INTERVIEW WITH CHAIRMAN, AUDIT
AND RISK MANAGEMENT COMMITTEE
DOUGLAS OWEN CHESTER
Chairman, Audit and Risk Management Committee
BSc (Hons) (Australian National University)
INDEPENDENT NON-EXECUTIVE DIRECTOR
1
What do you see as the major challenges
facing the Group in the near future?
The growth in the sharing economy and
the extent to which technology is disrupting
traditional business models are some of the
major challenges facing the Group. It has been
widely reported how Airbnb is changing the rules
of an entire industry and that its market value
now exceeds that of most established players
despite the fact that it owns no hotel rooms.
In addition, technology, Big Data analytics and
the social media are having a major impact on
how hotels are being booked, revenue yields are
being managed and services are being offered.
The challenges notwithstanding, management
believes that our ability to harness and use
technology to enhance the customers’
experience, streamline management operations
and drive efficiencies, will be key to how we
tackle some of these challenges.
The Board is confident that the new generation
of leadership, guided by the founding
Executive Chairman, will be focused on the
tasks at hand and will be able to face these
challenges and meet the changing needs of
the customers, to bring the Group to a new
level of profitability.
2
Why are we changing auditors?
KPMG has been our auditors since 2009.
Having carried out its annual evaluation and
review of the external auditors, the ARMC is of the
view that it is timely to seek a change in auditors.
The ARMC has considered the following factors
in its evaluation (among other factors):
a) timeliness and manner of communications
with the ARMC and management;
b) experience and competency of the audit
team committed;
c) overall commitment of team members
throughout the entire financial year of the
audit engagement; and
d) audit fees.
To ensure that the Group continues to receive
quality audits, the ARMC is of the view that the
Group’s interest is best served by a proposed
change in auditors. This also serves as part of
good corporate governance as it enables the
Group to benefit from fresh perspectives and
further enhances the value of future audits.
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STAMFORD LAND CORPORATION LTD
