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Directors’ contractual benefts
Since the end of the previous fnancial year, no director has
received or become entitled to receive a beneft in the Trust by
reason of a contract made by the Trustee-Manager, on behalf
of the Trust or a related corporation, with the director, or with
a frm of which the director is a member or with a company in
which the director has a substantial fnancial interest.
Unit options
There were no options granted during the fnancial year to
acquire unissued units in the Trust.
No units have been issued during the fnancial year by virtue of
the exercise of options to take up unissued units in the Trust.
There were no unissued units in the Trust under option as at
the end of the fnancial year.
Audit Committee
The Audit Committee (“AC”) comprises three independent
directors. The members at the end of the fnancial year
were as follows:
Mr Michael Grenville Gray (Chairman)
Mr David Lim Tik En
Mr T.V. Mohandas Pai
The AC carried out its functions in accordance with
Regulation 13(6) of the Singapore Business Trusts
Regulations, including the following:
- Review with the external and internal auditors, the audit
plans and audit reports and the auditors’ evaluation of
the system of internal accounting controls, based on
the recommendations and observations of the auditors.
- Review the quarterly and annual fnancial statements
and the external auditor’s report on the annual fnancial
statements of the Trust before their submission to the
Board of Directors.
- Review of the assistance given by the Management of
the Trustee-Manager to the auditors of the Trust.
- Review of the policies and practices put in place by
the Management of the Trustee-Manager to ensure
compliance with the applicable laws, regulations,
guidelines and constitutional documents of the Trust.
- Review of the procedures put in place to address any
confict that may arise between the interests of the
Unitholders and those of the Trustee-Manager, including
interested person transactions, the indemnifcation of
expenses or liabilities incurred by the Trustee-Manager
and the setting of fees and charges payable out of the
trust property.
- Report to the Board of Directors of the Trustee-Manager
on any inadequacies, defciencies or matters of concern
of which the AC becomes aware or that it suspects,
arising from its review of the above described.
- Report to the Board of Directors of the Trustee-Manager
on any breach of the Singapore Business Trusts Act
or any breach of the provisions of the Trust Deed of
which the Audit Committee becomes aware or that it
suspects.
- Report to the Monetary Authority of Singapore if the AC
is of the view that the Board of Directors of the Trustee-
Manager has not taken, or does not propose to take,
appropriate action to deal with a matter reported by the
AC to the Board of Directors.
- Review the independence and objectivity of the
external auditor annually, including considering the
nature and extent of non-audit services performed by
the external auditor.
- Meet with the external and internal auditors, without the
presence of the Management of the Trustee-Manager,
at least once annually.
- Recommending the appointment, re-appointment or
removal of the external or internal auditors to the Board.
- Investigating any matters within the AC’s terms of
reference, whenever it deems necessary.
- Undertaking such other functions as may be agreed to
by the AC and the Board of Directors of the Trustee-
Manager.
To assess the independence of the external auditor, the
AC also reviewed the non-audit services provided by the
external auditor during the fnancial year and the quantum
of fees paid for such services. The AC is satisfed that the
independence of the external auditor was not impaired by
the provision of those non-audit services. The AC has also
conducted a review of interested person transactions.
The AC convened four meetings during the year, and
attendances of members are listed in the Corporate
Governance Report. The AC also met with the internal
and external auditors, without the Management of the
Trustee-Manager, at least once during the fnancial year.
The AC has recommended to the Board of Directors the
re-appointment of Ernst & Young LLP as the independent
external auditor of the Trust at the coming annual general
meeting of the Unitholders.
For and on behalf of the Trustee-Manager,
Ascendas Property Fund Trustee Pte. Ltd.,
CHONG SIAK CHING
Director
26 April 2013
JONATHANYAPNENGTONG
Director