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Board Committees

THE AUDIT COMMITTEE

The Audit Committee consists of three members of the Board: Mr. Chew Hoy Ping (Chairman), Dato’ Lim Say Chong and Mr. Roland Arthur Lawrence.

The Audit Committee held four (4) meetings during the financial year ended 31 December 2016. The Managing Director, Chief Financial Officer and Head of Internal Audit attended the meetings for the purpose of briefing the Audit Committee on the activities involving their areas of responsibilities. The Audit Committee was also briefed by the external auditors on the findings of the external audit.

The external auditors were present at three (3) Audit Committee meetings during the financial year. At these meetings, the Audit Committee also held separate sessions with the external auditors without the executive board members present whereby the Audit Committee was briefed by the external auditors on their audit findings and any other observations they may have had during the audit process.

The Audit Committee works according to Terms of Reference, which are periodically reviewed and updated in accordance with the needs of the Company and any new regulations that may have an impact on the discharge of the Board’s responsibilities.

The Audit Committee is tasked with the following primary roles and responsibilities:

  • Report to the Board on the results of the monitoring activities in relation to accounting & reporting practices, which include the work performed and audit issues raised by the external auditors.
  • Ensure the independence of the external auditors and assess their performance during the year.
  • Review the quarterly and yearly financial statements and results prior to approval by the Board.
  • Review the risk management framework and activities that include risk identification & analysis, risk updates and risk mitigating action plans put in place and the relevant outcomes. The scope of such activities encompasses financial, operational, compliance and strategic risks.
  • Ensure the independence of the Internal Audit function (appointment & appraisal of senior staff, development of audit plans and management of deficiencies reported).
  • Assist the Board in reviewing the overall internal control framework put in place by Management and the effectiveness of the relevant control procedures in the Group’s operating environment.
  • Maintain unrestricted access to all levels of whistleblowing information with regard to potential corruption, fraud and employee misconducts.

The Audit Committee works according to Terms of Reference, which are periodically reviewed and updated in accordance with the needs of the Company and any new regulations that may have an impact on the discharge of the Board’s responsibilities.

THE NOMINATION COMMITTEE

The Nomination Committee consists of two members of the Board: Dato’ Lim Say Chong (Chairman) and Mr. Chew Hoy Ping. 

The Nomination Committee which is charged with the responsibility of, amongst others, recommending the appointment of new Directors to the Board, was established on 1 October 2001 and comprises all of whom are Independent Non-Executive Directors.

The Nomination Committee works according to Terms of Reference, which are periodically reviewed and updated in accordance with the needs of the Company and any new regulations that may have an impact on the discharge of the Board’s responsibilities.

THE REMUNERATION COMMITTEE

The Remuneration Committee consists of four members of the Board: Dato’ Lim Say Chong (Chairman) and Mr. Chew Hoy Ping.

The Remuneration Committee, which was established on 18 August 2001, comprises exclusively of Independent Non-Executive Directors.

The Remuneration Committee evaluates the remuneration packages of senior management executives and recommends for the Board’s approval, the framework of executive remuneration of the Executive Directors’ remuneration package

The Nomination Committee works according to Terms of Reference, which are periodically reviewed and updated in accordance with the needs of the Company and any new regulations that may have an impact on the discharge of the Board’s responsibilities.

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