Directors’ interests in shares and debentures (cont’d)
By virtue of Section 7 of the Singapore Companies Act, Cap. 50, Chua Leong Hai @ Chua Leang Hai is deemed to have interests in the
shares held by the Company in its subsidiary companies.
Except as disclosed in this report, no Director who held office at the end of the financial year had interests in shares, share options,
warrants or debentures of the Company, or of related corporations, either at the beginning of the financial year, or date of appointment
if later, or at the end of the financial year.
Directors’ contractual benefits
Except as disclosed in the financial statements, since the end of the previous financial year, no Director of the Company has received
or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the Director, or with
a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest, except that the
Executive Directors have employment relations with the Group and have received remuneration in those capacities.
Share options
No share options have been granted by the Company since its incorporation.
Audit and Risk Management Committee
The Audit Committee was renamed to Audit and Risk Management Committee in September 2013. The Audit and Risk Management
Committee (“ARMC”) comprises the following three Independent Directors:
Koh Lian Huat (Chairman)
Khor Poh Hwa
Ong Seh Hong
The ARMC performs the functions in accordance with section 201B(5) of the Singapore Companies Act, Cap. 50, including the following:
•
Reviews the audit plans of the internal and external auditors of the Group and the Company and reviews the internal auditors’
evaluation of the adequacy of the Company’s system of internal accounting controls and the assistance given by the Group’s and
the Company’s management to the external and internal auditors;
•
Reviews the half-yearly 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;
•
Reviews the adequacy and effectiveness of the Group’s and the Company’s material internal controls, including financial,
operational compliance and information technology controls and risk management systems via reviews carried out by the internal
auditor;
•
Meets with the external auditor, other committees and management in separate executive sessions to discuss any matters that
these groups believe should be discussed privately with the ARMC;
Directors’ Report
Hock Lian Seng Holdings Limited
Annual report 2014
30
