General Meeting (“AGM”) on 10 July 2014. EY will hold office
until the conclusion of the coming AGM. The AC has assessed
the performance of the external auditor based on factors
such as the performance and quality of their audit and the
independence of the auditor.
The Trustee-Manager confirms that it has complied with
Rules 712(1) and 715 of the Listing Manual of the SGX-ST
as EY is registered with the Accounting and Corporate
Regulatory Authority.
To assess the independence of the external auditor, the AC
also reviewed the non-audit services provided by the external
auditor during the financial year and the quantum of fees paid
for such services. The AC is satisfied that the independence of
the external auditor was not compromised in any way by the
provision of such non-audit services.
The table below sets out the fees and expenses paid/accrued
to EY for FY14/15:
On the basis of the above, the AC has recommended to the
Board the re-appointment of EY as the independent external
auditor of the Trust and its subsidiaries at the coming Annual
General Meeting of the Unitholders.
Principle 13: Internal Audit
The internal auditors assist the AC in ensuring that
Management maintains a sound system of internal controls
by regular monitoring of key controls and procedures and
ensuring their continued effectiveness. In the financial year
under review, the internal audit function of the Trust was
carried out by KPMG.
Staffed by qualified executives, KPMG has unrestricted
access to the AC. KPMG reports to the Chairman of the
AC and is guided by the Standards for the Professional
Practice of Internal Auditing. During the year, KPMG
adopted a risk-based auditing approach covering financial,
operational and compliance controls. Internal audits
were carried out on all the Venture Capital Undertakings
of the Trust. Internal audit reports were submitted to
the AC for review and the summary of findings and
recommendations were discussed at the AC meetings.
The AC has reviewed the internal audit function in the
financial year under review and is satisfied of its adequacy
and independence from the activities it audits.
(D) UNITHOLDERS’ RIGHTS
Principle 14: Unitholders’ Rights
Principle 15: Communication with Unitholders
Principle 16: Conduct of Unitholders’ Meetings
The Trustee-Manager is committed to open and regular
communication with the investment community, in
particular, with its Unitholders. Quarterly results with
detailed financial and operational metrics are publicly
available on the Trust’s and SGX-ST’s websites. The
Trust’s website also contains the Trust’s disclosed financial
information, annual reports, investor presentation slides,
distribution notices, press releases and other material
developments announced through the SGX-ST’s website.
Investor relations matters are handled by Management’s
investor relations team. Management meets with analysts
and institutional investors regularly to promote the Trust,
communicate its business performance and developments,
and gather views and feedback. Management participates
in local and overseas conferences organised by securities
houses and banks. Management also addresses queries raised
by retail Unitholders via phone calls, emails or the website.
Such regular interactions allow Management to consider
feedback from the investment community before formulating
capital management strategies and Unitholders’ resolutions.
An investor relations policy has been put in place as part of
Management’s commitment to provide timely and transparent
information to the investment community.
For the forthcoming AGM, the Board will be in attendance
to address Unitholders’ queries. EY, the external auditor for
the Trust, has also been invited to attend the AGM and assist
directors in addressing queries from Unitholders relating to the
conduct of the audit and the preparation and content of the
audited financial statements of the Trust.
The Board fully supports Unitholders’ participation at AGMs
and Unitholders are accorded the opportunity to raise relevant
questions and to communicate their views. A registered
Unitholder may, through proxy forms sent in advance, appoint
up to 2 proxies to attend and vote. To ensure transparency,
the Trustee-Manager had employed electronic poll voting
since the AGM in 2012. All votes cast for or against and their
respective percentages will be displayed “live” immediately at
the meeting after the conduct of each poll. It also promptly
Nature of Services S$’000
%
Audit Fees
276
81
Other Services
64
19
Total
340
100
58 59
