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54 Annual report 2008 Corporate Governance Statement The Group maintains the following website that allows all shareholders and investors access information about the Group: • www.spsetia.com.my Any queries or concerns relating to the Group may be conveyed to the following persons: (i) Tan Sri Dato’ Hari Narayanan a/l Govindasamy, Chairman of the Audit Committee Telephone Number : 03-20351788 Fax Number : 03-26927187 (ii) Lee Wai Ngan Chan Toye Ying Company Secretaries Telephone Number : 03-21615466 Fax Number : 03-21636968 D. ACCOUNTABILITY AND AUDIT Financial Reporting In presenting the annual audited financial statements and quarterly announcement of results to shareholders, the Directors aim to present a balanced and understandable assessment of the Group’s position and prospects. The Audit Committee assists the Board by reviewing the information to be disclosed, to ensure completeness, accuracy and adequacy prior to release to Bursa Securities and Securities Commission. Internal Control The Statement on Internal Control set out on page 60 of this Annual Report provides an overview of the state of internal controls within the Group. Relationship with Auditors The Board via the Audit Committee, maintains a formal and transparent professional relationship with the Group’s auditors, both internal and external. The role of the Audit Committee in relation to the auditors is described in the Audit Committee Report set out on page 56 to page 59 of this Annual Report. Directors’ Responsibility Statement The Directors are required by the Companies Act, 1965 to prepare financial statements for each financial year which have been made out in accordance with the provisions of the Act and applicable approved accounting standards and give a true and fair view of the state of affairs of the Group and Company at the end of the financial year and of the results and cash flows of the Group and Company for the financial year. The directors are satisfied that in preparing the financial statements of the Group and of the Company for the financial year ended 31 October 2008, the Group has used the appropriate accounting policies and applied them consistently. The directors are also of the view that relevant approved accounting standards have been followed in the preparation of these financial statements.
55 S P <strong>Setia</strong> <strong>Berhad</strong> Group Corporate Governance Statement ADDITIONAL COMPLIANCE INFORMATION WARRANTS OR CONVERTIBLE SECURITIES During the financial year, 168,151.302 detachable warrants 2008/2013 were issued out of which 7,790,655 warrants were exercised as at 31 October 2008. NON-AUDIT FEES Other than the following, there were no non-audit fees paid to the external auditors for the financial year 31 October 2008: Auditors Services Amount Paid (RM) Moores Rowland (1) Professional services in connection with the review on the Statement of Internal Control. 2,000.00 (2) Professional fee for examination of Committed Construction Costs for the International School. 3,000.00 (3) Professional services in connection with proposed bonds with 130,000.00 warrants and proposed bonus issue MATERIAL CONTRACTS There were no material contracts entered into by the Company and its subsidiaries involving directors’ and major shareholders’ interest which were still subsisting as at the end of the financial year under review or which were entered into since the end of the previous financial year except as disclosed in note 46(a) of the financial statements. RECURRENT RELATED PARTY TRANSACTIONS At the Thirty Third Annual General Meeting of the Company held on 27 February 2008, the Company had obtained the approval for the renewal of the shareholders’ mandate to enter into recurrent related party transactions of a revenue or trading nature, which are necessary for its day-to-day operations and in the ordinary course of its business, with related parties. The said mandate took effect on 27 February 2008 and will continue until the conclusion of the forthcoming Annual General Meeting of the Company. At the forthcoming Annual General Meeting to be held on 25 February 2009, the Company intends to seek its shareholders’ approval to renew the existing mandate for recurrent related party transactions of a revenue or trading nature. The details of the shareholders’ mandate to be sought will be furnished in the Circular to Shareholders dated 3 February 2009 attached to this Annual Report. REVALUATION OF LANDED PROPERTIES The Company does not have a revaluation policy on landed properties.
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Change - S P Setia Berhad

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