Provision 8.3 (Forms of remuneration) During 2025, the Group paid basic salaries, allowances, CPF contributions and performance/variable bonuses to the Executive Chairman and CEO, the Executive Director and key management personnel. The Company adopted the Geo Energy Share Option Scheme and the Geo Energy Performance Share Plan (together, the “Schemes”) on 23 April 2018. The Schemes remain in force for a maximum of 10 years unless extended. The RC oversees and administers the Schemes in accordance with their terms. For additional details on the Schemes, please refer to the section of the Directors’ Statement entitled “Share Incentive Schemes” set out on pages 45 to 46 of this Annual Report. ACCOUNTABILITY AND AUDIT Risk Management and Internal Controls Principle 9: The Board is responsible for the governance of risk and ensures that Management maintains a sound system of risk management and internal controls, to safeguard the interests of the company and its shareholders. The Board recognises the importance of sound internal controls and risk management practices in safeguarding shareholders’ interests and the Group’s assets. The Group’s internal controls and systems are designed to provide reasonable assurance as to the integrity and reliability of the financial information, and to safeguard and maintain accountability of assets. Procedures are in place to identify major business risks and evaluate potential financial implications, as well as for the authorisation of capital expenditure and investments. The Board has formed an Enterprise Risk Management (“ERM”) Working Group to devise and implement an ERM framework, in consultation with the Company’s ERM consultant, PricewaterhouseCoopers Risk Services Pte. Ltd. (“PwC”). The ERM Working Group, together with the heads of departments, reviews and identifies the operational, financial and compliance risks faced by the Group and sets out the appropriate mitigating actions and monitoring mechanisms to respond to these risks and changes within the Group and the external business environment to safeguard shareholders’ interests and the Group’s assets. The ERM framework which was established to facilitate the Board’s assessment on the adequacy and effectiveness of the Group’s risk management system, lays out the governing policies, processes and systems pertaining to each of the key risk areas of the Group and assessments are made on the adequacy and effectiveness of the Group’s risk management system in managing each of these key risk areas, is approved by the Board, taking into consideration the nature and extent of the significant risks which the Board is willing to take in achieving its strategic objectives. On an ongoing basis, the ERM Working Group reviews all significant risks, control policies and procedures and highlights all significant risks issues, material matters, findings and recommendations to the Board and the ARC. CORPORATE GOVERNANCE 34
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