Report of the
Trustee-Manager
OPTIONS
There were no options granted during the year by the Trustee-Manager to any person to take up unissued units in the Trust.
No units have been issued during the year by virtue of the exercise of options to take up unissued units of the Trust.
There were no unissued units of the Trust under option at the end of the year.
AUDIT COMMITTEE
The members of the audit committee of the Trustee-Manager (the “Audit Committee”) during the year, at the end of the year and
at the date of this report were as follows:
Mr. Graeme Allan Jack (Chairman)
Mrs. Sng Sow-Mei (alias Poon Sow Mei)
Mr. Frank John Sixt
Mr. Graeme Allan Jack and Mrs. Sng Sow-Mei (alias Poon Sow Mei) are independent and are non-executive directors. Mr. Frank
John Sixt is a non-executive director with the relevant business and financial management experience and skills to understand
financial statements and contribute to the financial governance, internal controls and risk management of the Trust.
The Audit Committee carried out its functions in accordance with Regulation 13(6) of the Business Trusts Regulations 2005.
In performing its functions, the Audit Committee has reviewed:
•
the scope and the results of internal audit procedures with the internal auditor of the Trustee-Manager;
•
with the independent auditor of the Trust, the audit plan of the Trust and the independent auditor’s report in relation to
significant accounting, tax and internal control matters of the Trust arising from the statutory audit;
•
the assistance given by the officers of the Trustee-Manager to the independent auditor; and
•
the statement of financial position and statement of changes in equity of the Trust and the consolidated financial statements
of the Group for the year ended 31 December 2015 before their submission to the Board of Directors of the Trustee-Manager
(the “Board”), as well as the independent auditor’s report on the statement of financial position and statement of changes in
equity of the Trust and the consolidated financial statements of the Group.
The Audit Committee has recommended to the Board that the independent auditor, PricewaterhouseCoopers LLP, be nominated
for re-appointment as the auditor of the Trust at the forthcoming Annual General Meeting of the unitholders.
BOARD OPINION ON THE ADEQUACY OF INTERNAL CONTROLS
The Board, through the Audit Committee, has conducted a review of the e
ectiveness of the Group’s systems of internal controls
covering financial, operational, compliance and information technology controls, and risk management for the year ended
31 December 2015, and is of the opinion that the Group’s internal control and risk management systems addressing material
financial, operational, compliance and information technology risks is adequate and e
ective to meet the needs of the Group
in its current business environment as at 31 December 2015. The Board notes that the system of risk management and internal
controls established by Management provides reasonable assurance that the Group, as it strives to achieve its business objectives,
will not be significantly a
ected by any event that can be reasonably foreseen or anticipated. However, the Board also notes that
no system of risk management and internal controls can provide absolute assurance in this regard, or absolute assurance against
poor judgement in decision-making, human error, losses, fraud or other irregularities.
OPTIMISING FOR THE FUTURE
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