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32
Statement on Internal Control
BOARD RESPONSIBILITY
The Board acknowledges its responsibility for maintaining a sound system of internal control to safeguard
shareholders’ investments and the Group’s assets and for reviewing the adequacy and integrity of the system.
Notwithstanding, due to the limitations that are inherent in any system of internal control, the Group’s internal
control system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and
can only provide reasonable but not absolute assurance against material misstatement or loss.
The Group’s system of internal control covers risk management and financial, operational and compliance controls.
Except for insurable risks where insurance covers are purchased, other significant risks faced by the Group
(excluding associated companies) are reported to, and managed by the respective Boards within the Group.
The internal control system of the Group is supported by an appropriate organisation structure with clear reporting
lines, defined lines of responsibilities and authorities from respective business units up to the Board level as
follows:
Remuneration
Committee
Nomination
Committee
ESOS
Committee
Group Risk
Management
Committee
Shareholders
Board of
Directors
Group Managing
Director
Divisional
Directors
Operating
Units
Management Audit
Committee
Tender
Committee
External
Auditors
Audit
Committee
Internal
Audit