DIRECTORS’ REPORT
4 Contractual Benefits of Directors
Since the beginning of the financial year, except as disclosed in Notes 5 and 10 to the financial
statements, no director of the Company has received or become entitled to receive a benefit which
is required to be disclosed under section 201(8) of the Singapore Companies Act, Chapter 50, by
reason of a contract made by the Company or a related corporation with the director or with a firm
of which he is a member, or with a company in which he has a substantial financial interest.
5 Options Exercised
During the financial year, there were no shares of the Company or any subsidiaries in the Group
issued by virtue of the exercise of an option to take up unissued shares.
6 Unissued Shares Under Option
At the end of the financial year, there were no unissued shares under option.
7 Audit and Risk Management Committee (“ARMC”)
The members of the ARMC at the date of this report are as follows:
Mrs Lim Hwee Hua
(Chairman)
Dr Tan Chin Nam
Mr Mark Anthony James Vaile
Mr Douglas Owen Chester
The ARMC performs the functions specified by section 201B(5) of the Companies Act, Chapter 50,
the SGX listing manual and the Code of Corporate Governance. Among others, it performed the
following functions:
• Reviewed with the independent external auditors their audit plan;
• Reviewed with the independent external auditors their evaluation of the Company’s internal
accounting control, and their report on the financial statements and the assistance given by
the Company’s officers to them;
• Reviewed with the internal auditors the scope and results of the internal audit procedures;
• Reviewed the financial statements of the Group and the Company prior to their submission to
the directors of the Company for adoption; and
• Reviewed the interested person transactions (as defined in Chapter 9 of the Listing Manual
of SGX).
Other functions performed by the ARMC are described in the report on corporate governance
included in the annual report. It also includes an explanation of how independent auditors’ objectivity
and independence are safeguarded where the independent auditors provide non-audit services.
The ARMC has recommended to the board of directors that the independent external auditors,
KPMG LLP, be nominated for re-appointment as independent auditors at the next annual general
meeting of the Company.
45
STAMFORD LAND CORPORATION LTD
ANNUAL REPORT 2013/2014
