Annual Report 2024

128 2024 Annual Report Transport International Holdings Limited CORPORATE GOVERNANCE REPORT Good corporate governance forms the foundation of stakeholder confidence and sustainable returns for shareholders, making it the cornerstone of business success. The Board believes that maintaining good corporate governance fosters a strong and healthy culture within the Group. It also strengthens management effectiveness, improves control mechanisms, enhances shareholder values, and fulfils satisfaction among shareholders and stakeholders. Board members and staff observe a set of sound policies, procedures, and rules. The governance of sustainability is embedded within our corporate governance structure across the Group. The Group considers the long-term interests of shareholders and stakeholders by balancing business growth with community responsibility. Corporate Governance Framework The Group’s Corporate Governance Framework (the “Framework”) is built upon the principles of accountability, transparency and integrity. It aims to identify key participants in good governance, their inter-relationships, and their contributions to the implementation of effective governance policies and processes. The Board and the Senior Management use the Framework as the benchmark for evaluating the Group’s performance in achieving its business goals. In response to changes in regulatory requirements, environmental needs, social expectations and international relations, the Group regularly reviews the Framework, updates its management policies and practices, and ensures its consistent implementation at all levels. The corporate governance objectives are achieved primarily through the implementation of the following measures: Maintain a diverse and balanced board composition, establish efficient management reporting systems, and retain a professional management team to ensure that Directors are well-informed prior to making decisions in the best interests of the stakeholders; Establish thorough internal audit and control systems to safeguard against risks, protect the Group’s assets, and ensure that its policies and management practices are executed as planned, in order to swiftly identify and rectify any irregularities, deviations, material misstatements and instances of malpractice; and Establish transparent and effective communication channels to ensure that the Group’s affairs are brought to the attention of shareholders, customers and other stakeholders. Corporate Governance Code Compliance The Company abides by the corporate governance principles contained in the Corporate Governance Code (the “CG Code”) of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). The CG Code sets out (a) the mandatory requirements for disclosure; and (b) the principles of good corporate governance with two levels of recommendations: (a) “Code Provisions” and (b) “Recommended Best Practices”. The Company complied with all applicable Code Provisions throughout the year ended 31 December 2024, except that three Directors were unable to attend the Annual General Meeting held on 16 May 2024 (the “2024 AGM”) as required by Code Provision C.1.6 owing to other commitments.