CORPORATE GOVERNANCE STATEMENT
Principle 11: Risk Management and Internal Controls
Principle 12: Audit and Risk Management Committee (“ARMC”)
The ARMC comprises four Independent and Non-executive Directors, namely:
Lim Hwee Hua
Chairman
Tan Chin Nam
Member
Mark Anthony James Vaile
Member
Douglas Owen Chester
Member
The Board is of the view that the ARMC members have adequate accounting or related financial
management expertise and accounting experience to discharge the ARMC’s functions.
The ARMC meets at least four times a year and as and when deemed appropriate, to carry out
its functions.
The ARMC performs the functions as set out in the 2012 Code, inter alia:
• Nominates the external auditors for appointment or re-appointment and reviews the level of audit
fees, cost effectiveness of the audit and the independence and objectivity of the external auditors
• Reviews the audit plans and scope of work of the internal and external auditors
• Reviews the findings of the internal and external auditors and the response from management
• Reviews the internal and external auditors’ evaluation of the adequacy of the Group’s system of
accounting and internal controls
• Oversees management in the formulation, updating and maintenance of the Group’s Enterprise
Risk Management (“ERM”) framework and policies
• Reviews risk reports on the Group and reviews and monitors management’s responses to
the findings
• Reviews any interested person transactions
• Reviews the Group’s quarterly and annual results announcements and the financial statements of
the Group and of the Company as well as the auditors’ report thereon before they are submitted
to the Board for approval
• Reviews legal and regulatory matters that may have a material impact on the financial statements
• Reports actions and minutes of the ARMC to the Board
The Board, supported by the ARMC, ensures that the Company has a robust risk management
system to safeguard shareholders’ interests. The Group adopts an ERM framework which sets
out the required environmental and organisational components for managing risk in an integrated,
systematic and consistent manner. The ERM framework and related policies are reviewed at
least annually.
STAMFORD LAND CORPORATION LTD
ANNUAL REPORT 2013/2014
38
