The total remunerationpaid to
the top four keymanagement
personnel for FY2017 amounted
to$1,249,000.
TheCompanybelieves that itmay
not be in theGroup’s interest to
disclose the remunerationof the
keymanagement personnel to
the level as recommendedby the
Code, givenhighly competitive
hiringconditions and theneed to
retain theGroup’s talent pool.
EmployeeRelated to
Directors/CEO
Save as disclosed in the above
remuneration table forDirectors,
there is noemployee in theGroup
who is an immediate family
member of anyof theDirectors or
theCEO andwhose remuneration
exceeded$50,000during FY2017.
“Immediate familymember”means
spouse, child, adoptedchild, step-
child, brother, sister andparent.
ACCOUNTABILITYANDAUDIT
Principle10:
Accountability
TheBoard, through its
announcements of quarterly and
full-year results aswell as price
sensitive issues, aims toprovide
shareholderswith abalanced and
understandable assessment of the
Group’s financial performance,
position andprospects.
TheCompany recognises the
importanceof providing theBoard
with a continual flowof relevant
informationon an accurate and
timelybasis inorder that itmay
effectivelydischarge its duties.
On a regular basis, Boardmembers
areprovidedwithbusiness and
financial reports comparing
actual performancewithbudget,
highlights on keybusiness
indicators andothermajor issues.
In linewithRule 705(5) of
the ListingRules of the
SGX-ST, theBoardprovides
anegative assurance statement
to the shareholders in its
quarterly financial statements
announcements, confirming
to thebest of their knowledge
that nothinghadcome to the
attentionof theBoardwhichmight
render thefinancial statements
falseormisleading.
Pursuant to the amendedRule
720(1) of the ListingRules of the
SGX-ST, all theDirectors and
executiveofficers of theGroup
have signed a letter of undertaking.
Principle11:
RiskManagement and
InternalControls
TheBoardhas overall responsibility
for themanagement of theGroup’s
key risks to safeguard shareholders’
interests and its assets. TheAC
has been tasked to assist the
Board in theoversight of the risk
management and internal control
systemswithin theGroupwhile
theownershipof day-to-day
management andmonitoringof
existing internal control systems is
delegated toManagementwhich
comprise theExecutiveDirectors
and keymanagement personnel
of theGroup.
TheAC, with the assistanceof
the internal auditors, reviews the
adequacy andeffectiveness of
theCompany’s internal control
systems, includingfinancial,
operational, compliance and
information technology controls
and risksmanagement policies
and systems establishedby the
Management on an annual basis.
In addition, theexternal auditors
will highlight anymaterial control
weaknesseswithin theGroup
discovered in thecourseof the
statutory audit. Anymaterial
findings fromboth the internal and
external auditors togetherwith the
improvement recommendations
are reported to theAC. TheACwill
review the internal andexternal
auditors’ comments andfindings,
ensure that there are adequate
internal controlswithin the
Group and followupon actions
implemented.
As theenvironment inwhich the
Groupoperates changes, risks and
opportunities change. Basedon the
enterprise-wide riskmanagement
framework (“ERM Framework”)
established andmaintained in
theCompany,Management at all
levels areexpected toconstantly
review thebusiness operations
and theenvironment that the
Groupoperates inorder to identify
areas andensuremitigating
measures arepromptlydeveloped
to address these risks. As part of
the framework, risk registerswere
established todocument the key
risks, risk appetite, risk tolerance,
. 61
ANNUAL
REPORT
20 1 7
THE BE ST
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