STAMFORD TYRES CORPORATION LIMITED
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DRIVING IT UP
Accountability and Audit
Principle 10 : Accountability
The Board should present a balanced and understandable assessment of the company’s performance, position
and prospects.
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.
Principle 12 : Audit Committee
The Board should establish an Audit Committee with written terms of reference which clearly set out its authority
and duties.
Principle 13 : Internal Audit
The company should establish an effective internal audit function that is adequately resourced and independent
of the activities it audits.
The Board is mindful of the obligation to provide shareholders with a balanced and understandable assessment
of the Company’s performance, position and prospects including information on all major developments that
affect the Group and strives to maintain a high standard of transparency.
The AC comprises three non-executive and independent directors and a non-executive director. It is chaired by
Mr Tay Puan Siong and the members are Mr Sam Chong Keen, Mr Leslie Mah Kim Loong and Dr Wee Li Ann. The
AC has full authority to investigate matters relating to the Group and any matters within its terms of reference.
The AC’s written key terms of reference describe its responsibilities and these include:
l
assisting the Board of Directors in discharging its statutory responsibilities on financing and accounting
matters;
l
reviewing significant financial reporting issues and judgements to ensure the integrity of the financial
statements and any formal announcements relating to financial performance;
Corporate Governance
(Cont’d)
