Corporate governance

Corporate governance forms the backbone of a company. Only from building a strong foundation can we utilize our resources and release our potential to perform and create value for our stakeholders.

Board of Directors and Committees

The Group’s Board of Directors has the dual role of formulating the strategic direction and setting governance policies for the Company. The Board has appropriate independence in composition, and diversity of ideas as well as backgrounds, allowing it to make decisions that are in the best interests of the Company. Currently, there are 5 directors (4 males and 1 female, including 3 independent directors). The Board holds a meeting every quarter and meets whenever necessary to perform its duties. To assist in the implementation of the duties and functions of the Board, the Board of Medtecs has established several functional committees, including the Audit Committee, the Nominating Committee, the Remuneration Committee and the Sustainability Reporting Council.

Sustainability Reporting Council

In 2017, the Sustainability Reporting Council was established. Led by the Group’s CEO, CFO, and the General Counsel along with senior executives, the Council is responsible for coordinating our sustainability reporting efforts and ensuring that the Board and the Group’s senior management are informed of and engaged with the ESG factors as these factors will have a subsequent influence on our business planning, strategy, and operations.

Internal policies

The Company is committed to achieving and maintaining a high standard of corporate governance within the Company and its subsidiaries by embracing the tenets of good governance, including accountability, transparency and sustainability, and by having policies in place to support our commitment.

Board diversity policy

This Policy set out the Company’s approach to achieve diversity on its board of directors

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Diversity, Equity & Inclusion Policy

This Policy is committed to fostering a supportive and inclusive culture throughout the entire workforce. We strive to ensure that all employees and job
applicants are treated fairly and that our workforce is representative of all segments of society.

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Whistleblowing policy

The Policy is intended to conform to the guidance set out in the Code of Corporate Governance which encourages employees to raise concerns, in confidence, about possible irregularities.

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Highlights

jewel

Contribution by Medtecs-branded products (CoverU) to the total revenue in FY2020 has grown by 20 times compared with FY2019.

growth

In FY2020, Medtecs’ revenue and profit reached record high. Compared with FY2019, the revenue and after-tax net profit increased by 480.4% to US$400.3 million and 11,196.4% to US$131.7 million, respectively.

badge

Medtecs generated the highest revenue in 2020 on Alibaba and was the Vendor of the Year.

Medium and long-term targets

The demand for PPE continues to rise. Reports have shown that the PPE market is expected to grow at the compound annual growth rate of 7-12% in the next 5-7 years. Medtecs plans to establish partnerships with major raw material suppliers and leaders in the industry through M&A (mergers and acquisitions) and joint venture to develop:

◉ Brand franchising: to allow other companies sell their products under Medtecs’ name.

◉ Global procurement platform: to facilitate our expansion in production lines.

◉ Global stockpiling service: to set up logistics and warehousing centers in various countries to improve local supply efficiency.

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