Corporate governance and ethics: Corporate governance principles and guidelines.

Board level improvements.

• Enhancing board stewardship through more diverse boards.
  – Adding new skillsets and, in most cases, recruiting independent directors.
• Reinforcing board roles and strengthening its posture towards management.
  – Clarify the role between board and management which, in many cases, is indistinct.
• Maximizing board efficiency and effectiveness with improved procedures.
  – Improvements to board work procedures in some form (e.g., setting annual work plans, formalizing board papers, improving agendas and proceedings).
• Adding depth of analysis through board committees.
  – Changes to committee structure, setting up more formal committees with active agendas and proper work procedures.
• Structuring board nomination and evaluation processes.
  – Put in place more formal nomination, appointment, and evaluation procedures to continuously ensure their board composition is structured appropriately and not simply hand-picked by key investors.