ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

corporate governancePASSIONASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /1346CSERule No.7.10.6(c)Subject Compliance requirement CompliancestatusDisclosure in Annual Reportrelating to Audit Committee• Names of Directors comprising the AuditCommittee.• The Audit Committee shall make a determinationof the independence of the Auditors and disclosethe basis for such determination.• The Annual Report shall contain a Report ofthe Audit Committee setting out the manner ofcompliance with their functions.CompliedApplicable Section inthe Annual ReportCorporate Governanceand the Audit CommitteeReportCode of Best practice of Corporate Governance jointly issued by the Securities and Exchange Commission of Sri Lanka (SEC)and the Institute of Chartered Accountants of Sri Lanka (ICSL)Code Ref. Subject Applicable requirement Status Compliance Applicable Section in theAnnual ReportA. DirectorsA.1 The BoardA.1.1 Frequency of Board Meetings • Board should meet regularly, atleast once every quarterA.1.2 Responsibilities of the Board • Formulation andimplementation of strategy• Skill adequacy of managementand succession• Integrity of information, internalcontrols and risk management• Compliance with laws,regulations and ethicalstandards• Code of conduct• Adoption of appropriateaccounting policiesA.1.3 Access to professional advice • Procedures to obtainIndependent professionaladvice when deemednecessary.CompliedCompliedCompliedCorporate Governance/Annual Report of the Board ofDirectorsCorporate GovernanceCorporate Governance