Ecowise Annual Report 2007 - ecoWise Holdings Limited

More documents

Recommendations

Info

CORPORATEGOVERNANCEThe AC has power to conduct or authorize investigations into any matters within the AC’s scope of responsibility.For the year ended 31 October 2007, the AC has reviewed all non-audit services provided by the external auditors and confirmedthat these non-audit services would not affect the independence and objectivity of the external auditors. The AC recommendsto the Board the reappointment of Messrs RSM Chio Lim as the external auditors of the Company at the forthcoming AnnualGeneral Meeting.The Group has implemented the whistle blowing policy during the year. 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 from victimization forwhistle blowing in good faith. Cases that are significant are reviewed by the AC for adequacy and independence of investigationactions and resolutions. Contact details of the AC have been made available to all employees.Internal ControlsPrinciple 12: Sound system of internal controlsThe Board acknowledges that it is responsible for maintaining a sound system of internal control framework, but recognizesthat no cost effective internal control system will preclude all errors and irregularities, and can provide only reasonable and notabsolute assurance against material misstatement or loss.During the financial year, the Group’s external and internal auditor has conducted annual review of the effectiveness of theGroup’s internal control. Any non-compliance and recommendation for improvement were reported to the AC.Based on external and internal auditors’ report and various controls implemented by the management, the AC is satisfied theinternal control in place meet the need of the Group in its current business environment.Internal AuditPrinciple 13: Setting up independent internal audit functionThe Board recognizes its responsibilities for maintaining a system of internal control processes to safeguard shareholders’investments and the Group’s assets and business.Currently, the Chairman of the AC enquires and relies on reports from the Management, internal and external auditors onany material non-compliance and internal control weaknesses. The AC oversees and monitors the implementation of anyimprovements thereto. The AC has reviewed with the internal and external auditors their findings of the existence and adequacyof material accounting controls procedures as part of its audit for the financial year under review. The AC is of the view that theworks carried out by the internal and external auditors are adequate.The Company has recently established an internal audit function which is independent of the activities it audits. MooresRowland, a professional accounting firm has been appointed and will perform the internal audit function and report directly tothe AC which assists the Board in monitoring and managing risks and internal controls of the Group.28 • ecoWise Holdings Limited • Annual Report 2007
Communication with ShareholdersPrinciple 14: Regular, effective and fair communication with shareholdersPrinciple 15: Shareholders’ participation at AGMThe Company believes that prompt disclosure of pertinent information and high standard of disclosure are the keys to raisethe level of corporate governance. The Board believes in regular and timely communication with our shareholders. In line withcontinuous disclosure obligations of the Company pursuant to the Corporate Disclosure Policy of the SGX-ST, the Company’spolicy is that all shareholders should be equally and timely informed of all major developments that impact the Company.Information is communicated to our shareholders on a timely basis and made through:• annual reports. The Board makes every effort to ensure that the annual report includes all relevant information aboutthe Group, including future developments, disclosures required by the Companies Act, and Financial ReportingStandards;• SGXNET and news releases;• press releases on major developments of the Group;• disclosures to the SGX-ST; and• the Group’s website at www.ecowise.com.sg on which shareholders can access information relating to the Group.The Annual General Meeting is the principal forum for dialogue with our shareholders. Our Company encourages our shareholdersto attend the Annual General Meeting to ensure a high level of accountability and to keep informed of the Group’s strategy andgoals.In general, separate resolutions are proposed for substantially separate issue and for items of special business, whereappropriate an explanation for proposed resolution.The Board welcomes questions and views of shareholders on matters affecting the Company raised either informally or formallybefore or at the Annual General Meeting.Internal Code on Dealings in SecuritiesThe Company has put in place an internal code on dealings with securities (“Code”). This Code has been issued to all Directorsand employees setting up the implications on insider trading.The Code prohibits the dealing in securities of the Company by Directors and employees while in possession of price-sensitiveinformation, and during the period beginning one month before the announcement of the half yearly and annual results, andending on the date of the announcement. Directors are required to report securities dealings to the Company Secretary who willassist to make the necessary announcements.In addition, Directors and employees are cautioned to observe insider trading laws at all times.29
Page 1 and 2: ecoWise Holdings Limitedannual repo
Page 3 and 4: everything has BEAUTYbut not everyo
Page 5 and 6: Our biomass cogeneration plant at S
Page 7 and 8: Copper slag, the waste residue of c
Page 9 and 10: Our composting facility at Sarimbun
Page 11 and 12: Working to create a living planet.
Page 13 and 14: CHAIRMAN’SSTATEMENTRecovery of In
Page 16 and 17: FINANCIALHIGHLIGHTSFY2007 FY2006 FY
Page 18 and 19: OPERATIONSREVIEWReview of Financial
Page 20 and 21: BOARD OFDIRECTORS1 2 34 5 618 • e
Page 22 and 23: MANAGEMENTTEAMLee Thiam SengChief E
Page 24 and 25: CORPORATEGOVERNANCENewly appointed
Page 26 and 27: CORPORATEGOVERNANCEAccess to Inform
Page 28 and 29: CORPORATEGOVERNANCEFor the period u
Page 32 and 33: CORPORATEGOVERNANCERisk ManagementA
Page 34 and 35: REPORT OFTHE DIRECTORSThe directors
Page 36 and 37: REPORT OFTHE DIRECTORS5. OPTIONS TO
Page 38 and 39: REPORT OFTHE DIRECTORS5. OPTIONS TO
Page 40 and 41: STATEMENT OFDIRECTORSIn the opinion
Page 42 and 43: ConsolidatedIncome StatementYear En
Page 44 and 45: Statements OfChanges In EquityYear
Page 46 and 47: Consolidated CashFlow StatementYear
Page 48 and 49: Notes to FinancialStatements31 Octo
Page 80 and 81:
Notes to FinancialStatements31 Octo
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
SHAREHOLDINGSSTATISTICSAS AT 18 JAN
Page 94 and 95:
Notice of AnnualGeneral MeetingECOW
Page 96 and 97:
Notice of AnnualGeneral MeetingECOW
Page 98 and 99:
ADDITIONALEXPLANATORY STATEMENTTO O
Page 100 and 101:
ADDITIONALEXPLANATORY STATEMENTTO O
Page 102 and 103:
ProxyFormECOWISE HOLDINGS LIMITEDRe
Page 104:
H O L D I N G S L I M I T E DCo. Re
show all

Ecowise Annual Report 2007 - ecoWise Holdings Limited

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?