C A M B R I D G E I N D U S T R I A L T R U S T
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view that such appointments do not hinder the Directors
from carrying out their duties as Directors of the Manager
and therefore believes that it would not be necessary to
prescribe a maximum number of listed company board
representations a Director may hold.
Key Information Regarding Directors
The following key information regarding Directors are set
out in the following page of this Annual Report.
Pages 66 to 70: Academic and professional qualifications,
board committees served on (as a member or chairman),
date of first appointment as a Director, date of last re-
appointment as a Director, directorships or chairmanships
both present and those held over the preceding three years
in other listed companies, and other principal commitments.
Board Performance
Principle 5:
There should be a formal annual assessment
of the effectiveness of the Board as a whole and its board
committees and the contribution by each Director to the
effectiveness of the Board.
The Board has in place a formal process to annually assess
the effectiveness of the Board and the ARCC through
feedback from individual Directors on areas relating to the
Board’s and ARCC’s competencies and effectiveness.
All Directors are requested to complete a Board Evaluation
Questionnaire designed to seek their view on the various
aspects of the Board and the ARCC performance so as to
assess the overall effectiveness of the Board and the ARCC.
The results of the evaluation will be reviewed by the Board.
Action plans will be implemented for areas which the Board
are of the view that improvements are required to enhance
the overall effectiveness of the Board and the ARCC.
Individual Director’s performance is evaluated annually and
informally on a continual basis by the Board. The criteria
taken into consideration include the value of contribution
to the development of strategy, attendance at Board and
CORPORATE GOVERNANCE
ARCC meetings, the degree of preparedness, industry
and business knowledge and experience each Director
possesses which are crucial to the business of CIT and the
Manager.
In summary in FY2015, the Board was generally satisfied
with its achievements. A need to appoint more Independent
Directors to meet with the new regulatory requirement was
noted.
Access to Information
Principle 6:
In order to fulfil their responsibilities, Directors
should be provided with complete, adequate and timely
information prior to board meetings and on an ongoing
basis so as to enable them to make informed decisions to
discharge their duties and responsibilities.
All Directors have unrestricted access to CIT’s and the
Manager’s records and information. ADeedof Access, which
sets out their rights to access or inspect the records and
information, is issued to Directors upon their appointment.
The Board is provided with timely and complete information
both prior to board meetings and on an ongoing basis so as
to allow the Board to make informed decisions to discharge
its duties and responsibilities. Generally, board papers are
distributed at least one week prior to Board meetings to
ensure that Directors have sufficient time to review the
information provided. However, sensitive matters may be
tabled at the meeting itself, or discussed without papers
being distributed.
The information provided to the Board includes financial
results, market and business developments, and business
and operational information. Such reports keep the Board
informed, on a balanced and understandable basis, of CIT’s
performance, financial position and prospects. The financial
results are also compared against the budgets, together
with explanations given for significant variances for the
reporting period.
