Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 94

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 6
Chunk 94
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  convening                                                                                       
  declaring                                                                                       
  appointing                                                                                      
  exercising                                                                                      
  approving                                                                                       

Terms
of Directors and Officers

Our
directors are not subject to a term of office and hold office until such time as they are removed from office by ordinary resolution
or the unanimous written resolution of all shareholders.

Our
officers are elected by and serve at the discretion of our board of directors, and may be removed by our board of directors.

  59  

Corporate
Governance Guidelines

We adopted a written code of business conduct and ethics that applies to our directors, officers and employees. A current copy of
this code was posted on the Corporate Governance section of our website, which is located at https://www. bnlengrg. com. We intend
to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive
officers and senior finance executives, on our website to the extent required by applicable U. S. federal securities laws and the corporate
governance rules of Nasdaq.

Controlled
Company Exemptions

Mr.
Lim controls more than 50% of the aggregate voting power of our total issued and outstanding share capital. As a result, we are a “controlled
company” under Nasdaq corporate governance rules. As a controlled company, exemptions under the standards will free us from the
obligation to comply with certain corporate governance requirements, including the requirements:

  that                                                                                                                               
  that                                                                                                                               
  that                                                                                                                               

These
exemptions do not modify the independence requirements for our audit committee.

If
at any time we cease to be a “controlled company” under Nasdaq corporate governance rules, we intend to rely on the foreign
private issuer exemption from certain of the corporate governance requirements of Nasdaq.

Compensation
of Directors and Executive Officers

For
the years ended April 30, 2023 and 2024, we paid an aggregate of approximately S$362,972 and S$482,752, respectively, in cash to our
directors and executive officers as a group.

Bonuses
are not payable pursuant to a bonus plan, but rather are made on a discretionary basis in consideration of contributions and profitability
of the Company for the year under which such bonus is to be paid.

Limitation
on Liability and Other Indemnification Matters

Cayman
Islands law allows us to indemnify our directors, officers and aud