Share Options (cont’d)
Since the end of the previous financial year, there were no unissued shares of the Company or
its subsidiaries under options. There are no options outstanding under the 2003 Scheme.
Since the commencement of the 2012 Scheme until the end of the financial year:
• No options have been granted to the controlling shareholders of the Company and their
associates;
• No participant has received 5% or more of the total options available under the 2012
Scheme;
• No options have been granted to directors and employees of the holding company and its
subsidiaries;
• No options entitle the holders to participate, by virtue of the options, in any share issue of
any other company; and
• No options have been granted at a discount.
ASL Marine Performance Shares Scheme
The ASL Marine Performance Shares Scheme (the “PSS”) was approved and adopted by the
shareholders at an Extraordinary General Meeting of the Company held on 20 July 2007.
The PSS is administered by the Committee of the Company.
Details of the PSS are set out in the circular dated 4 July 2007 which is available for inspection
at the registered office of the Company.
Since the end of the previous financial year, no award of shares was granted by the Company
under the PSS.
Audit Committee
The Audit Committee (“AC”) carried out its functions in accordance with Section 201B(5) of the
Singapore Companies Act, Chapter 50, including the following:
• Reviewed the audit plans of the internal and external auditors of the Group and the
Company, and reviewed the internal auditors’ evaluation of the adequacy of the Group’s
system of internal accounting controls and the assistance given by management to the
external and internal auditors;
• Reviewed the quarterly and annual financial statements and the auditor’s report on the
annual financial statements of the Group and the Company before their submission to the
Board of Directors;
• Reviewed effectiveness of the Group’s material internal controls, including financial,
operational and compliance controls and risk management via reviews carried out by the
internal auditors;
• Met with the external auditor, other committees, and management in separate executive
sessions to discuss any matters that these groups believe should be discussed privately
with the AC;
DIRECTORS’
REPORT
ASL Marine Holdings Ltd. /Annual Report 2015
62
