47
A N N U A L R E P O R T 2 0 1 6
CORPORATE
GOVERNANCE
Guideline
Code and/or Guide Description Company¡¯s Compliance or Explanation
(iii) The Risk Management Committee regularly evaluates, monitors and reports to the AC
on material risks;
(iv) Discussions were held between the AC and the EA and IA, in the absence of the key
management personnel to review and address any potential concerns; and
(v) An enterprise risk management framework was established to identify, manage and
mitigate significant risks.
The Company is currently assessing the impact of sustainability reporting and would
implement appropriate policies and programmes when the opportunities arise.
The system of internal controls and risk management policies established by the Company
is designed to manage, rather than eliminate, the risk of failure in achieving the Company¡¯s
strategic objectives. The Board notes that no system of internal controls and risk
management can provide absolute assurance in this regard, or absolute assurance against
the occurrence of material errors, poor judgment in decision making, human error, losses,
fraud or other irregularities.
(b) In respect of the past 12
months, has the Board
received assurance from the
CEO and the CFO as well as
the IA that: (i) the financial
records have been properly
maintained and the financial
statements give true and
fair view of the Company¡¯s
operations and finances;
and (ii) the Company¡¯s risk
management and internal
control systems are effective?
If not, how does the Board
assure itself of points (i) and (ii)
above?
Yes, the Board has obtained such assurance from the CEO and Group Financial Controller
in respect of FY2016.
