Asia-Pacific Strategic Investments Limited - Annual Report 2021

Corporate Governance Report

The Company has only two key management personnel (who are not directors or the CEO) and the disclosure of their remuneration in bands of S$250,000 for the financial year ended 30 June 2021 is as follows:

Annual Wage Supplement %

Remuneration Band S$

Total %

Fixed Salary %

Name of Key Management

Lee Keng Mun

250,000 – 499,999

92 92

8 8

100 100

Wu Joey

< 250,000

In financial year ended 30 June 2021, the aggregate amount of remuneration paid to the above key management personnel was approximately S$372,000.

There is no employee of the Group who is a substantial shareholder of the Company, or an immediate family member of any director, the CEO or substantial shareholder whose remuneration exceeds S$100,000 for the financial year ended 30 June 2021.

No termination or retirement benefits or post-employment benefits were granted to the directors, the CEO or key management personnel in the course of financial year ended 30 June 2021.

ACCOUNTABILITY AND AUDIT

Risk Management and Internal Controls

Principle 9: The Board is responsible for the governance of risk and ensure that Management maintains a sound system of risk management and internal controls, to safeguard the interests of the company and its shareholders. The Board is committed to maintaining a sound system of internal controls to safeguard shareholders’ investments and the Group’s assets. The Board oversees the Management in the design, implementation and monitoring of the risk management and internal control systems. The Board reviews annually the adequacy and effectiveness of the Group’s risk management and internal control systems, including financial, operational, compliance and information technology controls. The Audit Committee, on behalf of the Board, review the Group’s system of internal controls, including financial, operational, compliance and information technology controls, and risk management policies and systems established by management. This process ensures that such systems are sound and adequate in providing reasonable assurance of the adequacy and effectiveness of the Group’s internal controls, in addressing financial, operational, compliance and information technology risks and of the Group’s risk management systems. While no cost-effective internal control system can provide absolute assurance against loss and misstatement, the Group’s internal controls and systems have been designed to provide reasonable assurance that assets are safeguarded, operational controls are in place, business risks are suitably protected against, proper accounting records are maintained and financial information used within the business and for publication is reasonable and accurate.

ANNUAL REPORT 2021

25