Raffles Education tells SGX RegCo it is in compliance with board diversity policies
Benjamin Cher
RAFFLES Education said it was in compliance in response to queries from the Singapore Exchange Regulation (SGX RegCo) over its implementation of board diversity policy.
The company said that it evaluates board composition at the appointment of a new director and on an ongoing basis to achieve board diversity. In particular, Raffles Education said that it is in compliance with provision 2.4 of the Code of Corporate Governance regarding the appropriate size and skills for a company’s board of directors.
Currently, the company’s board consists of four independent and non-executive directors and one non-independent and non-executive director and one executive director.
“This composition means most directors are independent of management and free from any business or other relationship which could interfere with the exercise of independent judgement or the ability to act in the best interests of the Company,” said Raffles Education in a bourse filing on Wednesday (Oct 19).
The directors’ ages range between 50 and 72 years old, and have a variety of skills due to their diverse backgrounds, according to the company. It highlighted the experience of Lim How Teck and Joseph He, two directors that are currently under investigation by the Commercial Affairs Department and the Monetary Authority of Singapore for possible breaches of the Securities and Futures Act.
Other directors like Ng Kwan Meng and Lim Siew Mun were also mentioned, whose experience in banking and finance was highlighted, as well as Chua Chwee Koh’s rank of Brigadier General in the Singapore Armed Forces. Raffles Education has said that it would look to appoint younger directors as part of the ongoing renewal process.
The company said that the nominating committee consults with the board, with board composition and diversity in mind, in response to a query to detail the process and guidance by the nominating committee in reviewing the board’s collective skills matrix.
“Besides the usual knowledge and expertise, the human skills of each candidate are also evaluated,” said Raffles Education.
Shares of Raffles Education closed unchanged at S$0.054 on Wednesday.
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