KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
40
Corporate Governance Report
•
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;
•
reporting to the Board on any material changes to the risk profile of the Group;
•
reviewing risk management structure and recommend appropriate measures to control and mitigate the risks
of the Group, as and when these arise;
•
receiving and reviewing periodic report from Management Risk Committee; and
•
advising the Board on proposed strategic transactions, focusing in particular on risk aspects and implications
for the risk tolerance of the Group, and taking independent external advice where appropriate and available.
Apart from the duties listed above, the ARC shall commission and review the findings of internal investigations
into matters where there is any suspected fraud or irregularity, or failure of internal controls or infringement of any
Singapore law, rule or regulation which has or is likely to have a material impact on the Group’s operating results and/
or financial position. Each member of the ARC shall abstain from voting on any resolutions in respect of matters in
which he is interested.
As at date of this Report, the ARC has:
(i)
reviewed the scope of work of the external auditors;
(ii)
reviewed the scope of work of the internal auditors;
(iii)
reviewed the MRC’s report;
