SEO Version
• Reviewing and approving the procedures for the entry into
any financial instruments or foreign exchange hedging
transactions and monitoring the implementation of such policy,
including reviewing the instruments, processes and practices
in accordance with the policy for entering into financial
instruments or foreign exchange hedging transactions;
• Investigating any matters within the Audit Committee’s terms
of reference, whenever it deems necessary; and
• Reporting to the Board on material matters, findings and
recommendations.
The Audit Committee has full access to and co-operation from
management and enjoys full discretion to invite any Director and
executive officer of the Manager to attend its meetings. The Audit
Committee also has full access to reasonable resources to enable
it to discharge its functions properly.
The Audit Committee had conducted a review of all non-audit
services provided by the external auditors to Sabana Shari’ah
Compliant REIT and is satisfied that the extent of such services
will not prejudice the independence and objectivity of the external
auditors. The amount paid and payable to external auditors
for audit and non-audit services fees were S$122,300 and
S$118,500, respectively, for the financial period under review. The
re-appointment of the external auditors will be subject to approval
by way of an ordinary resolution of Unitholders at Sabana Shari’ah
Compliant REIT’s first Annual General Meeting, to be held on
12 April 2012.
In appointing the audit firms for Sabana Shari’ah Compliant REIT,
the Audit Committee is satisfied that Sabana Shari’ah Compliant
REIT has complied with the requirements of Rules 712 and 715
of the Listing Manual of the SGX-ST.
The number of Board meetings and Board committees meetings
held during the period from 29 October 2010 (date of constitution)
to 31 December 2011 and the attendance of Directors at these
meetings are as follows:
• Ensuring that the internal audit function and accounting
function is adequately resourced and has appropriate standing
with Sabana Shari’ah Compliant REIT;
• Reviewing the appointment, re-appointment or removal of
internal auditors (including reviewing their fees and scope of
work);
• Monitoring the procedures in place to ensure compliance with
applicable legislation, the Listing Manual of the SGX-ST and
the Property Funds Appendix;
• Reviewing the appointment, re-appointment or removal of
external auditors;
• Reviewing the nature and extent of non-audit services
performed by the external auditors;
• Reviewing, on an annual basis, the independence and
objectivity of the external auditors;
• Meeting with external and internal auditors without presence
of the executive officers, at least on an annual basis;
• Reviewing the system of internal controls including financial,
operational, compliance controls and risks management
process;
• Commissioning an annual internal controls audit, to be
discontinued only after the Audit Committee is satisfied
that Sabana Shari’ah Compliant REIT’s internal controls are
robust and effective enough to mitigate any internal control
weaknesses, and thereafter to carry out such internal controls
audit as and when the Audit Committee deems fit in order to
satisfy itself that Sabana Shari’ah Compliant REIT’s internal
controls remain robust and effective;
• Reviewing the financial statements and the internal audit
report;
Board Meetings
Audit Committee Meetings Nominating and Remuneration
Meetings
Name of Directors
No. of
meetings
Attendance
No. of
meetings
Attendance
No. of
meetings
Attendance
Mr Steven Lim Kok Hoong
5
5
3
3
N.A.
N.A.
Mr Yong Kok Hoon
5
5
3
3
2
2
Mr Kevin Xayaraj
5
5
N.A.
N.A.
N.A.
N.A.
Mr Henry Chua Tiong Hock
5
5
N.A.
N.A.
2
2
Ms Ng Shin Ein
(1)
5
3
2
1
N.A.
N.A.
Associate Professor Muhammad Faishal
Bin Ibrahim Khan Surattee
5
3
3
1
2
2
Note:
(1) Ms Ng Shin Ein was appointed as a member of the Audit Committee on 27 April 2011.
ANNUAL REPORT 2011
55
Powered by FlippingBook Publisher