Bumitama Agri upholds high standards of corporate governance, integrity, and professionalism across all activities and operations. The Board provides management oversight and leads the development of corporate strategies while being responsible for ensuring that our company’s corporate governance practices are aligned with the Singapore Code of Corporate Governance. Find our latest Corporate Governance Report here.
Our corporate governance has in-depth and stringent policies and procedures to ensure that our work is carried out diligently and professionally. Our independent directors form a variety of committees to assist the Board in the decision-making process and to support the effective management of Bumitama Agri. The Board recognises that it is responsible for ensuring that our management maintains a sound system of internal controls to safeguard Bumitama Agri’s assets and shareholder investments.
Our Sustainability Policy is integral to our operations and how we govern effectively. Within this policy we lay out our labour, emissions, and many other policies that help us govern effectively. We train and educate our employees in each area and dedicate time and resources to the strict implementation of the policies and procedures laid out. Find our Sustainability Policy here.
Each Board Committee is governed by clear terms of reference approved by the Board and its role is to assist the Board in the matters that the Board delegates to it. Each Board Committee has the authority to examine any issue that arises in their specific areas and report to the Board with their recommendations. All our independent directors, Mr. Lee Lap Wah George, Mr. Lim Hung Siang, Mr. Lawrence Lua Gek Pong, and Mr. Witjaksana Darmosarkoro are members of each committee. Below are some of the responsibilities of the committees, however further details can be found within our Corporate Governance Report.
Mr. Lim Hung Siang is chairman of the committee. Crucially, the Audit Committee reviews audit plans, internal audits, and ensures the company’s controls and procedures are effective and adequate.
Mr. Lawrence Lua Gek Pong is chairman of the committee. The Remuneration Committee handles executive and key management pay and ensures all matters regarding remunerations are reviewed in line with guidelines and principles.
Mr. Witjaksana Darmosarkoro is chairman of the committee. The Governance & Nominating Committee reviews and recommends the structure, size, and composition of the Board and determines and reviews the processes for nomination.
Mr. Lee Lap Wah George is chairman of the committee. The Conflicts Resolution & Enterprise Risk Management Committee is tasked with ensuring there are no conflicts of interest whilst reviewing and updating the identification and resolution procedures and to review enterprise risk management report and the steps taken to monitor, control and mitigate such risks.
Effective and prudent risk management is one of the key factors in achieving Bumitama Agri’s business objectives and strategic goals. We have established a systematic framework to identify, assess, monitor, manage and evaluate the significant business risks which we are exposed to. Under this, a risk register identifying the material risks together with the internal controls to manage or mitigate those risks is maintained. A separate Management Committee and an Enterprise Risk Management (ERM) Department were formed to oversee this and ensure that the risk register is reviewed, managed, and updated regularly. The Management Committee comprises the Chief Operating Officer, Chief Financial Officer, Chief Sustainability Officer, and the Head of the Internal Audit Department.
Risks are pro-actively identified and addressed and the ownership of these risks lies with the respective business and executive heads with stewardship residing with the Board. The Internal Audit Department, Chief Sustainability Officer, and the ERM Secretariat review the entire ERM system, and the Board reviews the adequacy and effectiveness of the risk management and internal control systems quarterly.
As we and industry conditions evolve and grow the Management Committee will regularly conduct an assessment on the adequacy of the framework, processes and procedures and risk identified and measured.
Integrity remains the cornerstone of our business. It is only by conducting our business to the highest ethical standards can we ensure business continuity, stakeholder respect and local community support. The Bumitama Code of Conduct guides our dealings with business partners, regulatory bodies, and employees. The Code applies to all Bumitama employees, the Board of Directors, and other individuals working on behalf of the company.
25 June 2022 10.15 PM SGT
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10 Anson Road, #11-19 International Plaza, Singapore, 079903
Tel:+65 6222 1332 | Fax:+65 6222 1336