Governance Statement

The Executive Committee (“ExCo”) of Ling Kwang Home for Senior Citizens (“LKH”) is the governing body that provides strategic direction and oversight of LKH’s programmes and objectives, and steer LKH towards fulfilling its vision and mission through good governance. The ExCo has put in place certain measures and practices to ensure good governance, including:

ExCo Composition: LKH members are recommended by the Nominating Committee to stand for ExCo elections and re-elections based on their personal attributes and level of commitment, and the ability to contribute to LKH with his/her suitable core skills, competencies and/or expertise.

ExCo Evaluation: Periodic self-evaluation of its performance and effectiveness is conducted.

ExCo members are invited to individually evaluate the ExCo’s performance of its core responsibilities and effectiveness. Results are collated and reviewed by the Nominating Committee who then presents it to the ExCo.

ExCo Committees (“Sub-committees”): The Sub-committees set out below are appointed and authorised by the ExCo for the proper management and administration or in furtherance of the objects of LKH. The purpose of each Sub-committee is set out in their respective Terms of Reference, and briefly described hereunder:

1. The Additions & Alterations (“A&A”) Committee is authorised to make decisions and provide advice regarding LKH’s A&A Project;
2. The Audit Committee assists the ExCo in providing independent review of LKH’s financial reporting process and material internal controls;
3. The Human Resource (“HR”) Committee oversees LKH’s HR and talent management;
4. The Investment Committee oversees all investment activities at LKH;
5. The Medical & Services Committee provides oversight of LKH’s programmes and services and also evaluate new services and programmes recommended by LKH’s management;
6. The Nominating Committee is responsible for the general affairs relating ExCo composition and service tenure, recruitment and nominations of ExCo members, and taking the lead in ExCo evaluations and succession planning.

Conflict of Interest: ExCo members do not receive remuneration as they serve on an honorary basis. Staff are also not involved in setting their own remuneration. The LKH Conflict of Interest Policy governs the procedures for ExCo members and staff to declare conflict of interest(s) on a regular and need-to-basis.

Human Resource Management: LKH does not have paid staff who are close family members of the CEO or ExCo members. Neither are there paid staff who also serves on the ExCo. Volunteers are recruited and managed by LKH’s Community Engagement team who matches volunteers’ interest and availability with the needs at LKH.

The ExCo has members who have served for more than 10 consecutive years. The reasons for retaining them are set out as follows:

• Elder Lam Kwok Chong previously held senior positions in large corporations. His experience in formulating and implementing business strategies is beneficial to LKH;
• Mr Albert Ang is the Founder of Alberton Management Institute, a well-known training consultancy company. He is a Certified Public Accountant, Chartered Secretary, a Member of The Governance Institute of Australia and a Fellow Chartered Financial Practitioner. He holds a Master of Science in Management. He has been on the board of many professional bodies and institutions and his well-rounded experience is crucial to sustain LKH; and
• Mr Foo Thiam Fong, Wellington previously held the position of Chief Financial Officer/Group Company Secretary in a public listed corporation. He was a fellow of the Institute of Singapore Chartered Accountants and CPA Australia, and was an associate of both the Chartered Institute of Management Accountants and the Chartered Secretaries Institute of Singapore. His experience in senior management and finance is invaluable in steering LKHSC in the area of financial sustainability.