ACCOUNTABILITY AND AUDIT
Accountability
Principle 10:
The Board should present a balanced and
understandable assessment of the company’s
performance, position and prospects.
The Board endeavors to provide shareholders with a balanced and
understandable assessment of the Group’s performance, position and
prospects on a regular basis. In presenting the quarterly financial statements
announcements and annual report to shareholders, the Board aims to
provide shareholders with detailed analysis, explanation and assessment
of the financial performance, position and prospects of the Group. The
announcements on the quarterly financial results, annual report, material
corporate developments can be found on the Company’s website and
disclosure via SGXNET.
In line with the requirements of SGX-ST, negative assurance confirmations
on interim financial results were issued by the Board confirming that to the
best of its knowledge, nothing had come to the attention of the Board which
may render the Company’s quarterly results to be false or misleading in any
material aspect.
All the directors and executive officers of the Group also signed a letter of
undertaking pursuant to Rule 720(1) of the SGX-ST Listing Manual.
Risk Management and Internal Controls
Principle 11:
The Board is responsible for the governance of risk.
The Board should ensure that management
maintains a sound system of risk management
and internal controls to safeguard shareholders’
interests and the company’s assets, and should
determinethe nature and extent of the significant
risks which the Board is willing to take in achieving its
strategic objectives.
The Group has a system of internal control designed to provide
reasonable assurance with respect to the safeguarding of assets
and maintaining proper accounting records to ensure that financial
information used for financial reporting are reliable. The system of internal
control is based within a wider framework that attempts to optimise the
balance between growth or return and related risks. More specifically,
the Board attempts to:
(a)
Align risk with its medium and longer term business strategy.
The Board thus sets the overall risk appetite which the internal auditors
and internal controls monitor;
Governance
Disclosure Guide
ASL Marine Holdings Ltd.
Annual Report 2016
43
