CORPORATE GOVERNANCE STATEMENT
The Group incurred an aggregate amount of fees of approximately RMB3.8 million (excluding out of pocket expenses
and goods and services tax and converted at a rate of SGD1 = RMB4.57) to the external auditors, Deloitte & Touche LLP,
Singapore and Deloitte Touche Tohmatsu Certified Public Accountants LLP, Shanghai, PRC (collectively, “Deloitte”),
comprising audit fees of approximately RMB3.7 million and non-audit services fee of approximately RMB0.1 million for
the year under review. In compliance with Rule 1207(6)(b) of the Listing Manual, the AC confirmed that it has undertaken
a review of all non-audit services provided by Deloitte and they would not, in the AC’s opinion, affect the independence of
Deloitte.
The Group has complied with Rules 712 and 715 of the Listing Manual in appointing the audit firms for the Group, its
foreign subsidiaries and associated companies.
The AC held 4 meetings (other than passing of resolutions by way of circulations) during the year and carried out its
duties as set out within its terms of reference including matters such as reviewing and recommending the relevant financial
results to the Board before the same are released on SGXNET, reviewing the internal audit reports and reviewing the re-
appointment of external auditors and the audit fees. The AC will also be briefed and updated of any changes to accounting
standards and issues which may have direct impact on financial statements from time to time where necessary.
The Company has in place a whistle-blowing policy which provides an avenue for employees of the Group and any other
persons to raise concerns about possible improprieties in matters of financial reporting, accounting or auditing, internal
controls or internal accounting controls and other operational matters (“Complaint”). The Company believes that it is in the
best interests of the Group to promote a working environment conducive for employees and any other persons to raise or
report their concerns. Every Complaint raise shall be lodged with the Internal Audit Manager of the Company. The internal
audit department maintains a complaint register for the purposes of recording details of such Complaints. The whistle-
blowing procedure is set out below:-
1.
Definitions
The following words as used shall have the meanings ascribed here:
1.1 “Possible Malpractice” means any activity, breach of business conduct and ethics or omission by an employee
of the Group or any concerns regarding accounting or auditing matters, internal controls or internal
accounting controls and other operational matters that are either questionable or not in accordance with
accepted accounting practices and / or trade practices prescribed by the Group.
1.2 “Complaint” means any complaint alleging either Possible Malpractices or Retaliatory Action.
1.3 “Retaliatory Action” means the use or attempted use of force, authority, intimidation, threat, undue pressure
of any kind or any other negative or other inappropriate action, by any employee or officer of the Group,
against any person who has filed a Complaint.
2.
Reporting of Possible Malpractices
The Company believes that it is in the best interests of the Group to promote a working environment conducive
for employees and any other persons to raise or report genuine concerns about Possible Malpractices in matters of
financial reporting or other matters in strict confidence, (please refer to item 1.1) they may encounter, without fear
of Retaliatory Action.
YANLORD LAND GROUP LIMITED
ANNUAL REPORT 2015
150
