WHISTLE-BLOWING POLICY
The Company has put in place a whistle-blowing policy and procedures duly endorsed by the
AC, where employees of the Group may, anonymously and in confidence, raise concerns about
possible corporate improprieties in financial reporting or other matters such as suspected fraud,
corruption, dishonest practices etc. to the designated persons. All reports including unsigned
reports, reports weak in details and verbal reports are considered. To ensure independent
investigation into such matters and for appropriate follow up action, all whistle-blowing reports
are reviewed by the Lead Independent Director, AC and the Board. In the event that the report is
about a director, that director shall not be involved in the review and any decisions with respect
to that report. The policy aims to encourage the reporting of such matters in good faith, with
the confidence that any employees making such reports will be treated fairly and be protected
from reprisal. Details of the whistle-blowing policy have been made available to all employees.
There were no reports received through the Company’s whistle-blowing mechanism during
the financial year under review.
Internal Audit
Principle 13: The company should establish an effective internal audit function that is
adequately resourced and independent of the activities it audits.
The role of the internal auditors is to assist the AC to ensure that the Group maintains a sound
system of internal controls by regular monitoring of key controls and procedures, ensuring
their effectiveness and undertaking investigations as directed by the AC.
The Group outsources its internal audit function to a professional service firm, BDO LLP
in January 2012, who is independent of the Company’s business activities. An audit plan
over a 3 year audit cycle that is approved by the AC that covers the Group’s main business
processes of its major subsidiaries has been approved and adopted. Summary of findings and
recommendations are discussed at the AC meetings and the status of implementation of the
actions agreed by management is tracked and reported to the AC. BDO LLP reports directly to
the AC on audit matters and the Chief Financial Officer on administrative matters.
The Standards for the Professional Practice of Internal Auditing set by the Institute of Internal
Auditors are used as a reference and guide by the Company’s internal auditors. The annual
conduct of audit by the internal auditors assesses the effectiveness of the Group’s internal
control procedures and provides reasonable assurance to the AC that the Group’s risk
management, controls and governance processes are adequate and effective.
The AC will also assess the effectiveness of the internal audit, on an annual basis, by examining
the scope of the internal audit work and its independence, the internal auditor’s report and its
relationship with the external auditor.
COMMUNICATION WITH SHAREHOLDERS
Shareholder rights
Principle 14: Companies should treat all shareholders fairly and equitably, and should
recognize, protect and facilitate the exercise of shareholders’ rights, and
continually review and update such governance arrangements.
CORPORATE GOVERNANCE
REPORT
ASL Marine Holdings Ltd. /Annual Report 2015
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