CORPORATE GOVERNANCE STATEMENT
ACCOUNTABILITY AND AUDIT
PRINCIPLE 10: ACCOUNTABILITY
The Board understands its accountability to the Shareholders for the Group’s performance, and Management understands
its role in providing all members of the Board with financial accounts and such explanation and information to enable the
Board to make a balanced and informed assessment of the Group’s performance, financial position and prospects.
The Management is accountable to the Board and presents to the Board, quarterly and full year financial results after the
same are reviewed by the AC. The Board reviews and approves the results and authorises the release of results to the public
via SGXNET.
PRINCIPLE 11: RISK MANAGEMENT AND INTERNAL CONTROLS
DG: Guideline 11.3
The Board is responsible for the governance of risk. The Board ensures that a sound system of risk management and internal
controls to safeguard Shareholders’ interests and the Company’s assets is maintained by the Management. The internal
controls are intended to provide reasonable but not absolute assurance against material misstatements or losses and include
the safeguarding of assets, maintenance of proper accounting records, reliability of financial information, compliance with
appropriate legislations, regulations and best practices, and the identification and containment of business risks.
Based on the internal controls established and maintained by the Group, work performed by internal and external auditors,
and reviews performed by Management, various Board Committees and the Board, the Board, with the concurrence of
the AC, are of the opinion that the Group’s internal controls, including financial, operational, compliance and information
technology controls, and risk management systems, were adequate and effective as at 31 December 2015.
The Board has received assurance from the Chairman and CEO and the Group Financial Controller as well as the internal
auditors that for the financial year under review, the financial records have been properly maintained and the financial
statements give a true and fair view of the Company’s operations and finances; and regarding the effectiveness of the
Company’s risk management and internal control systems.
RISK MANAGEMENT COMMITTEE “RMC”
The RMC comprises 4 members. The chairman of the RMC is Ng Shin Ein and the other 3 members are Zhong Sheng Jian,
Ng Ser Miang and Ng Jui Ping. The RMC is guided by its terms of reference which set out its responsibilities including:
(a)
identifying, measuring, managing and controlling risks that may have a significant impact on the Group’s property
development activities;
(b)
reviewing and assessing the Group’s risk related policies and methodologies; and
(c)
considering and reviewing matters that may have a significant impact on the stability and integrity of the property
market in the People’s Republic of China.
The Board, with the assistance of the RMC, determines the Company’s levels of risk tolerance and risk policies, and oversee
the Management in the design, implementation and monitoring of the risk management system.
YANLORD LAND GROUP LIMITED
ANNUAL REPORT 2015
148
