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2015/2016 ANNUAL REPORT
External Auditors
The current auditors of the Company is KPMG LLP (“KPMG”) and the ARMC has reviewed the results
of audit for FY2016 issued by KPMG.
As part of ongoing good corporate governance initiative, the Board, with the recommendation of the
ARMC, is of the view that it would be timely to effect a change of auditors with effect from the financial
year ending 31 March 2017 taking into consideration, among other factors, that KPMG has served as
auditors of the Company for 14 years since the financial year 31 March 2003. KPMG, will accordingly
not be invited to seek re-appointment at the forthcoming AGM to be held on 28 July 2016.
Ernst & Young LLP (“EY”) has been selected by the Board for the proposed appointment as new
auditors of the Company, pursuant to the ARMC’s recommendations, following the ARMC’s invitation
and evaluation of competitive proposals from various established audit firms. The Board and ARMC,
in their deliberation on the proposed appointment of EY, have considered various factors, including the
adequacy of the resources of EY, the firm’s experience, the experience (including industry experience)
of the audit engagement partners assigned to the audit, EY’s other audit engagements, the size
and complexity of the Group, and the number and experience of supervisory and professional staff
assigned to the audit of the Group.
Following their deliberation, the Directors and the ARMC are of the opinion that EY will be able to meet
the audit requirements of the Group and that with respect to EY’s proposed appointment, Rule 712
of the Listing Manual has been complied with. For further details, please refer to the Appendix to the
Notice of AGM dated 12 July 2016.
The Company confirms that it has in FY2016 and all preceding years complied with Rules 712 and 715
(read with Rule 716) of the Listing Manual in relation to its audit firms.
Meeting with Internal and External Auditors
Formal procedures are in place for the internal and external auditors to report their findings and
recommendations to management and ARMC. The internal and external auditors are also granted
unrestricted access to the ARMC. In addition, the ARMC may at its discretion meet with the internal
and external auditors separately, as and when required, without the presence of management, in order
to have free and unfettered access to information that it may require.
CORPORATE GOVERNANCE STATEMENT
for financial year ended 31 March 2016
