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2015/2016 ANNUAL REPORT
3. ACCOUNTABILITY AND AUDIT
Principle 10: Accountability
The Group prepares its financial statements in accordance with the Singapore Financial Reporting
Standards (“
SFRS
”) prescribed by the Accounting Standards Council of Singapore. The Board
provides Shareholders with financial statements for the first three quarters and full financial year in
accordance with the Listing Manual. In presenting the annual and quarterly financial statements to
Shareholders, the Board aims to provide Shareholders with a balanced and clear assessment of the
Group’s performance, financial position and prospects.
Management provides the Board with management accounts, operations review and related
explanations and any other information as the Board may require together with the financial statements
on a quarterly basis. The ARMC reviews the financial statements and recommends to the Board for
approval. The Board authorises the release of the results to the SGX-ST and the public via SGXNET.
The quarterly and full year financial results are also uploaded on the Group’s own website at www.
singaporeshipping.com.sg.
The Board also provides negative assurance confirmation to Shareholders for the quarterly financial
statements in accordance with the Listing Manual.
Principle 11: Risk Management and Internal Controls
Principle 12: Audit and Risk Management Committee
The ARMC comprises three Independent and Non-Executive Directors, namely:
Tan Guong Ching
Chairman
Ng Jui Ping
Member
Stanley Lai Tze Chang
Member
The Board is of the view that the ARMC members have adequate accounting and related financial
management expertise and accounting experience to discharge the ARMC’s functions. The ARMC, as
guided by its terms of reference, performs the functions as set out in the 2012 Code, which include:
• Nominating 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;
• Reviewing the audit plans and scope of work of the internal and external auditors;
• Reviewing the findings of the internal and external auditors and the response from management;
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
