TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
23
Corporate Governance Report
ACCOUNTABILITY AND AUDIT
Principle 10: Accountability
The Board should present a balanced and understandable assessment of the Company’s performance, position and prospects.
10.1 and 10.2 Board’s
responsibility to
provide balanced and
understandable assessment
of Company’s performance,
position and prospects;
Board should take adequate
steps to ensure compliance
with legislative and
regulatory requirements
The Board is accountable to the shareholders and is mindful of its obligations to furnish
timely information and to ensure full disclosure of material information to shareholders.
The Board provides shareholders with half-year and annual financial reports. Half-year results
are released to shareholders within 45 days of the end of the period. Annual results are
released within 60 days of the financial year-end. In our financial result announcements to
shareholders, the Board aims to provide shareholders with a balanced and understandable
assessment of the Group’s performance, position and prospects. Price sensitive information
will be publicly released via SGXNET, followed by press release and meeting with any group
of investors or analysts (where appropriate). All announcements and the half-yearly and full
year financial results are also uploaded in the Group’s website at
.
The Board takes adequate steps to ensure compliance with legislative and statutory
requirements, including requirements under the Rules of Catalist. The Board provides
a negative assurance statement to the shareholders in its half-yearly financial statements
announcements in accordance with Catalist Rule 705(5). For the financial year under
review, the Executive Chairman and the Chief Financial Officer have provided assurance to
the Board on the integrity of the Group’s financial statements. The Board also provides an
opinion on the adequacy and effectiveness of the Group’s risk management and internal
controls (including financial, operational compliance and information technology controls)
systems in place.
10.3 Management should
provide Board with
management accounts on a
monthly basis
Management provides the executive directors with monthly financial reports. Weekly
meetings are conducted involving the senior management and the business units heads.
Additional or ad-hoc meetings are conducted, when required.
Management makes presentation to the Board on a quarterly basis on the financial
performance of the Group.
Principle 11: Risk management and Internal Controls
The Board is responsible for the governance of risk. The Board should ensure that Management maintains a sound system of
risk management and internal controls to safeguard shareholders’ interests and the Company’s assets, and should determine
the nature and extent of the significant risks which the Board is willing to take in achieving its strategic objectives.
11.1 Board should
determine the Company’s
level of risk tolerance and
risk policies, and oversee
risk management and
internal control systems
The Board acknowledges that it is responsible for the governance of risks. It oversees the
Management in the design, implementation and monitoring of the risk management and
internal control systems.
