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24 GoodLand Group Limited
10. Accountability
Principle 10: Board to present balanced and understandable assessment of the company’s performance,
position and prospects
The Board is accountable to shareholders and disseminates information on the Group’s performance, position
and prospects through the half year and full year results announcement and the annual reports. The Board also
furnishes timely information and ensures full disclosure of material information to shareholders.
The management currently provides the Board with management accounts of the Group’s performance,
position and prospects on half-yearly basis and as and when deemed necessary.
11. Audit Committee
Principle 11: Establishment of an Audit Committee with written terms of reference
The Audit Committee (“AC”) comprises Dr Wu Chiaw Ching, Mr Wong Ming Kwong and Mr Raymond Lye Hoong
Yip, the majority of whom, including the Chairman, are independent. The Chairman of the AC is Dr Wu Chiaw
Ching.
The Board is of the view that the members of the AC have suffcient accounting and fnancial management
expertise and experience to discharge the AC’s functions. The AC carried out its functions in accordance with
the Companies Act, Cap. 50 of Singapore (“Companies Act”) and its terms of reference.
The AC assists the Board in discharging its responsibility to safeguard the Group’s assets, maintain adequate
accounting records, and develop and maintain effective systems of internal control, with the overall objective
of ensuring that the management creates and maintains an effective control environment in the Group. The
AC provides a channel of communication between the Board, management and external auditors on matters
relating to audit.
The AC meets at least twice a year to discuss and review the following where applicable:
(a) Reviews with the external auditors, the audit plan, the evaluation of the system of internal accounting
controls, the audit report, the assistance given by the Company’s offcers to the external auditors and the
scope and results of the internal audit procedures;
(b) Reviews the annual consolidated fnancial statements of the Group and balance sheet of the Company
before submission to the Board for approval, focusing in particular on changes in accounting policies and
practices, major risk areas, signifcant adjustments resulting from the audit, compliance with accounting
standards and compliancewith the Singapore Exchange Securities Trading Limited (“ SGX-ST”) ListingManual
Section B: Rules of Catalist (“Catalist Rules”) and any other relevant statutory or regulatory requirements;
(c) Reviews the internal control procedures and ensure co-ordination between the external auditors and the
management, review the assistance given by the management to the auditors, and discuss problems and
concerns, if any, arising from the interim and fnal audits, and any matters which the auditors may wish to
discuss (in the absence of the management, where necessary);
(d) Reviews and discuss with the external auditors any suspected fraud or irregularity, or suspected infringement
of any relevant laws, rules or regulations, which has or is likely to have a material impact on the Group’s
operating results or fnancial position, and the management’s response;
(e) Considers the appointment or re-appointment of the external auditors andmatters relating to the resignation
or dismissal of the auditors;
(f) Reviews interested person transactions (if any) and potential conficts of interest (if any) falling within the
scope of Chapter 9 of the Catalist Rules;
(g) Undertake such other reviews and projects as may be requested by the Board, and report to the Board its
fndings from time to time on matters arising and requiring the attention of the AC;
(h) Generally undertakes such other functions and duties as may be required by statute or the Catalist Rules, or
by such amendments as may be made thereto from time to time; and
Corporate Governance Report