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SINGAPORE SHIPPING CORPORATION LIMITED
• Reviewing the internal auditors’ evaluation of the adequacy of the Group’s system of accounting
and internal controls;
• Overseeing management in the formulation, updating and maintenance of the Group’s Enterprise
Risk Management (“ERM”) framework and policies;
• Reviewing risk reports on the Group and reviewing and monitoring management’s responses to
the findings;
• Reviewing any interested person transactions;
• Reviewing 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;
• Reviewing legal and regulatory matters that may have a material impact on the financial
statements; and
• Reporting actions and minutes of the ARMC to the Board.
The ARMC through the assistance of internal and external auditors, reviews and reports to the Board
on the adequacy and effectiveness of the Group’s system of controls established by management,
including financial, operational and compliance controls. In assessing the effectiveness of internal
controls, the ARMC ensures primarily that key objectives are met, material internal controls are tested,
material assets are properly safeguarded, fraud or errors in the accounting records are prevented or
detected, accounting records are accurate and complete, and reliable financial information is prepared
in compliance with applicable internal policies, laws and regulations.
Following the nomination of the ARMC to assist the Board in its risk management role, the ARMC
reviews the adequacy and effectiveness of the Group’s risk management framework to ensure that
a robust risk management framework is in place. Key risks, mitigating measures and management
actions have been identified, reviewed and monitored as part of the enterprise risk management
process.
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
