CORPORATE GOVERNANCE REPORT
35
The Audit Committee and Board of directors of the Company have satisfied themselves that in appointing the auditing firms for the
Company and its subsidiaries, Rule 712 and 716 of the Listing Manual have been complied with.
The
AC
also reviewed the non-audit services provided by the external auditors, which comprise tax services, and was satisfied that
the independence of the external auditors would not be impaired.
The Company has put in place a “whistle blowing” process whereby staff of the company can raise concerns about possible
improprieties in matters of financial reporting or other matters through a well-defined and accessible channel within the Company.
The objective of the policy is to encourage the reporting of such matters in good faith, while providing the assurance that staff making
such reports will be fairly treated. Procedures are also established to ensure that such matters are promptly investigated, appropriate
follow-up actions taken by management and results reported to the Board of Directors.
The number of meetings held and attendance at the meetings during the last financial year ended 31 December 2014 are as follows:
Audit Committee Meetings
Name of Director
Held
Attended
Kaka Singh (Chairman)
4
4
Gabriel Teo Chen Thye (Member)
4
4
Steven Tan Chee Chuan (Member)
4
4
Internal Audit
Principle 13
:
The company should establish an internal audit function that is independent of the activities it audits.
The Internal Audit function is currently performed in-house based on an annual audit plan and terms of reference as set in the Internal
Audit Charter approved by the
AC.
The function is headed by an Internal Audit Manager who reports functionally to the Chairman of
the
AC
and administratively to the Chief Executive Officer. The Internal Audit is conducted in accordance with the Standards for the
Professional Practice of Internal Auditing set-out by the Institute of Internal Auditors. The
AC
reviews the internal audit team’s reports,
audits completed against the approved annual audit plan as well as follow-up actions taken by management with respect to audit
findings on a quarterly basis.
The
AC
is satisfied that the Internal Audit function is adequately resourced and has the appropriate standing within the Group to
perform its function effectively.
SHAREHOLDER RIGHTS AND RESPONSIBILITIES
Principle 14
:
Companies should treat all shareholders fairly and equitably, and should recognize, protect and facilitate the exercise
of shareholders’ rights, and continually review and update such governance arrangements.
Principle 15
Companies should actively engage their shareholders and put in place an investor relations policy to promote
regular, effective and fair communication with shareholders.
Principle 16
:
Companies should encourage greater shareholder participation at general meetings of shareholders, and allow
shareholders the opportunity to communicate their views on various matters affecting the company.
The Company does not practise selective disclosure. In line with the continuous disclosure obligations of the Company pursuant to the
Singapore Exchange Listing Rules and the Singapore Companies Act, the Board’s policy is that all shareholders should be informed
regularly and on a timely basis of all major developments that impact the Group.
