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COSCO Corporation (Singapore) Limited
In the course of the year, the AC and the Enterprise Risk Management Committee have reviewed, together with
management and the internal and external auditors, the major business risks and effectiveness of the Group’s internal
controls, including controls for managing financial, operational, compliance and information technology controls and
risk management systems. Internal control standards are set with the objective of providing reasonable assurance that
risks are effectively managed by the Group.
The Board has also received assurance from the President and Chief Financial Officer that the financial records as at
31 December 2014 have been properly maintained and the financial statements for the financial year under review give
a true and fair view of the Company’s operations and finances and regarding the effectiveness of the Company’s risk
management and internal control systems.
Based on the work performed by the internal and external auditors, the Group’s framework of management control,
the review procedures established and maintained by the Company to monitor the key controls and procedures and to
ensure their effectiveness, the annual reviews performed by the management, Board committees and the Board with
the concurrence of the AC and Enterprise Risk Management Committee, is of the view that the Group’s framework
of internal controls in relation to the financial, operational, compliance and information technology controls and risk
management system is adequate as at 31 December 2014 to provide reasonable assurance of the integrity and
effectiveness of the Company in safeguarding its assets and shareholders’ value.
The Board notes that the system of internal controls and risk management put in place by the Group provides
reasonable, but not absolute, assurance that the Group will not be adversely affected by any event that could be
reasonably foreseen. In this regard, the Board also notes that no system of controls and risk management can provide
absolute assurance against irregularities especially those arising from poor judgment in decision making, human error
and fraud.
ENTERPRISE RISK MANAGEMENT COMMITTEE
The Enterprise Risk Management Committee (“ERMC”) comprises eight members, majority is Non-Executive and the
Chairman is independent. The ERMC members are:
Ang Swee Tian (Chairman)
Non-Executive Independent
Wu Zi Heng
Non-Independent Executive
Liu Lian An
Non-Independent Executive
Tom Yee Lat Shing
Non-Executive Lead Independent
Wang Kai Yuen
Non-Executive Independent
Er Kwong Wah
Non-Executive Independent
Liang Yan Feng
Non-Independent and Non-Executive
Ma Hong Han
Chief Financial Officer
Ouyang Chao Mei
Managing Director of COSCO (Singapore) Pte Ltd
The ERMC assists the Board in fulfilling its oversight responsibilities on risk management framework and policies. The
responsibilities of the ERMC include the following:
a.
reviews the overall risk management systems and process and makes recommendations on changes as and
when considered appropriate;
b.
reviews the Group’s risk policies, guidelines and limits; and
c.
reviews periodically the Group’s material risk exposures and evaluates the adequacy and effectiveness of the
mitigating measures implemented by management.
The ERMC has delegated the day-to-day management of risk within the Group to the Risk Management Committee
(“RMC”) of each of its operating subsidiaries. The RMC of each of the subsidiary comprises senior management staff of
each division within the operating subsidiaries.
Corporate
Governance
Corporate Governance and Transparency
