actions. The outcome of each investigation is reported to the ARC. No whistleblowing reports were received in 2025. Provision 10.2 (Composition of the ARC) The ARC comprises Mr Ali Hery, as the chairman, Mr David Yan Kin Pung and Mr Tai Mern Tze, all of whom are non-executive and independent Directors. At least two members, including the chairman of the ARC have recent and relevant accounting or related financial management expertise or experience. Provision 10.3 (No interest in auditing firm) The ARC does not comprise former partners or directors of the Company’s existing auditing firm or auditing corporation: (a) within a period of two years commencing on the date of their ceasing to be a partner of the auditing firm or director of the auditing corporation; and in any case, (b) for as long as they have any financial interest in the auditing firm or auditing corporation. Provision 10.4 (Internal audit) PricewaterhouseCoopers Risk Services Pte Ltd has been the Company’s internal auditors since 2011. The internal auditors report functionally to the ARC and administratively to the Group Chief Financial Officer. The internal auditors have unfettered access to all the Company’s documents, records, properties and personnel. The internal audit team is headed by a partner with significant experience in leading internal audit services for listed companies in Singapore. The team supporting the partner comprises dedicated internal control specialists with requisite knowledge and experience. The ARC reviews the adequacy, effectiveness and independence of the internal audit function of the Group on an annual basis. In connection with this Annual Report, the ARC has reviewed the work performed by the internal audit team as well as their knowledge and experience and is of the opinion that the internal audit function of the Group is independent, effective and adequately resourced. Provision 10.5 (Meeting without presence of Management) On an annual basis, the ARC meets with the external auditors and the internal auditors without the presence of Management. SHAREHOLDER RIGHTS AND ENGAGEMENT Shareholder Rights and Conduct of General Meetings Principle 11: The company treats all shareholders fairly and equitably in order to enable them to exercise shareholders’ rights and have the opportunity to communicate their views on matters affecting the company. The company gives shareholders a balanced and understandable assessment of its performance, position and prospects. CORPORATE GOVERNANCE 38
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