65
ANNUAL REPORT FY2015
Remuneration of Employees who are Immediate Family Members of a Director or the CEO:
Other than the
above-mentioned key executives, no other employees are immediate family of a director or the CEO whose
remuneration exceeding $50,000 for the year under review.
3.
ACCOUNTABILITY AND AUDIT
3.1 Accountability
Principle 10: The Board should present a balanced and understandable assessment of the company’s
performance, position and prospects.
The Board believes that it should conduct itself in ways that deliver maximum sustainable value to its shareholders.
Prompt fulfillment of statutory requirements is one of the ways to maintain shareholders’ confidence and trust in
the Board’s capability and integrity.
Management is responsible to the Board and the Board itself is accountable to the shareholders.
The Management will provide the Board with detailed management accounts which present a balanced and
understandable assessment of the Group’s performance, position and prospects on a monthly basis.
The Management also presents to the Board quarterly and full year financial results of the Group and the ARC
reports to the Board on the results for review and approval. The Board approved the results after review and
authorised the release of the quarterly and full year financial results of the Group to the SGX-ST and the public
via SGXNET.
Annual general meetings are held every year to obtain shareholders’ approval to routine business, as well as
the election of directors.
In addition to its statutory responsibilities, the Board also ensures that the principal risks of the Company’s business
are identified and appropriately managed.
3.2 Risk Management and Internal Controls
Principle 11: The Board is responsible for the governance of risk. The Board should ensure that Management
maintains a sound system of risk management and internal controls to safeguard shareholders’ interests and the
company’s assets, and should determine the nature and extent of the significant risks which the Board is willing
to take in achieving its strategic objectives.
The Board as a whole is responsible for risk governance. Its duties are to:
(a) ensure that management maintains a sound systemof risk management and internal controls to safeguard
the Company’s and Group’s assets and shareholders’ interest;
(b) determine the nature and extent of significant risks and the level of risk tolerance and risk policies which
the Board is willing to take to achieve its strategic intent;
(c) provide oversight in the design, implementation and monitoring of the risk management framework and
system of internal controls, including actions to mitigate the risks identified where possible;
