Asia-Pacific Strategic Investments Limited - Annual Report 2021

Corporate Governance Report

The Company has guidelines in place to address the issue of competing time commitments faced by directors serving on multiple boards and the Board has adopted a general guideline that the maximum number of listed company board representations which any director may hold is six. Any exception to this guideline should be specifically approved by the NC, giving regard to whether the particular director would still be able to devote sufficient time and attention to the affairs of the Company, taking into consideration the director’s number of listed company board representations and his other principal commitments. Currently, the only director with more than six listed company board representations is Dr Lam. Dr Lam attended all of the Board and committee meetings and has provided constructive inputs in the meetings. As such, the Board and the NC are satisfied that sufficient time and attention was given and due responsibilities were discharged by Dr Lam for the affairs of the Company.

There are no alternate directors appointed by the Company.

Profiles of the directors are found on pages 9 and 10 of this Annual Report.

Board Performance

Principle 5: The Board undertakes a formal annual assessment of its effectiveness as a whole, and that of its board committees and individual directors.

The NC has established a formal appraisal process to assess the performance and effectiveness of the Board as a whole as well as to assess the contribution of individual directors. The appraisal process focuses on a set of performance criteria that includes evaluation of the Board composition and size, provision of information to the Board, the Board process, the Board accountability, performance benchmarks and the Board’s standards of conduct. Such performance criteria are approved by the Board and they address how the Board has enhanced long-term shareholder value. The performance criteria do not change unless circumstances make it necessary and a decision to change them would be justified by the Board. A review of the Board’s performance is conducted by the NC annually. Each NC member will be required to complete an appraisal form to be returned to the NC Chairman for evaluation. Based on the evaluation results, the NC chairman will present his recommendations to the Board. The objective of the evaluation exercise is to obtain constructive feedback from each NC member to continually improve the Board’s performance. Recommendations to further enhance effectiveness of the Board are implemented as appropriate. The NC has reviewed the performance of the Board and is satisfied that the Board as a whole and Board Committees have met the performance criteria and objectives and each Director has contributed effectively and demonstrated commitment to their respective roles, including commitment of time for the Board and Board Committee meetings and any other duties in the financial year under review.

All NC members have abstained from voting or review process of any matters in connections with the assessment of his/her performance or re-appointment as a Director of the Company.

No external facilitator was used in the evaluation process.

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

22