107 Annual Report 2024 Audit and Risk Committee (“ARC”) The ARC was established on 22 January 1999. The ARC comprises four members, majority of whom including Chairman of the ARC, are independent of the management of the Company. The members of the ARC at the date of this report comprise the following Directors: Non-Executive Independent Directors: Tan Chian Khong (Chairman of ARC) Lee Kong Ting Ng Shin Ein Tang Wai Loong Kenneth The Audit and Risk Committee carried out its functions in accordance with Section 201B (5) of the Companies Act 1967, 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 Company’s system of internal accounting controls and the assistance given by the Group and the Company’s 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 and the Company’s material internal controls, including financial, operational and compliance controls and risk management via reviews carried out by the internal auditor; Met with the external auditors, other committees, and management in separate executive sessions to discuss any matters that these groups believe should be discussed privately with the ARC; Reviewed legal and regulatory matters that may have a material impact on the financial statements, related compliance policies and programmes and any reports received from regulators; Reviewed the cost effectiveness and the independence and objectivity of the external auditor; Reviewed the nature and extent of non-audit services provided by the external auditor; Recommended to the Board of Directors the external auditors to be nominated, approved the compensation of the external auditor, and reviewed the scope and results of the audit; Reported actions and minutes of the ARC to the Board of Directors with such recommendations as the ARC considers appropriate; and Reviewed interested person transactions in accordance with the requirements of the Singapore Exchange Securities Trading Limited’s Listing Manual. The ARC, having reviewed all non-audit services provided by the external auditor to the Group, is satisfied that the nature and extent of such services would not affect the independence of the external auditor. The ARC has also conducted a review of interested person transactions. The ARC convened four meetings during the financial year with full attendance from all members. The ARC has also met with internal and external auditors, without the presence of the Company’s management, at least once a year. Further details regarding the ARC are disclosed in the Report on Corporate Governance in the Annual Report of the Company. DIRECTORS’ STATEMENT For the financial year ended 31 December 2024
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