Annual Report 2016
35
CORPORATE GOVERNANCE REPORT
ACCOUNTABILITY
The Board is accountable to the Shareholders while the management of the Company is accountable
to the Board. The management presents to the Board monthly management accounts as well as the
unaudited half-year and the audited full-year financial statements and the Audit Committee reports on the
results for review and approval. The Board approves the results and authorises the release of the results
to the SGX-ST, the SEHK and the public via SGXNET and the Company’s website.
AUDIT COMMITTEE
The Audit Committee comprises Mr. Jovenal R. Santiago (as Chairman), Mr. Iu Po Chan, Eugene and
Mr. Wong Kwan Seng, Robert. All members of the Audit Committee are INEDs.
The Audit Committee performs, amongst others, the following major functions:
(a)
Reviewing the independence and objectivity of the external auditors;
(b)
Reviewing with the external auditors the audit plan and their audit report;
(c)
Reviewing with the internal auditors the scope and results of the internal audit procedures and their
evaluation of the overall internal control system;
(d)
Reviewing the Company’s financial results and the announcements before submission to the Board
for approval;
(e)
Reviewing the assistance given by management to external and internal auditors;
(f)
Reviewing significant findings of internal investigations, significant financial reporting issues and
judgements;
(g)
Considering the appointment/re-appointment of the external auditors; and
(h)
Reviewing the interested person transactions (as defined under the SGX-ST Listing Manual) and the
connected transactions (as defined under the HK Listing Rules).
The Audit Committee meets periodically and also holds informal meetings and discussions with the
management from time to time. The Audit Committee has full discretion to invite any Director or executive
officer to attend its meetings.
The Audit Committee has been given full access to and is provided with the co-operation of the
Company’s management. In addition, the Audit Committee has independent access to both internal and
external auditors.
The Audit Committee meets periodically with the external auditors without the presence of management
and has reasonable resources to enable it to discharge its functions properly.
