Corporate
Governance Report
Audit Committee
Principle 12
The Audit Committee comprises two Independent Non-executive Directors and one Non-executive Director who possess
the relevant business, accounting and financial management experience and skills to understand financial statements and
contribute to the financial governance, internal controls and risk management of HPH Trust. It is chaired by Mr. Graeme Allan
Jack with Mr. Frank John Sixt and Mrs. Sng Sow-Mei (alias Poon Sow Mei) as members.
The Audit Committee held four meetings in 2015 with 100% attendance.
NAME OF MEMBER
ATTENDED/ELIGIBLE TO ATTEND
Mr. Graeme Allan Jack (Chairman)
4/4
Mr. Frank John Sixt
4/4
Mrs. Sng Sow-Mei (alias Poon Sow Mei)
4/4
In 2015, the Audit Committee performed the duties and responsibilities under its terms of reference and other duties of the Code.
Under its terms of reference, the Audit Committee is required to oversee the relationship between the Trustee-Manager and its
external auditor and external audit process, review the Group’s quarterly and full-year results and financial statements, and any
formal announcements relating to the Group’s financial performance, oversee the Group’s internal control and risk management
function, monitor compliance with statutory and the SGX-ST Listing Manual requirements, review the scope, extent and
e
ectiveness of the activities of the Group’s internal audit function, oversee interested person transactions of the Group, report
to the Board any inadequacies or deficiencies or matters of concern within its terms of reference and engage independent legal
and other advisers and perform investigations as it determines to be necessary.
The Audit Committee meets with the CFO and other senior management of the Group from time to time for the purposes
of reviewing the quarterly and full-year results and financial statements, and any formal financial performance-related
announcements and other financial, internal control, corporate governance and risk management matters of the Group.
It considers and discusses the reports and presentations of Management, the Group’s internal and external auditors, with a
view of ensuring that the Group’s consolidated financial statements are prepared in accordance with accounting principles
generally accepted in Hong Kong and Singapore. It also meets at least four times a year with the Group’s principal external
auditor, PricewaterhouseCoopers LLP (“PwC”), to consider the reports of PwC on the scope, strategy, progress and outcome
of its independent review of the quarterly financial information and its annual audit of the consolidated financial statements.
In addition, the Audit Committee holds regular private meetings with the external auditor, the CFO and the internal auditor
separately without the presence of Management.
The Audit Committee assists the Board in meeting its responsibilities for maintaining an e
ective system of internal controls.
It reviews the process by which the Group evaluates its control environment and risk assessment process, and the way in which
business and control risks are managed. It reviews with the Group’s internal auditor the work plan for its audits together with
its resource requirements and considers the report of the General Manager of the Group’s internal audit function to the Audit
Committee on the e
ectiveness of internal controls in the Group’s business operations. Further, it also receives reports from the
Deputy Company Secretary on the Group’s material litigation proceedings and compliance status on regulatory requirements.
These reviews and reports are taken into consideration by the Audit Committee when it makes its recommendation to the Board
for approval of the consolidated financial statements for the year. The Audit Committee has adequate resources, including
access to external consultants and auditor, to enable it to discharge its responsibilities properly.
OPTIMISING FOR THE FUTURE
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