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Reliance Pacific Berhad
244521
A
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Annual Report 2014
Corporate Governance statement
The Board of Directors of Reliance Pacific Berhad (RPB) will endeavour to ensure that good standards of corporate governance are applied
throughout the Group.
Pursuant to Chapter 15 of the Bursa Malaysia Securities Berhad’s (“Bursa Securities”) Main Market Listing Requirements (“Listing Requirements”),
the Board is pleased to report to shareholders the manner in which RPB has applied the principles and recommendations as set out in the
Malaysian Code on Corporate Governance 2012 (MCCG 2012) and the Listing Requirements throughout the financial year under review.
BOARD OF DIRECTORS
Board Balance and Independence of Directors
The Board consists of six members of which three are independent non-executive directors, two non-independent executive directors and one
non-independent non-executive director. The profile of each director is presented on page 6 and page 7 in the Annual Report.
The composition of the Board represents a good mix of knowledge, skills and experience to ensure that the Group is competitive within its industry.
The concept of independence adopted by the Board is in line with the definition of an independent director in paragraph 1.01 of the Listing
Requirements. The Board complies with paragraph 15.02 of the Listing Requirements which requires that at least two directors or one third of the
Board of the Company, whichever is higher are independent directors.
The Company has taken note of the MCCG 2012 requirement to have a majority of independent directors on the Board if the Chairman is not an
independent director.
The Nominating Committee reviewed the matter on 28 August 2014 and took the following view:
a)
At the time of listing, RPB has 7 board members, a majority of which are independent directors.
b)
The Committee will be recommending to the Board more candidates in the coming financial year.
A yearly review was conducted on Mr Lim Guan Chin as an independent non-executive director at the Nominating Committee Meeting held on
28 August 2014. This assessment of Mr Lim Guan Chin as an independent non-executive director was also tabled to the Board on the same day.
The Board is of the opinion that Mr Lim’s re-appointment as independent non-executive director deserves to be presented to the shareholders
for approval based on the following:-
Lim Guan Chin continues to fulfill the criteria of an independent director pursuant to the Bursa Malaysia Securities Listing Requirements. He has
exercised due care during his tenure as independent director of the Company and has discharged his duty with reasonable skill and competence,
bringing independent judgement into the Board’s decisions.