Gardens By the Bay 2019/2020

GARDENS BY THE BAY ANNUAL REPORT 2019/20 87 The roles of the Committees are briefly described below: Nominating Committee (NC) The NC regularly reviews the composition of the Board and Board Committees. The NC identifies, reviews and recommends Board appointments for approval by the Board, taking into account the experience, expertise, knowledge and skills of the candidate and the needs of the Board. It also determines the independence of proposed and existing Directors, and assesses if each proposed and/or existing Director is a fit and proper person qualified for the office of Director. One Committee meeting was held during the financial year. The NC members in office at the date of this report are as follows: Chairman Mr Niam Chiang Meng Members Ms Lim Wan Yong Mr Felix Loh Mr Zakir Hussain The NC conducts an evaluation of the performance of the Board and the Directors on an annual basis. This qualitative assessment of the Board’s performance was carried out through the completion of an assessment form by each Director covering areas such as the size and composition of the Board, effectiveness of the Board, strategic planning and the management of risks and internal controls. The assessment of individual Directors is done through a self-assessment system. Assessment criteria include attendance record, preparedness and participation in Board discussions as well as contributions in specialised areas. The results of both evaluations were reviewed by the NC and a summary of the findings was shared with the Board, together with any action plans to address areas of improvement. The NC is satisfied that sufficient time and attention was given by the Directors to the affairs of the Company. Audit and Risk Committee (ARC) The ARC comprises four non-executive and independent Directors. It undertakes the responsibilities promulgated in the Companies Act and the Code of Governance, and reviews financial reporting issues, annual and supplementary budgets and forecasts, adequacy of internal controls, risk management and governance processes, including internal and external audit functions. The ARC meets with the internal and external auditors once a year in a private session where management is not present. Three Committee meetings were held during the financial year. The ARC members in office at the date of this report are as follows: Chairman Mr Tan Wah Yeow Members Mr Kenneth Er Ms Susan Chong Ms Beatrice Chong (appointed on 1 July 2019) CORPORATE GOVERNANCE