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SEE HUP SENG LIMITED
Annual Report 2012
22
Corporate Governance Report
• reviews the external audit plans and the review results of the external auditors’ examination and evaluation of
the Group’s internal control system;
• reviews the audit plans and reports of the external auditors and considers the effectiveness of the actions taken
by management on auditors’ recommendations;
• recommends the re-appointment of the external auditors;
• reviews interested person transactions to ensure that they are on normal commercial terms and not prejudicial
to the interests of the Company or its shareholders;
• reviews the internal audit plan and findings of the internal audit; and
• ensures that the nature and extent of non-audit services provided by external auditors would not affect their
independence as external auditors of the Company; and generally undertakes such other functions and duties
as may be required by statute or the Listing Manual of the SGX-ST, and by such amendments made thereto
from time to time.
The AC meets with the external and internal auditors without the presence of the Company’s Management at least
once a year.
The Company has complied with Rule 712 and Rule 716 of the SGX-ST Listing Manual.
There was no non-audit service provided by the external auditors to the Group in FY2012. On that basis, the AC is
satisfied with the independence of the external auditors.
The details of audit services provided by the external auditors are outlined in Note 5 in the financial statements.
Whistle-Blowing Policy
The Company has put in place a whistle-blowing framework, endorsed by the AC where employees of the Company
may, in confidence, raise concerns about possible corporate improprieties on matters of financial reporting or other
legal or ethical issues and to ensure that procedures are in place to address them. The details of the whistle-blowing
policy and reporting mechanisms have been made available to all employees.
The Whistle Blowing Officers are appointed members of the AC. Any Whistle Blowing Officer to whom a concern has
been raised, is obliged to make a report to the Board of the substance of the concern without breaching employee
confidentiality. The AC is obliged to review all reports received and take or approve the appropriate actions.
Principle 12: Internal Controls
The Management has put in place and maintained a system of internal control intended to manage business risks with
the view of safeguarding shareholders’ interests and the Group’s assets.
The Company regularly reviews and improves its business and operational activities to identify areas of significant
business risks as well as taking appropriate measures to control and mitigate these risks.