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62ADVANCING AHEADCorporate Governance ReportThe board of directors of the Company (the %u201cBoard%u201d) is pleased to present this corporate governance report setting out a discussion of the corporate governance practices adopted and observed by the Group.CORPORATE GOVERNANCE PRACTICESThe Group is committed to achieving high corporate governance standards to safeguard the interests of its stakeholders. The Company has applied the principles in the Corporate Governance Code (%u201cCG Code%u201d) in Part 2 of Appendix C1 of the Rules Governing the Listing Rules on the Stock Exchange by conducting its business by reference to the principles of the CG Code and emphasising such principles in the Company%u2019s governance framework. It is in the opinion of the Directors that the Company has complied with all the code provisions as set out in the CG Code during the year ended 31 December 2024 (the %u201cYear%u201d).THE BOARDBoard CompositionsDuring the Year and as at the date of this annual report, the composition of the Board is as follows:Executive DirectorsMr Jinchu SHEN (Group Co-founder and Co-CEO)Mr Stuart GIBSON (Group Co-founder and Co-CEO)Non-executive DirectorsMr Jeffrey David PERLMAN (stepped down as the Chairman of the Board with effect from 2 September 2024)Mr Charles Alexander PORTES (Group Co-founder)Mr Hwee Chiang LIM (retired with effect from 21 January 2025)Dr Kwok Hung Justin CHIU (retired at the AGM held on 31 May 2024)Mr Rajeev Veeravalli KANNANMs Joanne Sarah MCNAMARAIndependent Non-executive DirectorsMr Brett Harold KRAUSE (Chairman of the Board, redesignated with effect from 2 September 2024)Mr Simon James MCDONALDMs Jingsheng LIU (resigned with effect from 16 October 2024)Ms Serene Siew Noi NAHMs Wei-Lin KWEE (retired at the AGM held on 31 May 2024)The biographical details of the Directors are set out in the %u201cBoard of Directors section%u201d of this annual report. There is no financial, business, family or other material or relevant relationship between members of the Board.Chairman and Chief ExecutiveMr Jeffrey David Perlman has stepped down as the Chairman of the Board with effect from 2 September 2024, but remains as a Non-executive Director. Mr Brett Harold Krause, an Independent Non-executive Director, is thereafter redesignated as the Interim Chairman of the Board. He is responsible for leading the Board in the formulation of strategic directions and for the high level oversight of the management and operations of the Group.The role of chief executive is jointly assumed by Mr Jinchu Shen, the Executive Director, Group Co-founder and CoCEO, and Mr Stuart Gibson, the Executive Director, Group Co-founder and Co-CEO. The Co-CEOs are responsible for the management and conduct of the Group%u2019s business, overall risk control and daily business operation.There is a clear division of the management of the Board and the day-to-day management of business of the Company among the Chairman of the Board and the Co-CEOs, ensuring the existence of checks and balances mechanism in the exercise of power and decision-making process of the Board.