Asia-Pacific Strategic Investments Limited - Annual Report 2021

Directors’ Statement For the financial year ended 30 June 2021

Share options

The Company has not implemented any share option or share schemes.

There were no options granted during the financial year to subscribe for unissued shares of the Company.

No shares have been issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company or its subsidiary corporations.

As at the end of the financial year, there were no unissued shares of the Company under option.

Audit Committee

The members of the Audit Committee (“AC”) at the end of the financial year were as follows:

Lien Kait Long (Chairman) Dr Lam Lee G Chew Soo Lin

All members of the AC were independent non-executive directors.

The AC carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act. In performing those functions, the AC carried out the following:

• Reviews the audit plans of the internal auditor and independent auditor of the Company and the internal auditor’s evaluation of the adequacy of the Company’s system of internal accounting controls and the assistance given by the Company’s management to the internal auditor and independent auditor;

• Reviews the interim and annual financial statements and the independent auditor’s report on the annual financial statements of the Company before their submission to the Board of Directors;

• Reviews the effectiveness of the Company’s material internal controls, including financial, operational and compliance controls and risk management via reviews carried out by the internal auditor;

• Meets with the independent auditor, internal auditor, other committees, and management in separate executive sessions to discuss any matters that these groups believe should be discussed privately with the AC;

• Reviews 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;

• Reviews the nature and extent of non-audit services provided by the independent auditor;

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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