The Board of Directors' primary remit is to provide direction to help shape the strategy of the Group and ensure that this is being executed effectively within a structure that is well controlled, mitigates risk and is compliant with corporate and social responsibility.
The Board of Directors' primary remit is to provide direction to help shape the strategy of the Group and ensure that this is being executed effectively within a structure that is well controlled, mitigates risk and is compliant with corporate and social responsibility. Good corporate governance emanates from the top which is why the Board gives continued prominence to this area.
The Financial Reporting Council has updated The UK Corporate Governance Code and this new update comes into effect for accounting periods beginning after 1 January 2019 (the "new Code"). There are a number of areas where the new Code has ramifications to the Group as follows and we intend to be compliant with this new Code by the end of 2019.
We have tried to clearly lay out how we meet the five principles of the existing Code, namely: leadership, effectiveness, accountability, remuneration and relations with Shareholders. For the benefit of Shareholders who are not familiar with the existing Code we have set out the main principles of the existing Code in detail and have stated how we have addressed them in this report. We will adopt a similar approach in our 2019 Annual Report to demonstrate how we have addressed the new Code. In addition, we have supplemented our corporate governance report to explain how we address some of the key principles of the new Code.
In this section we set out our approach to corporate governance. Under the Singapore Companies Act, Chapter 50, the Company is not required to follow the Singapore Corporate Governance Code. The Company has voluntarily agreed to the principles of corporate governance contained in the UK Corporate Governance Code (the "Code") as required under the Listing Rules of the Financial Services Authority of the United Kingdom.