Yinson Annual Report 2020

267 Annual Report 2020 19. Investment in subsidiaries (CONTINUED) (a) Details of subsidiaries are as follows: (continued) Name of subsidiaries Countries of incorporation Proportion (%) of ownership interest Principal activities 2020 2019 Held through Yinson Production Limited: Yinson Production Pte. Ltd. (i) Singapore 100 100 Provision of engineering design and consultancy services relating to the offshore oil and gas industry Held through Yinson Trillium Limited and Yinson Production Pte. Ltd.: Yinson Production (West Africa) Pte. Ltd. (i) Singapore 74 74 Provision of floating marine assets for chartering and service activities incidental to oil and gas extraction (i) Audited by member firms of PricewaterhouseCoopers International Limited, which are separate and independent legal entities from PricewaterhouseCoopers PLT. (ii) Subsidiaries newly incorporated during the current financial year. (iii) Company not required to be audited under the laws of the country of incorporation. (iv) The reclassification of these companies in the Group are as disclosed in Note 46. (v) Auditor not appointed yet. (vi) The Group has concluded that it controls Yinson Energy Sdn. Bhd., even though it holds 30% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed. (vii) The Group has concluded that it controls Yinson Operations & Production West Africa Limited, even though it holds 40% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed.