BOARD RESPONSBILITIES) ALI scored 54 out of 66 or 82% PERFORMANCE.
E.6.5 Are the role and

responsibilities of the
chairman disclosed?
E.7 Boardmeetingsand attendance

E.7.1 Are the board of
meetingsscheduled before or
at the beginningof the year?
to
becomechairof
the
samecompany.A
former chiefexecutive oficer will
notqualify as an
independent
director unless there has been a
period of
atleast three
years
between 2.5
ceasingRole
employmentwith
ICGN:
of
the
Chair
Thechair has thecrucial function of
setting
therightcontextinterms
ofboardagenda,
the
provisionof
information
to
directors,
andopenboardroomdiscussions,
to
enable thedirectors togeneratethe
efectiveboard
debateand
discussion
and
toprovidethe
constructivechallengewhich
thecompany needs.Thechairshould
worktocreateand maintaintheculture
of
opennessand
constructivechallenge whichallowsa
diversity
of
viewstobe
expressed...Thechair
should
beavailableto
shareholdersfor
dialogueonkey
matters
Schedulingboardmeetingsbeforeorat
the
beginning
ofthe
year
wouldallowdirectors
toplan
aheadtoattend
such
meetings,
therebyhelpingtomaximiseparticipat
ion, especiallyas
non-executive
directorsoften
haveothercommitments.
Additionaladhoc
The
company
should
give Annual Report/website
detailed
informationregarding
theroleand
responsibilities of the chairman
instead of one or twostatements. For
example, stating thatthechairman
isresponsibleforboard
proceedingswithoutdisclosing
any
other informationshould notbetaken
as'Y'.
Companieswhichmerelystatethatthey Annual Report

held
acertainnumber
ofscheduledmeetings
shouldbescoredas'N',asthey
maynotbe
scheduled
well
in
advance.
meetingsin thisway.
E.7.2 Does the board of
meetat leastsix timesperyear?
E.7.3 Has each of the

attendedat least 75% of all
the board meetingsheld
duringtheyear?
WORLDBANK
PRINCIPLE This refers
to
meetings
held Annual Report
6
during the
financialyear.
(VI.I.24)Doestheboard
meetatleastsix
times Anymeetingsheldafterthe
financial
per
year?
year should notbetaken into account.
For example, if the financial year
New
endis31December
GN:
2010andthecompany
INDOSCORECARDE.10.Howmanyme heldameetinginJanuary2011,themeet
etingswereheldinthepastyear?
ing in Januaryshould notbeincluded
Iftheboardmetmorethansixtimes,the in
thetotal.
firmearnsa'Y'score.Ifourtosixmeetin Acompanywhichmerelydisclosesapoli
gs,thefirmwasscoredasfair,whileles cy of meeting six or moretimesa year
sthanfourtimeswasscoredasN
should be scoreda "N"unlessitis
OECD
PRINCIPLE
VI Attendancebyalternatedirectorsshoul Annual Report
(E)
dbe
(3) Board
members should be disregarded.
able
to
committhemselves
Specificlimitations
maybeless
important
than
ensuring
thatmembers
ofthe
board
enjoylegitimacy
andconfidenceintheeyes
ofshareholders.Achieving
legitimacywould
alsobefacilitated
bythepublication
of
attendancerecords for individual
board
members(e.g.whethertheyhavemiss
ed
a
significantnumberof
meetings)andany
E.7.4 Does the company require a

minimum
quorumof at
least2/3forboarddecisions?
WORLDBANK
PRINCIPLE
6
(VI.I.28)Isthereaminimumquorumofa
t least2/3for board
decisionstobevalid?
E.7.5 Did
the WORLDBANK
PRINCIPLE
non-executive
6
ofthe (VI.E.1.6)
Does
the
corporate
company
meetseparately
at governance
frameworkrequire
leastonceduringtheyear
orencourageboards
to
withoutany executives present?
conductexecutivesessions?
E.8 OrientationProgramme for NewDirectors

E.8.1 Does the company have
orientation
programmesfor
new
E.9 DirectorTraining
This item is in most codes of

corporate
governance.
Self-explanatory
Annual Report/website (In

board
charter/articles)
Thecompanyhastospecificallystateth Annual Report

atthe
non-executive
directors/commissioners met atleast
onceduring the year withoutthe
presence
of
executivedirectors.Statements
containing "expected to meet"should
notbe taken
as
Just disclosing that the company has Annual Report

an
orientationprogramme
isnotsuficient.
Details
onwhattheprogrammecontains
should bedisclosed.
E.9.1 Does the company have a

policy that
encourages
to
attend
on-going
orcontinuous
professional
educationprogrammes?
E.10 Access toinformation
OECD
PRINCIPLE
VI Stating that the company has a
(E)
training
(3) Board
members should be budgetshould beaccordeda 'Y'.
able
to
committhemselves
Inordertoimproveboard
practicesandthe performance ofits
members,anincreasing number of
jurisdictionsare now encouraging
companiesto
engagein
board
training
and
voluntaryselfevaluation thatmeetsthe needsof
theindividual company.This might
includethatboard membersacquire
appropriateskillsupon
appointment,and
thereafterremainabreast
ofrelevantnew laws,regulations,and
changing
commercial
Annual Report
E.10. Are
boardpapers
for
board
of
1
meetings provided to the board
atleast five business days in
advanceof theboardmeeting?
OECD
PRINCIPLE
VI
(F)In
ordertofulfiltheirresponsibilities,
boardmembersshouldhaveaccess to
accurate,
relevantand
timely
information.
The company should clearly disclose Annual Report

that
boardpapersareprovided
toboardmembers
atleastfivebusinessdays
beforetheboard
meeting.
Ifthecompanystates"on average" or
only5days, without specifyingitis 5
Board
membersrequire relevant business or clear days,thisshould
information on a timelybasisin order beN.
to
supporttheirdecision-making.
Non- executive boardmembersdo
not
typically
havethesameaccesstoinformation
askey
managers
withinthecompany.The contributions
ofnon-executive board members
tothecompanycan
be
enhanced
byproviding
accesstocertain
keymanagers within
thecompany
suchas,
forexample, thecompany
secretary
and
theinternal
auditor,andrecourse to independent
external adviceattheexpenseof the
company.Inorder
tofulfilltheir
responsibilities,board
membersshould ensurethat they
obtainaccurate,relevant
and
timely
information.
E.10. Does the company secretary

play a
2
significant rolein supporting the
board in dischargingits
responsibilities?
OECD
(F)
PRINCIPLE
VI
E.10. Is the company secretary trained

in legal, accountancy
or
3
company
secretarial
practices?
WORLDBANK
PRINCIPLE
6 (VI.D.2.12) Do company boards
have a
professionaland
qualified
company secretary?
ICSA Guidance on
theCorporateGovernance
RoleoftheCompanySecretary
E.11 NominatingCommittee
Nominating
Committee (NC)?
OECD
PRINCIPLE
II
(C)
(3)Effectiveshareholderparticipationi
n
key
corporategovernance
decisions,suchasthe nominationand
election ofboard members, should
befacilitated.
Shareholders
shouldbeabletomaketheir
viewsknown
onthe
remunerationpolicyforboardmember
s
and
key
executives.Theequitycomponentof
compensationschemesforboard
The
company
should
clearly Annual Report
disclose the
dutiesofthecompany secretarysuchas
assisting theChairman in setting
theboard agenda,facilitating training
of
directors,
keeping
directorsupdated
regarding
any
relevant statutory and
regulatory
changes, etc.
Thecompanyhas
todisclose
the Annual Report
educational/professional
qualifications and
workexperienceofthe
companysecretary forthistobe Y.The
qualificationsand
experienceneednotbe
relatedtosecretarial duties. Company
Secretary must have either: i.
degree/professional qualification in
legal or accountancy;
ii.
chartered
secretary
qualification;
or iii.basicdegree
Some companies may not have a Annual Report

separate
committeehandlingnomination
matters.For suchcompanies, QE.11.211.7shouldbe
taken
asN/A
=NotApplicable.
However,
pointsshould
stillbegiven
fornomination
matterssuchas
election
orre-election
of
directors,performanceassessment
ofboard,
directorsandcommittees,etc.regardle
ss of whether a committee or the
E.11.2 Does the Nominating Committee

comprise
ofa
majority
of
independent
E.11.3 Is the chairman of the

Nominating
Committee
an
independent
Withrespecttonominationofcandidat
es,
boardsin
manycompanieshave
established
Nominating
Committeestoensureproper
compliancewith
established
nomination
procedures
and
tofacilitateand
coordinate
the
search
for a balanced
and
qualified
board.
Itisincreasinglyregarded
asgood
practicein
manycountries
forindependent
boardmemberstohavea
keyrole
onthis
committee.
Tofurther
improvetheselection
process,the
Principles alsocallforfull disclosureof
the
experienceand
background
ofcandidatesforthe
boardandthe
nomination
process,which
willallowan
informedassessmentof
theabilitiesand suitability
of
each
candidate.
nominatingandgovernancecommitte
eora
combinednominating
and
Remuneration
Committee.
If
theduties
of
thecommitteein
handlingnomination
matterssuchasboard
appointments,re-election
and
evaluation
are
disclosed,
thequestions shouldbeanswered asif
therearetwoseparatenominating and
Remuneration
Committees.
TheAnnualReportshouldidentifywhot Annual Report
he
membersof
theNominatingCommitteeare
and
ofthese,whothe independentdirectors
are.Ifmorethan50% ofthecommittee
comprisesof
independent
directors,thisisY.
OECD
PRINCIPLE
VI
(E)
(1)Boardsshould
considerassigning
a
sufficient
number of non-executive board
memberscapable
ofexercising
independent judgementto
tasks
where
there
is
a The Annual Report should clearly
This item is in most codes of
corporate
indicate
governance.
that the chairman of the
Nominating
Committeeisindependent.
Annual Report
E.11.4 Does the company disclose the

terms of
reference/governancestructure/c
harterof the
NominatingCommittee?
OECD
PRINCIPLE
VI This refers to the responsibilities of Annual Report/website
(E)
the
(2)When committeesoftheboard are NominatingCommittee.Thecompanys
established,their
hould clearlylisttheseout.
mandate,compositionand
workingproceduresshouldbewell
defined and
disclosed
by
E.11.5 DoestheAnnualReportdisclosethe the
This refers
to
meetings
held Annual Report
board.
number
during the
ofNominatingCommitteemeeting Whiletheuseofcommittees
financialyear.
financial
sheld?
mayimprove
thework Anymeetingsheldafterthe
year
should
notbetaken
into
account.
oftheboardthey
may
alsoraise
questions about the collective For example, if the financial year
responsibility
oftheboard
and endis31December
ofindividualboard members.In order 2010andthecompany
toevaluatethemerits
of heldameetinginJanuary2011,themeet
ing in Januaryshould notbeincluded
boardcommitteesit
in thetotal.
isthereforeimportant
thatthemarketreceives afullandclear
picture of their purpose,duties and
composition.Such
information This refers
E.11.6 Did the Nominating Committee
to
meetings
held Annual Report
isparticularly
importantin
an during the
meet at
increasing
number
of financialyear.
leasttwiceduringthe year?
jurisdictionswhere
Anymeetingsheldafterthe
financial
boardsareestablishing
independentAuditCommittees with For example, if the financial year
powers
tooverseetherelationship endis31December
withtheexternal
auditorand 2010andthecompany
toactinmanycases
independently. heldameetinginJanuary2011,themeet
Other
such
committees ing in Januaryshould notbeincluded
E.11.7 Is the attendance of

members at
NominatingCommittee
meetingsdisclosed?
Given
theresponsibilitiesoftheNCspeltout
incodes
ofcorporategovernance,theNCis
unlikelytobefulfilling
theseresponsibilities efectivelyif itis
oncea
year.
E.12 BoardAppointmentsandRe-Election onlymeeting
E.12.1
(switc
hwith
E.12.2
)
Doesthecompanydisclosethecrite
riaused
inselectingnewdirectors/commiss
ioners?
E.12.2
(switc
hwith
E.12.1
)
Does the company disclose

the process
followedin
appointing
new directors/commissioners?
OECD
PRINCIPLE
II
(C)
(3)
To further improve the selection
process,
thePrinciplesalsocallfor
fulldisclosure of the experience and
background of candidates for the
board
and
the
nomination
process,which
willallowan
informedassessmentof
theabilitiesand suitability
of
each
candidate.
OECD
Principle
VI
(D)
(5)Ensuringaformaland
transparentboard
nomination
and
election
process. These
Principlespromoteanactiverolefor
shareholdersinthenominationand
election
ofboard
members.
Theboardhasan
essentialrole
toplayinensuringthatthis
andotheraspectsof
thenominationsand
electionprocessarerespected.First,
while
actualproceduresfornomination
maydifer among countries,theboard
oranomination
This would normally be in tabular Annual Report

form
showingtheattendance
byeachNominating
Committee
member.
However,
if
the
companystatestherewas
100%attendance,
thiscan
stillbetaken asY.
The company should clearly list Annual Report/website

out the
criteria
being
used
toselectnewdirectors
suchasintegrity,corecompetencies,ab
ility
tocommit
timetothecompany,pasttrack
record,etc.
This refers to how the search for Annual Report/website
new
directorsandassessment ofsuitability
of
directorsareconducted.If
thecompanyonly
discloses
thattheNominatingCommitteeis
responsibleforassessing
candidatesand nominatingthem to
the board, this should notbetaken
asY.
complementtheexistingskillsofthebo
ard
andthereby improve its valueadding
potentialforthe
company.Inseveral
countriestherearecallsforan
open
search process
extending to a
broad range of people.
E.12.3 Areallthedirectors/commissioner
ssubject to re-election at least
once every three
years?
ICGN:
2.9.1
Election of directors: Directors
should be
consciousof
theiraccountabilityto
shareholders,
andmanyjurisdictionshave
mechanismstoensurethatthisisinplac
e on an
ongoing basis.
There
are
some markets however
wheresuch accountability is less
apparentand inthese each director
shouldstandfor
election
onanannualbasis.
Elsewhere
directorsshould
stand
for
electionatleast
onceeverythreeyears,
thoughtheyshouldface
evaluation
more frequently.
WORLDBANK
PRINCIPLE
6 (VI.I.18)Can there-election ofboard
E.13 EO/Executive ManagementAppointmentsandPerformance
Alldirectors,includingthe
companyCEO
or
managingdirectorifhe/sheisamember
of
theboard,should
besubjecttoreelection at leastonce every three
years.
If
any
ofthe
executivedirectorsareexcluded
fromthis
requirement,thisshould
be'N'.
E.13.1 Doesthecompany
disclose
howthe boardof
directors/commissionersplansfor
the
successionofthe
CEO/Managing
Director/Presidentandkey
management?
OECD
PRINCIPLE
VI
(D)
(3)Selecting,compensating,monitori
ng and, when necessary, replacing
key executives and
overseeing
succession
planning.
Intwotierboard
systemsthesupervisory
boardisalsoresponsibleforappointing
the managementboard which will
normally
comprise
E.13.2 Doestheboardofdirectors/commis OECD
PRINCIPLE
VI
sioners
(D)
conductanannualperformanceas (2). Monitoring the efectiveness of
sessment of
the
theCEO/ManagingDirector/Presid companysgovernancepracticesand
ent?
making changes
as
needed.
E.14 BoardAppraisal
Monitoring ofgovernancebytheboard
also includes
continuousreviewof
the
internal
structure
ofthe
companyto ensurethat thereareclear
lines
of
accountabilityfor
management
throughout
the
organisation. In addition torequiring
the monitoring and disclosureof
corporategovernancepractices ona
regularbasis,
a
numberof
countries havemovedtorecommend
orindeed
mandateself-assessment
Successionplanningreferstotheproces Annual Report/website

sby
whicha
companyhastoidentifyanddevelop
employees withthepotentialtofillkey
positionsinthecompany.Thecompany
has
todisclosetheprocess
thatisfollowed
or
discloseitssuccession
planningpolicyfor
itto
begivena
Y.Simplystatingtheyhave
a
succession planning policyshould
The company should clearly state Annual Report
that the
performanceofthe
CEOhasbeenassessed.If
thecompanyonlystatesthatanassess
ment of individual board members
has been conducted,thisisa 'N'.
E.14.1 Is an annual performance

assessment
conductedof
the
board
of directors/commissioners?
OECDPRINCIPLEVI (D)(2)
E.14.2 Does the company disclose

the process
followedin
conducting
the
board assessment?
E.14.3 Doesthecompanydisclosethecrite
riaused
in theboardassessment?
Self-explanatory
Annual Report
This should involve disclosure of the Annual Report/website

key
stepsinvolvedin undertakingtheboard
assessment.If
the
companyonlystates
that
theNC
isresponsibleforconducting
the
assessment,thisis'N'.
the
criteriathatisused toassesstheboard's
performancesuch
as
board
composition
and
independence,board
processes,financial targets,etc.
The company has to disclose that Annual Report

the
directors' performanceassessmentin
the
capacityasaboard
memberwasconducted
during
thefinancialyear.
E.15 Director Appraisal

assessment
conductedof
individual
OECDPRINCIPLEVI (D)(2)

the process
followedin
conducting
the
director/commissionerassessme
nt?
This should involve disclosure of the Annual Report/website

key
stepsinvolved
in
undertaking
theindividual director assessment. If
thecompany only states that the NC
is
responsible
for
conducting
theassessment,thisis'N'.
E.15.3 Doesthecompanydisclosethecrite
riaused
inthedirector/commissioner
assessment?

the
criteria
thatis
usedtoassess
individual directorperformancesuch
asattendanceand
active
participationatmeetings,knowledge
and competencies,etc.
Annual Report
Some companies may not have a Annual Report

separate
committeehandling
remuneration
matters. Forsuchcompanies,QE.17.217.7should
betakenas
N/A=NotApplicable.However, points
should still begiven for remuneration
It is considered good practice in an matters(coveredunderE.18)regardles
increasingnumberof
countriesthat s of whether a committee or the
E.16 Committee Appraisal

assessment
conductedof
the
board
of directors/commissioners
committees?
UK
CODE
(JUNE Self-explanatory
2010)
B.6Evaluation:Theboardshouldunder
take
aformalandrigorousannualevaluatio
nof
its
own
performanceand
thatofits
committeesand
individualdirectors.
E.17 RemunerationCommittee/ CompensationCommittee

Remuneration
Committee?
OECD
PRINCIPLE
VI
(D)
(4)Aligning keyexecutiveand board
remuneration
with
the
company and its shareholders.
contracts for board members and

key
executives be handled by a special
committee
of
the
board
comprisingeither wholly oramajority
ofindependent
directors.Therearealsocallsfor
a
Remuneration
Committeethat
excludes
executivesthatserve
oneach
others
Remuneration
Committees,
which could lead
toconflictsof interest.
Note:
Somecompanieswillhaveacombined
nominating
and
Remuneration
Committee.
If
theduties
of
thecommitteein
handling
remuneration mattersisdisclosed,the
questions
shouldbe
answeredas
ifthereare
twoseparatenominating
andRemuneration
Committees.Inthisinstance,Q E.17.2- Annual Report
E.17.2 Does the
TheAnnualReportshouldidentifywhot
RemunerationCommittee
he
comprise
members
of
the Remuneration
Committee
areand
ofthese,who
ofa
majority
of
theindependent
directorsare.If
independent
morethan50%
of
the
committeecomprises ofindependent
E.17.3 Is the chairman of the
The Annual Report should clearly
Annual Report
Remuneration
indicate
Committee
an
that the chairman of the
independent
Remuneration
Committeeisindependent.
OECD
PRINCIPLE
VI This refers to the responsibilities of Annual Report/website
terms of
(E)
the
reference/governancestructure/c (2)When committeesoftheboard are Remuneration Committee. The
established,their
harterof
company should clearlylisttheseout.
theRemunerationCommittee?
defined and
disclosed
by
the
board.
Whiletheuseofcommittees
E.17.5 DoestheAnnualReportdisclosethe
number
of RemunerationCommittee
meetingsheld?
E.17.6 Did theRemuneration

Committee meetat
leasttwiceduringthe year?
E.17.7 Is the attendance of

members at
Remuneration
Committee
meetings disclosed?
E.18 RemunerationMatters
of the board and of individual

board
members.In
order
toevaluatethemerits
of
boardcommitteesit
composition.Such
information
isparticularly
importantin
an
increasing
number
of
jurisdictionswhere
independentAuditCommittees with
powers
tooverseetherelationship
withtheexternal
auditorand
toactinmanycases
independently.
Other
such
committees
includethosedealing
with
nomination
and
compensation.
Theaccountability of therest of
theboard and the board as a whole
should
be
clear.
Disclosure
should
not
extendtocommitteessetuptodealwith
,
forexample,
confidentialcommercial transactions
Given
theresponsibilities
ofthe
Remuneration
Committee(RC)whichare
This refers
to
meetings
held Annual Report
during the
financialyear.
financial
endis31December
2010andthecompany
heldameetinginJanuary2011,themeet
This refers
to
meetings
held Annual Report
during the
financialyear.
financial
endis31December
2010andthecompany
form
showing
theattendanceby
each
Remuneration Committee member.
However, if the company states
there was
100%attendance,thiscanstill
betaken asY.
E.18.1 Doesthecompanydiscloseitsremu
neration
(fees,
allowances,
benefit-inkind and other emoluments)
policy (i.e. the use of short
termandlongterm incentives and
performancemeasures)
for
itsexecutive directors andCEO?
OECD
PRINCIPLE
VI
(D)
(4)Aligning keyexecutiveand board
remuneration
with
the
company and its shareholders.
In
an
increasing
number
of
countriesitis regarded as good
practicefor boards to develop and
disclosea
remuneration
policy
statementcoveringboard
membersandkey executives. Such
policystatementsspecify
therelationship
between
remuneration and
performance,
andincludemeasurable
standardsthat
emphasize
thelongerrun
interests
ofthecompany
overshortterm
considerations.Policy
statementsgenerally
tend
tosetconditionsforpaymentsto board
membersforextra-board
activities,suchas
consulting.Theyalso
oftenspecifyterms
E.18.2 Istheredisclosureofthefeestructu UK
CODEto be observed
(JUNE
refor
2010)
nonD.1.3 Levels ofremunerationfornonexecutivedirectors/commissioner executivedirectorsshould
reflectthetime
s?
commitmentandresponsibilitiesofthe
role.
Disclosure
executive
ofeestructure
directors
fornonallows
Thecompanyshoulddiscloseallthree(i. Annual Report/website

e.,
short-termincentives,
longtermincentives
and
theperformancemeasures)forthistobe
Y.
Thisreferstotheamountbeingpaidtono Annual Report

nexecutivedirectorsforbeing
acommittee
chairman,
committeemember,
attendance,
etc.Thebreakdownin
feesshouldbe
disclosed butitneed notbethefees of
each directorbyname.
they are paid for taking on

additional
responsibilities andcontributions,
such as chairing committees.
E.18.3 Do the shareholders or the
Board of
Directorsapprove
the
remunerationof the executive
directors
and/orthesenior
executives?
Previous
Thiswould beindicated intheAnnual
GN:
Report.
OECD
Principle
II
(C)
(3)Effectiveshareholderparticipationi
n
key
corporategovernance
decisions,suchasthe nominationand
election ofboard members, should
befacilitated.
Shareholders
shouldbeabletomaketheir
viewsknown
onthe
remunerationpolicyforboardmember
s
and
key
executives.Theequitycomponentof
compensationschemesforboard
members
andemployeesshould
besubjectto
shareholder
approval.
UK
CG
Code
(June
2010)
(D.2.3)Theboarditselfor,whererequir
ed bytheArticlesof Association,the
shareholders should determinethe
remuneration
of
thenonexecutivedirectors within thelimits
setin theArticles of Association.
Where permittedby the Articles, the
board
may however delegate
thisresponsibility
toacommittee,which
might
Annual Report/NoticetoAGM
ofthe
company
shareholders.
E.18.4 Do
independent
non-executive
directors/commissionersreceive
options, performance shares
orbonuses?
and
its
ICGN
2.3
(D)
and
(E) D.
Selecting,remunerating, monitoring
and where necessaryreplacing key
executives and
overseeing
succession
planning. E.
Aligningkeyexecutivesand
Board
UK
CODE
(JUNE
2010)
(D.1.3)Levels ofremunerationfornonexecutivedirectorsshould
reflectthetime
commitmentandresponsibilitiesof
therole. Remuneration for nonexecutivedirectors
shouldnot
includeshare
optionsor
other
performance-related elements. If,by
exception,
optionsaregranted,shareholder
approval
should
besoughtin
advanceand
anysharesacquiredby
exercise ofthe options shouldbe
held until at least one year after
the non-executive director leaves
theboard.Holding
ofshareoptionscould
be
relevanttothedetermination ofanonexecutive directors independence
(as
set out
in
provision
B.1.1).
ASX
CODE Box 8.2: Guidelines for nonexecutive
director
Note that the use of

options, Annual
Report/Notice
performance
to
shares
or
bonusesfor
non- AGM/Announcements
executivedirectors is notconsidered
to
begoodpractice.The
annual
reportshould clearlyindicatethatthe
independentdirectors
receive
options,
performanceshares
or
bonuses.Inthe absenceof anysuch
disclosure,thisshould be taken asN.
beremuneratedbywayofees,inthefor
m
ofcash,
noncashbenefits,superannuation
contributions
or
salarysacrificeintoequity; theyshould
notnormallyparticipatein
schemesdesignedfortheremuneratio
n of executives.
2. Non-executive directorsshould
not receive
options
or
bonus
payments.
3.
Non-executivedirectorsshould
E.19 Audit Committee
E.19.1 Does the company
an Audit
Committee?
have
OECD
PRINCIPLE
VI Self-explanatory
(E)
(1)Boardsshould considerassigning
a sufficient number of non-executive
board memberscapable ofexercising
independent judgementto
tasks
where
there
is
a
potentialforconflictofinterest.Exampl
es
of
suchkeyresponsibilities
areensuringthe
integrityoffinancialand non-financial
reporting,thereview ofrelatedparty
transactions,nomination
ofboard
Annual Report
E.19.2 DoestheAuditCommitteecompris
eentirely
ofnon-executive
withamajority of independent
OECD
PRINCIPLE
VI The Annual Report should clearly
(E)
identify
(2)When committeesoftheboard are who
themembersof
theAudit
established,their
Committee
areand
ofthese,whothenon-executiveand
independentdirectorsare.
defined and
disclosed
by Ifthecommittee contains noexecutive
the
board.
directors and more than 50% ofthe
committee
comprises
of
independentdirectors,thisisY.
Whiletheuseofcommittees
members
mayimprove
thework External
oftheboardthey
may
alsoraise whosatisfytheindependence
beconsidered
asan
questions about the collective criteriacan
E.19.3 IsthechairmanoftheAuditCommit responsibility
oftheboard
and The Annual Report should clearly
teean
ofindividualboard members.In order indicate
independentdirector/commission toevaluatethemerits
of thatthechairmanoftheAuditCommitte
er?
eis
boardcommitteesit
independent.
composition.Such
information
ThisreferstotheresponsibilitiesoftheAu
isparticularly
terms of
importantintheincreasingnumber of dit
reference/governance
Committee.Thecompanyshouldclearl
jurisdictionswhere
structure/charter of
ylist theseout.
theAuditCommittee?
independentAuditCommittees with
powers
tooverseetherelationship
withtheexternal
auditorand
toactinmanycases
independently.
E.19.5 DoestheAnnualReportdisclosethe Other
Most codessuch
specify committees
the need The
Annual
Report
should
profile
for
disclose
or qualificationsof the Audit
accounting/financeexpertiseor
information
such
as
education
Committee members?
experience.
qualifications and/orworkexperience
ofeachAudit
Committeemember
forthisto beY.
Annual Report
Annual Report
Annual Report
E.19.6 Does at least one of the

independent
directors/commissionersoftheco
mmittee
have
accountingexpertise(accounting
qualificationor experience)?
UK
CODE
(JUNE
2010)
C.3.1.
Theboard
should
satisfyitselfthatat
leastonememberof
theAuditCommittee
hasrecentandrelevantfinancialexperi
ence.
Accounting expertise
refers to Annual Report
having an
accountingqualificationsuchasadegre
e in accountancy or a professional
qualification such as CPA or ACCA
and/or
having
accounting
experiencesuch as working as an
accountant,auditor,etc.
Asmanyofthekey
responsibilitiesofthe
AuditCommittee are accountingE.19.7 DoestheAnnualReportdisclosethe OECDPRINCIPLEVI (E)(2)
This refers
to
meetings
held Annual Report
number
during the
ofAudit Committeemeetingsheld?
financialyear.
financial
endis31December
2010andthecompany
E.19.8 DidtheAuditCommitteemeetatlea
This refers
to
meetings
held Annual Report
stfour
during the
timesduringthe year?
financialyear.
financial
endis31December
2010andthecompany
E.19.9 Is the attendance of members at
Audit
form
Committee meetingsdisclosed?
showingtheattendance byeachAudit
Committee member. However, if
the
companystatestherewas
100%attendance,
thiscan
stillbetaken asY.
E.19.1 Does the Audit Committee have

primary
0
responsibilityfor
recommendation
onthe
appointment,
reappointmentandremoval of the
externalauditor?
E.20 InternalAudit
UK
CODE
(JUNE
2010)
C.3.6TheAuditCommitteeshould
have
primaryresponsibilityfor
making a recommendation on
theappointment, reappointmentand
removal of theexternal auditor.If
theboarddoesnotacceptthe
Audit
Committees recommendation, it
should includein theAnnual Report,
and
in
anypapersrecommendingappointme
nt or re-appointment, a statement
fromthe
Audit
Committeeexplainingthe
recommendation
E.20.1 Doesthecompanyhaveaseparatei OECD

PRINCIPLE
VI
nternal
(D)
auditfunction?
(7) Ensuring the integrity of the
corporationsaccounting
andfinancial
reporting
systems,
including the independentaudit,and
thatappropriate
systems
ofcontrolareinplace,inparticular,
systems
for
risk
management,financial
and
operational control, and compliance
with the
law
and
relevant
standards.
Ensuringtheintegrity ofthe essential
reporting andmonitoring systems
will
requirethe
boardtoset
andenforceclear
lines
of
responsibilityand
accountability
Thecompanyshouldclearlydisclosetha Annual Report/website

tthe
AuditCommitteeisresponsibleforall
three,
i.e.,appointment,
reappointmentand
removaloftheexternalauditor.Ifeveno
ne of themismissing,thisshould be'N'.
Thecompanyshouldclearlydisclosetha Annual Report

tit
hasaseparateinternalauditor.The
internal
auditorcouldbeaninternalperson oran
external firm. Ifhowevertheinternal
auditis
being
handled
underanexisting
designation
suchasthefinancialcontroller,thisshou
ldbe
'N'
.
system directlyreporting tothe

board.
E.20.2 Istheheadofinternalauditidentifi
edor,if
outsourced, is the name of the
external firmdisclosed?
Companiesoftendisclosethattheyhav
ean
internal auditbut, in practice, itis not
uncommonforittoexistmoreinformth
an insubstance.For example,theinhouse internal audit maybeassigned
tosomeone
withother
operationalresponsibilities.As
internalauditis
unregulated,unlikeexternal
audit,there
arefirms
providing
outsourced internal auditservices
which are
not properlyqualified
todoso.
Makingthe
identityofthehead
ofinternalaudit
E.20.3 Doestheappointmentandremova OECD
PRINCIPLE
VI
(D)
lofthe
(7)
internalauditorrequiretheapprov
alofthe
Insomejurisdictionsitis
Audit Committee?
consideredgood
practicefor
theinternal
auditorstoreportto
anindependentAuditCommitteeof
the board or an equivalentbody
whichisalso responsibleformanaging
therelationship
with
theexternalauditor,therebyallowing
a coordinated response by the
board.
Thecompanyshould disclosethename Annual Report

of the
headofinternalaudit(ifinhouse,including byparentcompany)
or thenameof the external
firm
providing internal audit services. If
thereis
noseparateinternal
audit
function,thisshould bescored asa N.
Acompanywhichdoesnothaveaninter Annual Report

nal
auditfunctionwouldscorean'NA'forthis
. The emphasis here is the reporting
relationship oftheinternalauditorand
the
unfetteredaccessoftheinternalauditor
to
the
boardofdirectorsandits
independent
Audit
Committee.
Thestructureand
reporting
linesadopted
for
theinternal
auditfunction
should
promote
objectivity,
WORLDBANK
PRINCIPLE independence,
6 (VI.D.7.9)Does theinternal auditor consistencyand
businessunderstanding.
Thiscan
havedirectandunfetteredaccessto
theboardof
directorsand beachieved bycombiningtheconcept
ofaclearreporting
lineto
the
itsindependentAudit Committee?
E.21 RiskOversight
the internal
controlprocedures/risk
management systems ithas
inplace?
reporting
line
from
the
internal auditfunction totheboard or
relevantcommittee. UndertheASX
Principlesitisalsorecommended
thatthe Audit
Committee
have
access
to internal
auditwithoutthepresenceof
management, and that the audit
committeeshouldrecommendto
theboard the
appointment
and
dismissal
of a chief internal
auditexecutive."
OECD
(7)
PRINCIPLE
(VI)
Where the approval is by the board

of
commissioners,themajorityoftheboar
d
of
commissionershastobeindependentto
earn a ';Y'.
(D) This should include a description of Annual Report/website

key
internal controls and
of assignment of responsibilitiesand
accountabilities
Ensuringtheintegrity
thecorporations
accountingandfinancial
reportingsystems,
including
theindependentaudit,and
that
appropriatesystemsofcontrolareinpl
ace,
in
particular,systemsforrisk
and TheAnnualReportshouldstatethatarevi Annual Report
E.21.2 Does the Annual Report disclose management,
UK
CODEfinancial
(JUNE
that the
2010)
ew
boardof
C.2.1Theboardshould,
wasconductedthisyear.
directors/commissionershas
atleastannually,
conductedareview
of conductareviewoftheeffectiveness
thecompany's
materialcontrols ofthe
companys
risk
(including
operational, managementandinternal
financialandcompliance
controlsystemsandshouldreport
to
controls)andrisk
shareholders thattheyhavedoneso.
managementsystems?
The reviewshould coverall material
E.21.3 Doesthe company disclose

howkeyrisks are
managed?
OECD
(A)
(6)
factors.
PRINCIPLE
V Thisreferstokeyriskssuchasoperation Annual Report/website

al,
Foreseeable
risk complianceand
financialrisks.Thecompany
shouldexplain whateachriskisin the
company'scontext,insteadofsimplyst
Disclosureofriskis
alistofrisks
mostefectivewhenitis
tailored ating
company
tothe particular industry in question. thecompanyfaces.Ifthe
Disclosureaboutthesystemfor
onlydiscloses how financial risks
BONUS QUESTIONS
GuidingReference
Source
Document/Locationof
Informat
ion
Assessment Guidance/Notes to
Assessors
Point
A- Rightsof
shareholders
A.1 Righttoparticipate effectivelyinandvoteingeneral shareholders meetingandshouldbeinformedof the rules,
includingvotingprocedures,thatgoverngeneralshareholdersmeeting.
A.1.1(B Doesthecompanyallowtheuseofs OECD
Principle
II The
objective
of
facilitating
)
ecure
(C)
shareholder
electronicvotinginabsentia
(4)
Shareholders
should participation
suggests
that
atthegeneral meetingsof
beabletovotein
person
orin companies consider favourablythe
shareholders?
absentia,
and
equal
efect enlargeduse
of
information
shouldbegivento
votes
whether technologyin
voting,including
castin personor in absentia.
secureelectronicvoting inabsentia.
BEquitabletreatmentofshareho
B.1 Noticeof AGM
B.1.1(B) Does the company release its
notice of
AGM (with detailed agendas
and explanatory circulars), as
announced to theExchange,at
least28
daysbeforethe
dateofthemeeting?
OECD
Principle
II
(C)
(1)Shareholdersshould befurnished
with sufficientand timelyinformation
concerning thedate,location and
agenda ofgeneral meetings, as well
as full and timely information
regarding theissuestobe decided
at
the
meeting.
(3)Efectiveshareholderparticipation
inkey
corporategovernancedecisions,such
as
the
nominationandelectionof
boardmembers,
should
be
facilitated.
OECD
(A)
ICGN
Principle
8.3.2
III
Shareholder
Source:
Annual
Report/Company
website/Articlesof
Association/announcement of
AGM/Minutesof Meeting.
Foreign-based
institutional NoticeofAGM/announcement
investors/fund
managers
advocate28dayasthe
minimum
noticeperiodforgeneral
meeting of shareholders (AGM/EGM)
toenable
sufficient
preparations.
The28-daysperiodappliesto
not
onlythenoticetoAGM/EGM, butalsoto
accompanying
explanatorynotes,meeting
handbooksand/or
circulartoshareholders.
decisions, such as the right to

nominate,
appointandremove
directorsonan
individualbasisand
alsotherighttoappoint
external
auditors. ICGN
8.4.1Shareholder
ownership
rights
Theexercise
ofownershiprightsbyall
shareholdersshould
befacilitated,including
giving
shareholderstimelyand
adequate
notice
ofallmatters
proposedfor
shareholder
vote.
CLSA-ACGA (2010) CG Watch 2010
Appendix
2. (I)
CG
rules
and
practices
(25)
Do
B.2 Insidertrading and abusive self-dealingshould be prohibited.
B.2.1(B)
Doesthecompanyhaveapolicyre
quiring
directors/Commissioners
andkey
officers
tonotifytheBoardoritsdelegate
atleast
one
daybeforethey
dealinthecompany shares?
OECD
Principle Thispolicy
ofrequiringdirectorsand Annual Report/Companywebsite
III (B) Insider trading and abusive key
officers
(onedealing should
be levelbelowtheBoard)tonotify
the
prohibited
Board
before
they
deal
in
company
shares
the
ICGN 3.5Employee share dealing mustbeexplicitlystatedin
corporateannual
Companiesshould
reportand/orwebsite. This policy, if
haveclearrulesregarding
anytradingbydirectorsandemployee adhered to, would enabletheboard
sin
thecompany's
own andthecompanytobe awareofthesaid
securities.Among other issues,these transactionsbeforethefact.
mustseekto
ensureindividuals
donotbenefitfromknowledgewhich
isnot generally
available
to
the
market.
20

action
...
beaforded protection and remedies
againstabusiveor
oppressiveconduct.
D- Disclosureandtransparency
D.1 Qualityof
AnnualReport
D.1.1(B DoesthecompanydisclosetheIde
advisers/consultants
to
)
ntityof
the
remuneration/compensationco
mmittee
appointedbythe
boardandwhetherthey
aredeemedindependentorthey
have
declared
any
conflictsofinterests?
OEC
Principle
V
The corporate
D
(F): governance
framework
should
becomplemented by an
efective
approachthat
addressesandpromotesthe provision
ofanalysis
or
advicebyanalysts,
brokers,ratingagenciesandothers,
thatis
relevant
todecisions
byinvestors,
free
from
materialconflicts
ofinterest
that
might compromise the integrity of
their analysis and advice.
An example of adviser/consultant to Annual Report

remuneration/compensation
the
committee
wouldbeafirm/entitythatwasengaged
to
undertake
remunerationbenchmarking
surveyattheindustry,country
or
international-levels.Thefindingsof
such
surveyswould
helpthe
remuneration/compensation
committeeto
assessthefairnessand/orattractivenes
sof
thecompanyremuneration
pac
kag
efor
E.1
BoardCompetenciesandDive
rsity
d
i
r
ectors,
seniormanagementand/orother
levelsof employees.
E- Responsibilitiesof theBoard
E.1.1(B) Does the company have at

least one
femaleindependent
E.2 NominatingCommittee
E.2.1(B) DoestheNominatingCommittee
comprise entirely
of
independent
E.3 BoardAppointmentsandRe-Election
E.3.1(B) Doesthecompanycompileaboar
dprofile
whenconsideringcandidatestot
he board (i.e., identifythe
professionalskillsand
personalcharacteristics
presentonthe
current
board;identifythemissingskills
andcharacteristics;
andnominate
individualswhocouldfill
possiblegaps)?
ICGN
2.4.1
Skills
and Self-explanatory
experience
Theboardshouldconsistofdirectorswi
th
therequisite
range
ofskills,competence,
knowledge,
experienceand
approach,
as
wellasadiversity
ofperspectives,tosetthe context for
appropriate board
behaviours
Annual Report
ICGN 2.4.4 Composition of board

committees
The membersof these key board
committees
shouldbesolelynonexecutive directors,andin thecase of
theauditand
remuneration
committees,solely
independentdirectors.All members
ofthe nominations committeeshould
be
independentfrommanagementandat
least
a
majorityshould
beindependentfrom
dominant
owners.
Insomejurisdictionthisfunction maybe Annual Report

carried
out
by
a
Corporate
Governance
Committee.Forpurposes
ofassessmentthe
primary
objectiveistocapturethecritical
functionality ofsuch acommitteeand
that
such
committeecomprisesindependent
members
whocanobjectivelydeliberate on such
criticalmatters
ASX
Code
Selectionandappointmentprocess
andre- election
of
directors
companies are encouraged
to
provide
greatertransparency
oftheprocesseswhich
theboard
adoptsin searching forand selecting
newdirectorstotheboard
and
to
report to shareholders
on the
The emphasis here is on whether Annual

the
processes arein place. Theassessor
mustbe
satisfiedthat
theinformationissufficient
to
conveyanappreciation thatadequate
processesarein place.
developsaboardskillsmatrixandusest
his
matrix
toidentifyanygapsintheskillsand
experience of the directors on the
board
candidatesare
identifiedandselectedincluding
whether
professionalintermediariesareused
to identify
and/or
assess
candidates
E.3.2(B) Doesthecompanyuseprofession WORLDBANK
PRINCIPLE
alsearch
6
firmsor otherexternalsourcesof (VI.I.21)Areboards
known
tohire
candidates
professionalsearchfirms
(suchasdirectordatabasesset
whenproposing
up
by
director
or candidatestotheboard?
shareholder
bodies) when
searching for candidates to
the
E.4 Boardboardofdirectors/commissioner
Structure&Composition
Thecompanyshouldclearlydisclosetha Annual
tit
uses externalsourceswhensearching
for candidates to the board. If the
company
states
theysearchforpossiblecandidates
based
on
recommendationsfrom
existing directors,this would beN.
NOTES: On the Bonus Questions from E.1.1 to E.3.2. ALI scores a 1 out of 6 bonus points or 16% Performance.
E.4.1(B) Hasthecompanysetalimitoffiveb
oard
seatsin PLCs including its
unlisted subsidiaries?
Previou
s:
AnnotationtoOECDPrincipleVI.E.3Ser
vice ontoo manyboards caninterfere
withthe
performanceofboardmembers.
Companies may wish to consider
whether
multipleboardmembershipsbythesa
me
personare
compatible
withefectiveboard
performanceanddisclose
theinformation toshareholders.Some
countrieshavelimited
thenumber
ofboardpositionsthatcanbe held.
Thecompanyshouldclearlydisclosetha Annual Report

tit
uses externalsourceswhensearching
for candidates to the board.
If
thecompany
states
theysearchforpossiblecandidates
based
on
recommendationsfrom
existing directors,this would bea "N".
UK
CODE
(JUNE
2010)
B.6.2EvaluationoftheboardofFTSE35
0
companiesshouldbe
externallyfacilitatedat
least
everythree
years.
A
statementshould bemadeavailable
of whetheranexternal facilitatorhas
any other connection with the
company
Thecompanyshould
Annual
clearlystatethatthey appoint
an Report/Companywebsite
external
consultant
to
conduct/facilitatetheboardevaluation.
The
external
consultantneed
notbeappointed
annuallyfor
this
tobeY. For example, if the company
discloses
that
an
external
consultantwasappointedin2009,thisc
an still betaken asY.
E.5 Board Appraisal

E.5.1(B) Does the company appoint an
external consultant to
facilitate the board
assessmentat least once
every three years?
E.6 Risk Oversight
E.6.1(B) Does the Annual Report

contain a
statement
from
the
board
of
or
Audit
Committeecommentingonthead
equacy
of the company's internal
controls/risk
managementsystems?
OECD
PRINCIPLE
6
(VI) Theboardorauditcommitteeshouldstat Annual Report
(D)
(7) Ensuring the integrity of the
e
internal controls/risk
the
management
corporations
accounting and
systemsareadequate.
financial
reporting
systems,
including
the
independent audit, and that
appropriate
systemsofcontrolareinplace,inparticu
lar,
systemsforriskmanagement,financial
and
operational control, and compliance
with
thelaw
and
relevant
standards.
Insomejurisdictions
itis
consideredgood
practicefor
theinternal auditorstoreportto an
independentaudit committee of the
board or an equivalent body
whichisalso
responsiblefor
managingtherelationship
withthe
externalauditor,
therebyallowinga
coordinated
response by the
board. It shouldalsoberegardedas
goodpracticefor this committee, or
equivalent
body,
to
reviewandreport tothe boardthe
most
critical
accountingpolicies
which
are
the
basisforfinancialreports.However,
the
board
shouldretain
finalresponsibility
for
ensuringtheintegrity ofthereporting
systems.
Somecountrieshaveprovided
for
thechair of theboard toreport on the
internal controlprocess.
PENALTY QUESTIONS
GuidingReference
A.1 Basicshareholder right

A.1.1(P) Didthecompanyfailorneglectto OECDPrincipleII (A)
offer
equaltreatmentforsharerepurc
hasesto allshareholders?
Assessmentguidance/Notes
toAssessors
Source Document/
Location of
Point
Y
A- Rightsof
shareholders
Ifacompanyconductsarepurchasepro RepurchaseNotice/announce
gram
ment,
and
Annual Report
treatstheshareholdersunequallyin
the
program
(forexample,giving
privilegeto
certain
types
ofshareholderstosellatthe
-5 0
A.2
Shareholders,includinginstitutionalshareholders,shouldbeallowedtoconsultwitheachotheronissuesconcerningtheirbasicshareholderrightsasdefin
edinthePrinciples,subjectto exceptions topreventabuse.
A.2.1(P) Isthereevidenceofbarriersthat OECDPrincipleII(G)
Anexampleofabarrieriswhenthe
Annual
-2 0
prevent
Shareholders,includinginstitutionalsh companyrefusestoprovidethelistofsh Report/Companywebsite.
areholders,shouldbeallowedtoconsult areholderswhenrequested.
shareholdersfrom
witheachotheronissuesconcerningthe
communicating or
irbasicshareholderrightsasdefinedint
consultingwithother
hePrinciples,subjecttoexceptionstopr
shareholders?
eventabuse.
A.3 Righttoparticipate effectivelyinandvoteingeneralshareholders meetingandshouldbeinformedofthe rules, including
votingprocedures,thatgovern general shareholders meeting.
A.3.1(P) Didthecompanyincludeany
additional
andunannouncedagendaitemi
ntothe noticeofAGM/EGM?
OECDPrincipleII (C)2
Allagendaitemsshouldbeannouncedw Minutes of Meeting,

eeks
Meeting
beforethemeetingsoshareholders
resultsnotice
willbe
abletomakewell-informed
decisions.
Thus,
additionalagendaisnotconsistentwith
good governancepractice.
A.4 Capitalstructures andarrangementsthatenablecertainshareholders to obtainadegreeof
controldisproportionate totheirequity
ownershipshouldbedisclosed.
-1 0
Did the company fail to

disclose the
A.4.1(P) existenceof:
Shareholders agreement?
OECDPrincipleII (D)
Annual
Report/Company
A.4.2(P) Votingcap?
website/articles
of association/Company
A.4.3(P) Multiple votingrights?
announcement/Media
A.5 Capitalstructures andarrangementsthatenablecertainshareholders to obtainadegreeof controldisproportionate totheir equity
ownershipshouldbedisclosed.
-1 0
A.5.1(P) Isapyramidownershipstructure
and/or
crossholdingstructure
apparent?
-3 0
OECD
Principle
II
(D):
Capital
structuresand
arrangementsthat enable
certain
shareholders to obtain
a degree
ofcontroldisproportionate
totheir
equity
ownership
should
be
disclosed.
Thesemechanismspotentially
violatethe one
share-one votepolicy.
Apyramidownershipstructureoccursw
hen
thecontrolling shareholder (CS) or
ultimate owner indirectlycontrols
thelisted
company
throughseverallayers/chainsofowner
ship.
Atleastin
onelayer,theownership
oftheCS
islessthan
100%.
Theresultisthecontrolling right ofthe
CSexceedsits
cash-flowright.
Assign'Y'ifa
pyramid
ownershipstructure exists.
Somecapitalstructuresallowasharehol
der
toexerciseadegreeof
control
overthe
corporation
disproportionatetothe shareholders
equityownershipinthe
company.
Pyramidstructures,
cross Cross-holding
shareholdingsandshareswith limited twocompanies
or
multiple Assign 'Y' if
holding..
votingrightscanbeusedtodiminish
B - Equitable
treatmentofshareholders
B.1 Insider trading andabusive self-dealingshould be prohibited.
own
there
To check for the existence

of
pyramid&cross
holding
structure(s):Disclosurein
Annual
Report/website
ofthecompany.
It
maybedirectlyreported bythe
company
orit
maybe
disclosedin theformof Group
Structurethat
revealsthe
ownership ofthe controlling
shareholder(s)in
companiesbelonging
tothegroup.
occurswhen Othersources:Check
structures
eachother. onownership
exists cross- ofchainsofentitiesthat
directly/indirectlyowns
-1 0
-1 0
B.1.1(P) Hastherebeenanyconvictionofi
nsider
tradinginvolving
directors/commissioners,
management
andemployeesinthepastthree
years?
OECDPrincipleIII:TheEquitableTreatm
ent
ofShareholders (B)Insider trading
and
abusivedealing
should
be
prohibited.
Thefindingsmustbebasedonprovenca AnnualReport/Companywebsi
ses
te
inthe current year. It
involves /announcement/Media
board members or keyofices of
thecompanywho
areconvictedof
insider dealing.
OECD
Principle Thefindingsmustbebasedonprovenca AnnualReport/Companywebsi
III
ses
te
(B)Insider trading and abusivedealing inthe current year. It
involves /announcement/Media
should
be board members or keyofices of
prohibited
thecompanywho
havebreached
RPTrules.
ICGN
2.11.1
Related
party
transactions Companiesshouldhave
aprocessfor reviewingandmonitoring
anyrelatedparty
transaction.
A
committee
of
independent
directorsshouldreview
significantrelated
partytransactionstodeterminewhethe
ICGN 3.5 Employee share dealing

Companiesshould
haveclearrulesregarding anytrading
bydirectorsand
employeesin
the
company'sown
securities.Among
other
issues,these
mustseekto
ensureindividuals
donotbenefitfromknowledgewhich is
not generally
available
to
the
market.

action
...
Minorityshareholders
should
B.2 Protectingminority shareholders fromabusiveaction
B.2.1(P) Has there been any cases
of non
compliancewiththe laws,rules
and
regulations
pertainingtosignificant
or
materialrelatedparty
transactions inthe pastthree
years?
ICGN 2.11.2 Director conflicts of

interest
Companiesshouldhave
aprocessfor
identifyingand managinganyconflicts
of
interest
directors
mayhave.Ifadirectorhas
aninterestinamatterunderconsiderati
on
bytheboard,then
thedirector
should
not
participatein
thosediscussionsand theboard should
followanyfurtherappropriate
processes. Individualdirectorsshould
be
conscious
ofshareholderand
public
perceptionsandseek
toavoidsituations
wheretheremightbean
appearanceofa
conflict
of
interest.
ICGN8.5Shareholder
rightsofaction
Shareholdersshouldbe
afordedrightsof
action
and
remedieswhich arereadily accessible
C- Roleof
stakeholders
C.1 The rights ofstakeholders thatare established by lawor throughmutual agreementsare tobe respected.
C.1.1(P) Hasthere beenanyviolations
ofanylaws
pertainingto
labour/employment/
consumer/insolvency/
commercial/competition
OECD
Principle
IV
(A)The rights ofstakeholdersthatare
establishedbylawor
throughmutual
agreementsaretoberespected.
A violation is considered material if

(a) it
triggers
anyrelevant
regulator/authority
to
investigatethepossible
violationandto providesanction and
Sanction(s)
from
Regulator(s)/Media
coverage/Company
announcement/Annu
al
C.2 Where stakeholders participateinthe corporategovernanceprocess,they should have access torelevant,sufficientandreliableinformation

onatimely andregularbasis.
C.2.1(P) Hasthecompanyfacedanysanct OECD
Principle Essentially looking at sanctions for Sanction(s)
ionsby
IV
late
from
disclosureofmaterialevents.
regulators for failure tomake (B)Wherestakeholdersparticipatein
Regulator(s)/Media/Com
the corporate governance process,
announcements
pany
access
to
withintherequisite
time theyshould have
announcement/Annual
relevant,
sufficient
and
periodfor materialevents?
reliableinformation
ona
D- Disclosure
D.1 Sanctionsfromregulatoronfinancialreports
andtransparency
D.1.1(P) Did the company receive a

"qualified
opinion"initsexternal
auditreport?

"adverse
auditreport?
OECD
Principle
V:
Disclosure
and
Transparen
cy
(B)Information should beprepared
and
disclosedinaccordance
withhighquality
standards
ofaccounting and financial and nonfinancial
disclosures.
(C)Anannualauditshouldbeconducted
by an independent,competentand
qualified,
auditor
in
order
toprovidean
external
and
objectiveassuranceto
theboardand
shareholders
that
thefinancial
statements
fairlyrepresent
thefinancialpositionand performance
ofthecompanyinallmaterial respects.
(D)Externalauditorsshouldbeaccount
able
totheshareholdersand
oweadutytothe
companytoexercisedueprofessional
carein the
conduct
of
the
audit.
ICGN
6.2
Annual
audit Theannual auditcarried out on
behalf of shareholders
is
an
essential
part
of
the
checksandbalancesrequiredatacomp
any.
Itshould
providean
independentand
objective
opinionthat the financial statements
fairlyrepresentthefinancial
A"qualified"auditopinionisonewheret
he
financialstatementsgivea
trueandfairview (or presentfairly),
exceptfor certain matter(s).
Annual Report - see

Independent
Auditor'sReportaccompanyin
gthe
company'sfinancialstatemen
ts.
An"adverse"auditopinionisonewheret
he
financialstatementsdonotgiveatruea
nd fair view(or donotpresentfairly).
Annual Report - see

Independent
gthe
ts.

"disclaimer
auditreport?
ICGN7.3Affirmationofinancialstatem A"disclaimer"auditopinionisonewhere
ents
the
Theboard
ofdirectorsand independentexternal auditordoesnot
theappropriate
officers expressan opinion onthefinancial
ofthecompanyshouldaffirmatleast
statements.
annuallytheaccuracy ofthecompany's
statementsor
financial Mis-statements
D.1.4(P) Hasthecompanyinthepastyearr financial
in
financial
accounts.
evised
statements is a
itsfinancialstatementsforreaso
majorconcern.
Hence,
when
a
International
Auditing
Standard companyhas
nsother thanchangesin
(ISA)No.
705
"Modificationstothe toreviseitsfinancialstatements
accountingpolicies?
Opinioninthe Independent Auditor's orhadbeen
instructedbyany
Report"
(2009). Paras. ofthedomesticregulators
7,8and9specify
thethreetypes
of (normallythe
modifications
tothe securitiescommissionand/or
auditor'sopinion;thatis,
Qualified thestockexchange)tore-state
opinion,Adverse
opinion,and orreviseits
financialstatement,a
Disclaimeropinion respectively.
penaltyshouldbe
applied.
EResponsibilitiesoftheB
E.1 Compliancewithlistingrules,regulationsand applicable laws
E.1.1(P) Isthereanyevidencethattheco
mpany
has
notcomplied with any
listing rules andregulations
overthepastyearapart
fromdisclosure rules?
OECD
Principle
VI
(D)
(7)Ensuringthe
integrityofthecorporations
accounting and financialreporting
systems,
including
theindependentaudit,andthat
appropriatesystemsof control arein
place,in
particular,systemsfor
riskmanagement,
financialand
operationalcontrol, and compliance
withthe lawandrelevant standards.
Companiesarealsowell
advisedtosetup internalprogrammes
andproceduresto promotecompliance
Annual Report - see

0
Independent
gthe
ts.
Media/announcement
(RE 0
gul
at
o
r)
This information would be available in Company announcements to

the
the
companyannouncementsormedia
exchange/Media
reports.
-5
(0t
he
r
s)
-5
arerequiredtobeenactedbytheOECDA
ntibribery Convention and measures
designed
tocontrolotherforms
ofbriberyand
corruption.
Moreover,compliance
mustalso
relatetootherlawsand
regulationssuch
as
those
coveringsecurities,
competitionand
workand
safetyconditions.
Such
compliance
programmeswillalso
underpin the companysethicalcode.
E.1.2(P) Have
there
been
any UK
CODE
(JUNE
instances where
2010)
nonA.4.3Wheredirectors
haveconcerns
executivedirectors/commissio which
cannotberesolvedabout
ner
haveresignedandraised therunningofthe
any
issuesof
governance- companyoraproposed
relatedconcerns?
action,theyshould ensure thattheir
concerns are recorded in theboard
minutes. On resignation,a nonexecutivedirectorshouldprovidea
written statementtothechairman,for
circulation
to
theboard,if
E.1.3(P) Have there been major
OECDPRINCIPLEVI.D.7.Ensuringtheint
corporate
egrity
scandals thatpoint to weak
ofthecorporationsaccounting
and
board of
financial
reportingsystems,
directors/commissionersoversi includingtheindependent audit, and
ght?
that
appropriate
systems
of
controlare
inplace,
inparticular,systemsfor
risk
management,financialand
operational
control,andcompliance
withthelawand
relevant
standards. Ensuring theintegrityof
the
essential
reporting
and
This information would be available

in the
companyannouncements
ormediareports. For example,a nonexecutive
director
may
resigncitingthathe/sheisunabletocarr
y out the duties efectively due tonot
receiving
timelyinformation
frommanagement.
Another
examplewouldbeanon-executive
director
citingthat
he/she
isbeingreplaced
Corporate scandals are those arising
from
corruptpractices or poorgovernance
practices.
Corruptpractices
includebribery,
fraud, extortion,collusion,conflict of
interest,and moneylaundering. In
this context, itincludes an ofer or
receipt of anygift,loan,fee, reward, or
other
advantagetoor
fromany
personas an
inducementto do
something
Company announcements to
the
exchange/Media
-3
Company announcements to
the
exchange/Media reports
-10 0
theorganisation.Theboardwillalsoneed (Transparency
International
in
to
GRI).
ensurethatthereisappropriateoversig
htby seniormanagement.
Thefindings mustbebasedon proven
cases.
E.2BoardA
E2.1(P) DoestheCompanyhaveanyinde
pendent
directors/commissionerswho
have servedfor more than
nineyears?
OECDPrincipleV
byanindependent,competentandquali
fied,auditorinordertoprovideanextern
alandobjectiveassurancetotheboarda
ndshareholdersthatthefinancialstate
mentsfairlyrepresentthefinancialposit
ionandperformanceofthecompanyinal
lmaterialrespects.
Thenineyearscaneitherbeaconsecutiv Annualreport/Companywebsit
e
e
serviceofnineyearsoracumulativeser
viceofnineyearswithintervals.Hence,i
tisimportantthatcompaniesdiscloseth
edateoffirstappointmentforeveryinde
pendentdirector/commissioner.Assig
n'N'wheneither(i)noneoftheindepend
entdirectors/commissionershaveserv
edformorethannineyears,or(ii)thedat
Examplesofotherprovisionstounderpi eoffirstappointmentisnotdisclosed.Th
nauditorindependenceinclude,atotalb elatterisdealtwithinthepenaltyitemE2
anorseverelimitationonthenatureofno .3(P).
nauditworkwhichcanbeundertakenbya
nauditorfortheirauditclient,mandator
yrotationofauditors(eitherpartnersori
nsomecasestheauditpartnership),ate
mporarybanontheemploymentofanex
auditorbytheauditedcompanyandpro
hibitingauditorsortheirdependentsfro
mhavingafinancialstakeormanageme
-1
for
eve
rydi
rect
orw
hos
erv
esf
orm
ore
tha
n9y
ear
s
E2.2(P) Did the company fail to

provide
justificationand
obtain
shareholder's
approvalfor
retainingthe
independent
director(s)/commissioner(s)be
yond nine years?
E2.3(P) Didthecompanyfailtodiscloseth
edate
offirstappointmentofeachinde
pendent
directors(s)/commissioner(s)?
MalaysianCodeonCorporateGovernan Self-explanatory.
ce
Recommendation3.3:Theboardmustj
ustifyandseekshareholders'approvali
ntheeventitretainsasanindependentdi
rector,apersonwhohasservedinthatca
pacityformorethannineyears.
SingaporeCodeofCorporateGovernan
ceParagraph2.4:Theindependenceofa
nydirectorwhohasservedontheBoardb
eyondnineyearsfromthedateofhisfirst
appointmentshouldbesubjecttopartic
ularlyrigorousreview.Indoingso,theBo
ardshouldalsotakeintoaccountthenee
dforprogressiverefreshingoftheBoard.
TheBoardshouldalsoexplainwhyanysu
chdirectorshouldbeconsideredindepe
ndent.
Self-explanatory.
Annualreport/Company
-1
website/NoticeofAGM/Annou
ncementofoutcomeofAGM/Mi
nutesofAGM
Annualreport/Company
website/NoticeofAGM
-1
for
eve
rydi
rect
orn
otdi
sclo
se
d
E2.4(P) Did the company fail to

disclose the
identityof
the
independent
director(s)/commissioner(s)?
ICGN2.4Compositionandstructureofth TheAnnualReportmustclearlyidentify
e
whomamongstthedirectorsareindepe
ndentdirectors.
board
ICGN2.4.1Skillsandexperience
ICGN2.4.3Independence
AnnualReport
-2
-1
E.3 ExternalAudit
E.3.1(P) Is
any
of
the
directors
or senior
managementaformer
employee or partnerof the
currentexternalauditor(in
thepast2 years)?
OECD
Principle
V
by an independent,competentand
qualified, auditorin ordertoprovidean
externaland
objectiveassuranceto
theboardand
shareholders
that
thefinancial
statements
fairlyrepresent
thefinancialpositionand performance
ofthecompanyinallmaterial respects.
Examples
of
other
provisionstounderpin
auditorindependenceinclude,atotalba
n or severelimitation on thenature of
non-audit
work
whichcanbeundertakenbyanauditor
fortheir
auditclient,
mandatoryrotationof auditors (either
partners
or
insomecases
the
auditpartnership),atemporaryban
onthe
employment
ofanex-
Theprofilesof the boardmembersand Annual Report

senior
management(which
areusuallydisclosed
in
theAnnualReports)need
tobecheckedto
determine
this.
Thereisgreaterfamiliarity
riskandthreatto
independenceandqualityofauditifther
eis
arecentemploymentrelationshipbetw
een
a
director/senior
managementandthepresent external
auditor. A
twoyear cooling of
periodisconsidered
reasonableand
comparabletocountriessuch
asAustralia.
.
NOTES: Penalty Scores for INSIDER TRADING AND ABUSIVE SELF-DEALINGS from B.1.1 to D.1.4 ALI SCORED0 out 34 possible penalty points or a 100% compliance.

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PART A - RIGHTS OF THESHAREHOLDERS

Basic Shareholder Rights

Not Applicable(N/A)=for those that Dividends

Do shareholders have the

As the owners of a company,

A.3 Right toparticipate effectivelyinandvoteingeneralshareholdermeetingsandshouldbeinformedofthe rules,

Do shareholders have the

Does the company provide noncontrolling shareholders a right

In most jurisdictions, shareholders Annual

Does the company

If not disclosed,assign 'N'.

The definition of total remuneration

If not disclosed,assign 'N'.

Do the minutes of the most

A.3.10 Did the chairman of the

agenda of general meetings, and to

'Easy to reach location' means

A.3.14 Does the company allow for

A.3.18 Do companiesprovide at least

For purposes of this

If not disclosed,assign 'N'.

If not disclosed,assign 'N'.

A.3.19 Does the company provide the

(1)Therulesand proceduresgoverning the

If thecontrolling shareholder isan Annual

PART B - EQUITABLE TREATMENT OF SHAREHOLDERS

ICGN 8.3.1 Unequal voting rights N/Awhencompanyhas

Are the company's notice of

The English-language version of NoticeofAGM

Profile refers to age,

Merely disclosing the dividend

shareholders should be facilitated,

B.3 Insider trading andabusive self-dealingshould be prohibited.

Are the directors and

B.4 Relatedparty transactionsbydirectors andkeyexecutives.

The detailsof RPT need to be Annual

PART C - ROLE OF STAKEHOLDERS

Customers expect products and

Elaborates the company's

Directs the company's anticorruption

Value chain consists of inputs to

Does the company have a

Companiesare encouraged toprovide

To receive a score of one, contact

Does the company have

To assign 'Y', there should be at least

Does the company publish

To assign 'Y', the company should

PART D - DISCLOSURE AND TRANSPARENCY

D.1.2 Does the company disclose the

Seniormanagementreferstothelevelb Annual Report

Therisksmustbethosebeyondthefinan Annual Report

Atleastonefinancialperformanceindica Annual Report

D.2.5 Dividend policy

particular, the content of

Details on how the policy is

The training and/or continuing

UK Corporate Governance Code

(A) The company has to specifically Annual Report

V: RPTsdisclosedinAnnualReportaredee Annual Report

D.5 ExternalauditorandAuditor Report

Where the same audit firm is