51 / 152
The aggregate remuneration
paid to the four key management
personnel for FY2018 was
S$1,490,893.
The Company believes
that it may not be in the
Group’s interest to disclose
the remuneration of the key
management personnel to the
level as recommended by the
Code, given highly competitive
hiring conditions and the need to
retain the Group’s talent pool.
Employee Related to Directors/
CEO
Save as disclosed in the above
remuneration table for Directors,
there is no employee in the
Group who is an immediate
family member of any of the
Directors or the CEO and
whose remuneration exceeded
S$50,000 during FY2018.
“Immediate family member”
means spouse, child, adopted
child, step-child, brother, sister
and parent.
ACCOUNTABILITY AND AUDIT
Principle 10:
Accountability
The Board, through its
announcements of quarterly
and full-year results as well as
price sensitive issues, aims to
provide shareholders with a
balanced and understandable
assessment of the Group’s
financial performance, position
and prospects.
The Company recognises the
importance of providing the
Board with a continual flow
of relevant information on an
accurate and timely basis in
order that it may effectively
discharge its duties. On a
regular basis, Board members
are provided with business and
financial reports comparing
actual performance with budget,
highlights on key business
indicators and other major issues.
For the quarterly financial
statements, the Board provides a
negative assurance confirmation
to shareholders, confirming
to the best of their knowledge
that nothing had come to the
attention of the Board which
might render the financial
statements false or misleading.
For FY2018, the Company’s
CEO and CFO have provided
assurance to the Board on the
integrity of the Group’s financial
statements.
Pursuant to the Rule 720(1) of
the Listing Rules of the Singapore
Exchange Securities Trading
Limited (“SGX-ST”), all the
Directors and executive officers
of the Group have signed a letter
of undertaking.
Principle 11:
Risk Management and Internal
Controls
The Board has overall
responsibility for the
management of the Group’s key
risks to safeguard shareholders’
interests and its assets. The AC
has been tasked to assist the
Board in the oversight of the risk
management and internal control
systems within the Group while
the ownership of day-to-day
management and monitoring of
existing internal control systems
are delegated to Management
which comprise the Executive
Directors and key management
personnel of the Group.
The AC, with the assistance of
the internal auditors, reviews the
adequacy and effectiveness of
the Company’s internal control
systems, including financial,
operational, compliance and
information technology controls
and risks management policies
and systems established by the
Management on an annual basis.
In addition, the external auditors
will highlight any material control
weaknesses within the Group
discovered in the course of the
statutory audit. Such material
internal control weaknesses
noted by the internal and external
auditors, and recommendations,
if any, are reported to the AC.
As the environment in which
the Group operates changes,
risks and opportunities change.
Based on the enterprise-wide
risk management framework
(“ERM Framework”) established
and maintained in the Company,
Management at all levels are
expected to constantly review
the business operations and the
environment that the Group
operates in order to identify areas
and ensure mitigating measures
are promptly developed to
address these risks. As part of
the framework, risk registers
were established to document
the key risks, risk appetite, risk
tolerance, risk evaluation and
mitigating controls. Management
will regularly review the
key risks, both existing and
emerging new risks; determine
the key owners for the risks
identified; ensuring treatment
measures for mitigating these
risks are promptly and properly
implemented; and ensuring
policies and controls are
complied with. Management
reports to the AC on a quarterly
basis. Appropriate mitigating
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A N N U A L R E P O R T
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