56 CSE Global Limited REPORT ON CORPORATE GOVERNANCE Further details on the CSE Global Risk Management Framework can be found on pages 63 to 73 of this Annual Report. The Board has received assurance from the CEO and CFO that, as at 31 December 2024, the financial records have been properly maintained, and the financial statements give a true and fair view of the Group’s operations and finances. The Board has also received assurance from the CEO and key management personnel that the internal controls (including financial, operational, compliance and information technology controls) and risk management systems were adequate and effective as at 31 December 2024 to address the risks that the Group considers relevant and material to its operations. Based on the internal controls established and maintained by the Company, work performed by the internal and external auditors and reviews performed by Management, as well as the said assurances set out above, the Board, with the concurrence of the ARC, is of the view that the Company’s system of risk management and internal controls (including financial, operational, compliance and information technology controls) were adequate and effective as at 31 December 2024 to risks which the Company considers relevant and material to the Group’s operations. The system of risk management and internal controls provides reasonable, but not absolute, assurance that the Company will not be adversely affected by any event that could be reasonably foreseen as it strives to achieve its business objectives. However, the Board also notes that no system of risk management and internal controls could provide absolute assurance in this regard, or absolute assurance against the occurrence of material errors, poor judgment in decision making, human error, losses, fraud or other irregularities. The process of reviewing and strengthening the Company and Group’s control environment is an evolving process. When controls should be enhanced, the Board and Management take action to rectify and strengthen the internal controls and risk management systems. The Board and Management will continue to devote resources and expertise towards improving its internal policies and procedures to maintain a high level of governance and internal controls. Audit and Risk Committee Principle 10 To ensure that corporate governance is effectively practiced, the Directors have established self-regulatory and monitoring mechanisms, including the establishment of the ARC. The members of the ARC at the date of this report comprise the following Directors: Mr Tan Chian Khong – Chairman Dr Lee Kong Ting Ms Ng Shin Ein Mr Tang Wai Loong Kenneth The ARC comprises four members, all of whom including Chairman, are independent. The members of the ARC are appropriately qualified to discharge their responsibilities and have relevant accounting and related financial management experience and expertise. None of the ARC members were previous partners or directors of the Company’s external auditor, Ernst & Young LLP, within the last two years or hold any financial interest in the external auditor. The ARC, together with the external auditors and internal auditor, meets regularly with at least four ARC meetings within each financial year, and also as warranted by particular circumstances, as deemed appropriate by the ARC. In addition, the ARC also met with the external auditors and internal auditor, without the presence of the Company’s management during the financial year under review. The ARC met four times during FY2024 during which the external and internal auditors were present for four times. The Board is satisfied that all the members of the ARC have accounting, financial, business management, corporate legal expertise and work experience to discharge their responsibilities. The Chairman of the ARC, Mr Tan Chian Khong, has accounting or related financial management expertise or experience. Mr Tan Chian Khong is a veteran with more than 35 years of experience in providing audit and business advisory services to clients in a wide range of industries.
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