FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
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28 <strong>Sheng</strong> <strong>Siong</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
Corporate Governance<br />
(C) ACCOUNTABILITY AND AUDIT<br />
Accountability<br />
Principle 10: The Board should present a balanced and understand assessment of the company’s performance<br />
position and prospects.<br />
Management provides all members of the Board with management accounts of the Company’s performance,<br />
with explanatory details on its operations on a quarterly basis.<br />
Quarterly and annual financial results are released via SGXNET to shareholders within 45 days after the end<br />
of the quarter, and 60 days after the relevant financial period respectively. The financial results of the Group<br />
have been prepared in accordance with the Singapore Financial <strong>Report</strong>ing Standards (“SFRS”) and approved<br />
by the Board prior to release to the SGX-ST and shareholders.<br />
Audit Committee<br />
Principle 11: The Board should establish an Audit Committee with written terms of reference, which clearly set<br />
out its authority and duties.<br />
The AC comprises the following non-executive Directors, the majority of whom, including the Chairman, are<br />
independent:<br />
• Mr. Jong Voon Hoo (Chairman)<br />
• Mr. Goh Yeow Tin<br />
• Mr. Francis Lee Fook Wah<br />
• Mr. Lee Teck Leng, Robson<br />
The Board is of the view that the members of the AC have sufficient accounting, financial management or<br />
legal experience to discharge the AC’s responsibilities, given their experience as directors, partners and/or<br />
management in their respective fields.<br />
The AC performs the functions as set out in the Code. The AC has conducted a review of the scope and results<br />
of the audit and its cost effectiveness, and the independence and objectivity, of the external auditors.<br />
Quarterly and annual financial statements and the accompanying announcements are presented to the AC for<br />
approval, before endorsement by the Board, to ensure the integrity of information to be released.<br />
The AC also reviews the interested person transactions of the Group on a quarterly basis to ensure that such<br />
transactions are carried out on normal commercial terms and are not prejudicial to the interests of the Group<br />
and its minority shareholders.
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