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4 DIRECTORS’ RECEIPT AND ENTITLEMENT TO CONTRACTUAL BENEFITS
Since the beginning of the financial year, no director has received or become entitled to receive a benefit
which is required to be disclosed under Section 201(8) of the Singapore Companies Act, by reason of a
contract made by the Company or a related corporation with the director or with a firm of which he is a
member, or with a Company in which he has a substantial financial interest except for salaries, bonuses and
other benefits as disclosed in the financial statements. Certain directors received remuneration from related
corporations in their capacity as directors and/or executives of those related corporations and as disclosed
in the financial statements. There were certain transactions (as shown in the financial statements) with a
corporation in which certain directors have interest.
5 SHARE OPTIONS
(a) Options to take up unissued shares
During the financial year, no option to take up unissued shares of the Company or any corporation in
the Group was granted.
(b) Options exercised
During the financial year, there were no shares of the Company or any corporation in the Group
issued by virtue of the exercise of an option to take up unissued shares.
(c) Unissued shares under option
At the end of the financial year, there were no unissued shares of the Company or any corporation in
the Group under option.
6 AUDIT COMMITTEE
Members of the Audit Committee comprise four directors, namely COL (Ret) Rodney How Seen Shing
(Chairman of the Audit Committee), Ng Kok Lip, Professor Pang Eng Fang and Lee Khin Tien.
The Audit Committee held four meetings during the financial year ended 31 December 2012 and performed
the following functions:
(a) Reviewed with management and the external auditors on audit plans and the areas to be audited on
pertaining to external audit, financial and operating results, internal controls, accounting policies as
well as other significant matters;
(b) Reviewed the assistance rendered to the external auditors by the Group’s officers;
(c) Reviewed the annual financial statements, inclusive of quarterly announcements to shareholders and
SGX-ST prior to submission to the Board of Directors for approval;
(d) Performed annual review of the independence and objectivity of the external auditors;
(e) Recommended the appointment or re-appointment of external and internal auditors and remuneration
of the external and internal auditors;
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REPORT OF THE DIRECTORS