Annual Report 2012 - ecoWise Holdings Limited

ecoWise Holdings Limitedannual report 201237CORPORATE GOVERNANCE• Reviews the financial statements of the Group before their submission to the Board, and before theirannouncements;• Reviews legal and regulatory matters that may have a material impact on the financial statements, relatedcompliance policies and programs and any reports received from regulators;• Reviews the cost effectiveness and the independence and objectivity of the external auditors;• Reviews the nature and extent of non-audit services provided by the external auditors;• Reviews the assistance given by the Group’s officer to the auditors;• Nominates external auditors for re-appointment;• Reviews the Group’s compliance with such functions and duties as may be required under the relevantstatutes or the Listing Manual, and by such amendments made thereto from time to time;• Reviews interested person transactions in accordance with the requirements of the Listing Rules of theSGX-ST; and• Reviews the adequacy of the Group’s internal controls.Mr Ng Cher Yan is a practicing public accountant, who has years of extensive experience in accounting, auditing,financial management and corporate governance. The Board is of the view that Mr Ng is well qualified to chairthe AC to collectively discharge its responsibilities. The Board is also of the view that the members of the AC areappropriately qualified to discharge their responsibilities and they have the requisite accounting or related financialmanagement expertise or experience, as the Board exercises in its business judgment.The AC has power to conduct or authorize investigations into any matters within the AC’s scope of responsibility.For the year ended 31 October 2012, the aggregate amount of fees paid or payable to external auditors of theGroup amounted to S$428,240, including audit fees of S$319,552 and non-audit services fees of S$108,688.The AC has reviewed all non-audit services provided by the external auditors and is satisfied that these non-auditservices would not affect the independence and objectivity of the external auditors.The Group has complied with Rule 712 and Rule 715 of the Listing Manual of SGX-ST in the appointment of itsauditors. The AC recommends to the Board the re-appointment of Messrs RSM Chio Lim LLP as the externalauditors of the Group at the forthcoming AGM.The Group had implemented the whistle blowing policy. The policy aims to provide avenue for employees to raiseconcerns about misconducts in the Group and at the same time assure them that they will be protected fromvictimization for whistle blowing in good faith. Cases that are significant are reviewed by the AC for adequacy andindependence of investigation actions and resolutions. Contact details of the AC have been made available to allemployees.