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ANNUAL REPORT 2014/2015
CORPORATE GOVERNANCE STATEMENT
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Reviews the findings of the internal and external auditors and the response from management
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Reviews the internal auditors’ evaluation of the adequacy of the Group’s system of accounting and
internal controls
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Oversees management in the formulation, updating and maintenance of the Group’s Enterprise Risk
Management (“ERM”) framework and policies
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Reviews risk reports on the Group and reviews and monitors management’s responses to the findings
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Reviews any interested person transactions
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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
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Reviews legal and regulatory matters that may have a material impact on the financial statements
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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’ interest. 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.
Internal and external auditors, where applicable, conduct audits that involve testing the effectiveness of the
material internal controls in the Group addressing operational risk, compliance and legal risk, financial risk,
investment risk and information technology controls risk, including testing, where practical, material internal
controls in areas managed by external service providers. Any material non-compliance or lapses in internal
controls together with corrective measures recommended by internal and external auditors are reported to
and reviewed by the ARMC. The adequacy and effectiveness of the measures taken by Management in
response to the recommendations made by the internal and external auditors is also reviewed by the ARMC.
The Board has received assurance from the CEO and the CFO:
(a) that the financial records have been properly maintained and the financial statements give a true and
fair view of the Group’s operations and finances; and
(b) regarding the effectiveness of the Group’s risk management and internal control systems.
The CEO and the CFO have obtained similar assurance from the respective business and corporate
executive heads in the Group.
