First Resources Limited is committed to maintaining high standards of corporate governance through transparency and effective disclosures.


Our latest Corporate Governance Report sets out the Company's corporate governance practices for the financial year ended 31 December 2019, with specific reference to the Code of Corporate Governance 2018 issued by the Monetary Authority of Singapore on 6 August 2018. The Board is pleased to inform that the Company is substantially in compliance with the Code of Corporate Governance 2018.


The Board and the various Committees currently comprise the following members:-


Name Board Audit
Committee
Nominating
Committee
Remuneration
Committee
Lim Ming Seong
Chairman and Independent Director
-
Chairman
Member
Ciliandra Fangiono
Executive Director
-
Member
-
Fang Zhixiang
Executive Director
-
-
-
Teng Cheong Kwee
Independent Director
Chairman
-
Member
Ong Beng Kee
Independent Director
Member
-
-
Chang See Hiang Independent Director
Member
Member -
Wong Su Yen Independent Director -
-
Chairman
Peter Ho Kok Wai
Independent Director
Member - -
Tan Seow Kheng
Non-Executive and Non- Independent Director
Member - -



CODE OF CONDUCT


The Company has a Code of Conduct which serves as a general guideline for Management and employees in conducting their duties and responsibilities ethically. It outlines corporate values and ethical standards which are in line with the Group’s vision and mission. Areas covered under the Code of Conduct include professionalism and work ethics, conflict of interest, political impartiality, anti-corruption and zero tolerance on fraud. All our employees will have to comply with applicable country laws, regulations and legal requirements. Any breach of the Code of Conduct can result in disciplinary action in accordance with the prevailing laws and regulations as well as termination of employment. The Code of Conduct is disseminated to employees, suppliers and other business partners.


WHISTLE-BLOWING POLICY


The Company has put in place a whistle-blowing policy, endorsed by the Audit Committee,which provides for a mechanism by which employees and any other persons may, in confidence, raise concerns about possible unethical conduct and improprieties in financial reporting or other matters. The objective of this policy is to encourage the reporting of such matters in good faith, with the confidence that employees and other persons making such reports will be treated fairly and, to the extent possible, protected from reprisal. All information received is treated with confidentiality and anonymous reporting is accepted for protecting the identity and interest of all whistle-blowers.


The Company does not tolerate nor condone any actions taken against any employee in retaliation for raising a compliance or integrity issue, and may institute disciplinary action against any party found to have taken such retaliatory action against whistle-blowers.


All whistle-blowing reports are received by the Internal Audit function on behalf of the Audit Committee. The Internal Audit function will conduct an initial review of the reports received and recommend for remedial, disciplinary or other corrective actions to be taken by the Company. A summary of the investigations conducted is reported to the Audit Committee for its attention on a quarterly basis. Whistle-blowing matters, where substantiated and material, are reported to the Audit Committee immediately.


The Audit Committee ensures that independent investigations and appropriate follow-up actions are carried out, where applicable. Details of the Group’s whistle-blowing policy, including the different modes of reporting via an internal compliance hotline and email address (as per attached), have been disseminated and made available to all employees. On an ongoing basis, the Group’s whistle-blowing policy is covered during staff training as part of the Group’s efforts to promote awareness of fraud control.

 
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