KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
ANNUAL REPORT 2014
40
CORPORATE
GOVERNANCE REPORT
reviewing and reporting to the Board at least annually the adequacy and effectiveness of the Group’s
main internal controls with the CFO and the internal and external auditors, including financial,
operation, compliance and information technology controls via reviews carried out by the internal
auditors;
reviewing and approving transactions falling within the scope of Chapter 9 and Chapter 10 of the
Catalist Rules (if any);
reviewing any potential conflicts of interest;
reviewing the suitability of the CFO and the adequacy of the finance team on an on-going basis;
reviewing and approving all hedging policies and instruments (if any) to be implemented by the
Group;
undertaking such other reviews and projects as may be requested by the Board and report to the
Board its findings from time to time on matters arising and requiring the attention of the ARC;
reviewing the financial risk areas, with a view to providing an independent oversight on the Group’s
financial reporting, the outcome of such review to be disclosed in the annual reports or if the findings
are material, to be immediately announced via SGXNET;
reviewing and establishing procedures for receipt, retention and treatment of complaints received by
the Group,
inter alia
, criminal offences involving the Group or its employees, questionable accounting,
auditing, business, safety or other matters that impact negatively on the Group;
reviewing the Group’s compliance with such functions and duties as may be required by statute or the
Catalist Rules, and by such amendments made thereto from time to time;
reviewing arrangements by which the staff may, in confidence, raise concerns about improprieties in
matters of financial reporting or other matters, and to ensure that those arrangements are in place for
independent investigations of such matters and for appropriate follow-up;
undertaking generally such other functions and duties as may be required by law or the Catalist
Rules, and by such amendments made thereto from time to time;
reviewing and recommending the risk management strategies, policies and risk tolerance levels for
the Board’s approval;
overseeing and advising the Board on the current risk exposure and future risk strategy of the Group;
reviewing and assessing the adequacy of risk management policies and framework in identifying,
measuring, monitoring and controlling risks and the extent to which these are operating effectively;
reviewing and recommending new policies or changes to policies and to consider their risk
implications;
reporting to the Board on the Group’s risk exposures, including review risk assessment model used to
monitor the risk exposures and the Management’s views on the acceptable and appropriate level of
risk faced by the Group;
reviewing all relevant risk reports on the Group;
