Sustainability Report 2023 14 The Board is evaluated annually to ensure that they continue to be relevant and well-equipped to oversee the Group’s sustainability strategy and development. The Board, particularly first-time directors, will undergo training in the roles and responsibilities of a director of an entity listed on the SGX-ST as prescribed by the SGX-ST within one year from the date of his or her appointment to the Board. Such training includes ESG Essentials. The Board is also encouraged to undergo continuous professional development by attending relevant seminars or training related to the Group’s business operations and sustainability strategy and development, as recommended and funded by the Company. For the re-appointment of Directors, pursuant to the Constitution of Geo Energy, each Director is required to retire at least once every three years. Newly appointed Directors are required to retire at the next annual general meeting of the Company following their appointments. The retiring Directors are eligible to offer themselves for re-election. Shareholders play a role in determining whether the Director can be re-elected following their retirement from the Board. Shareholders’ opinions on this matter are solicited at the annual general meetings. The independence of an appropriate candidate from the Board is determined at the recruitment stage. The NC conducts a detailed background check on each candidate to identify any potential conflicts of interest with Geo Energy. The independence of each Director is also reviewed annually by the NC. The Directors of the Board are required to disclose to the Board their relationships with the Company, its related corporations, its substantial shareholders, or its officers, which may affect their independence. For independent Directors, their tenure for serving on the Board is limited to 9 years. Each independent Director is required to complete a checklist annually to confirm his independence. CONFLICT OF INTEREST [GRI 2-11, 2-15] Geo Energy’s personnel, including the Board, are required to disclose any direct or indirect interest in any of the Company’s suppliers, customers or competitors which could conflict with the Company’s best interests. For Directors deemed to be independent, their independence is reviewed annually by the Nominating Committee. Each independent Director is required to complete a checklist annually to confirm his/her independence based on the guidelines as set out in the Code. The Board has delegated the Audit and Risk Committee (ARC) to review any potential conflicts of interest that may arise, according to Geo Energy’s Conflict of Interest policy. Any Director who faces a conflict of interest or a possible conflict of interest, in relation to a matter, must promptly declare his interest
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