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HC-A.1.14

The listed company and CMSP's board should support entrepreneurship but also ensure effective monitoring and control. Thus it is important that the board be composed of both Executive Directors and non-Executive Directors, including fully independent non-Executive Directors. It is the board's responsibility to see to the accuracy and completeness of the listed company and CMSP's corporate governance guidelines and compliance with Module HC. Failure to comply with this Module is subject to enforcement measures as outlined in the respective Licensing or Listing Module.

July 2011