ENTERPRISE RISK MANAGEMENT COMMITTEE
The Enterprise Risk Management Committee (“ERMC”) comprises nine 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.
The ERMC has conducted four (4) meetings during the year at which discussions were held on the establishment of new risk
management policies, the existing risk management structure, the key risk exposures of the Group and the action plans to
mitigate such risks.
COSCO Shipyard Group continues to have a comprehensive strategic agreement with a leading Chinese insurance institution to
strengthen its risk management system and to enhance its operational structure. The said insurance institution has established
a team to provide the Group with different facades of insurance for domestic and international trades; setting up a standardised
claims and liabilities system; the evaluation of ship owners’ credit ratings, the tracking of ship owners’ risk; and the evaluation
of countries’ credit ratings. The Company believes all these efforts are to help the Group to move towards the establishment
of an all-encompassing risk management system.
AUDIT COMMITTEE
Principle 12
The Audit Committee (“AC”) comprises all independent directors of the Company, as follows:
Tom Yee Lat Shing (Chairman)
Non-Executive Lead Independent
Wang Kai Yuen
Non-Executive Independent
Er Kwong Wah
Non-Executive Independent
Ang Swee Tian
Non-Executive Independent
Corporate Governance and Transparency
45
COSCO Corporation (Singapore) Limited
Annual Report 2015
