The AC conducts regular meetings scheduled on a quarterly basis. Apart from the quarterly meetings, the AC meets with the
external and internal auditors, without the presence of the management at least once a year. Ad-hoc meetings may be carried
out from time to time, as circumstances require. The AC held seven (7) meetings during the financial year.
After reviewing the non-audit services provided by the external auditors, PricewaterhouseCoopers LLP to the Group, the AC
is satisfied with the independence and objectivity of the external auditors and recommends to the Board of Directors, the
nomination of the external auditors for re-appointment.
The fee paid to PricewaterhouseCoopers LLP for audit and non-audit services for the financial year ended 31 December 2015
are S$1,270,000 and S$158,000 respectively.
The Company complies with Rules 712 and 715 of the Listing Manual of the Singapore Exchange Securities Trading Limited
in relation to appointing appropriate auditing firm based in Singapore to audit its accounts, and its Singapore-incorporated
subsidiaries and significant associated companies
WHISTLE-BLOWING POLICY
The Company has in place a whistle-blowing policy and arrangements by which staff may, in confidence, raise concerns about
possible corporate improprieties in matters of financial reporting or other matters. To ensure independent investigation of such
matters and for appropriate follow-up action, all whistle-blowing reports are to be sent to the internal audit function. The AC,
President and Chief Financial Officer of the Company will be informed immediately of all whistle-blowing reports received.
Details of the whistle-blowing policy and arrangements are given to all staff for their easy reference. New staff is briefed on
these during the orientation programme.
INTERNAL AUDIT
Principle 13
The AC reviews the adequacy and effectiveness of the internal audit function annually. The internal audit function’s primary line
of reporting is to the Chairman of the AC. Internal Audit is an independent function within the Company. Internal Auditors report
directly to the AC and administratively to the President. The Company has appointed Messrs. Deloitte & Touche Enterprise
Risk Services Pte. Ltd. as the internal auditors of the Group. The internal auditors have unfettered access to all the Company’s
documents, records, properties and personnel, including access to the AC.
The AC is satisfied with the independence and objectivity of the outsourced Internal Auditors and believes that they have
appropriate standing to perform their functions effectively.
D. SHAREHOLDER RIGHTS AND RESPONSIBILITIES
SHAREHOLDER RIGHTS
Principle 14
COSCO treats all shareholders fairly and equitably, and recognises, protects and facilitates the exercise of shareholders’ rights
and continually reviews and updates such governance arrangements. The Company strives for timeliness and transparency
in its disclosures to the shareholders and the public. All information on the Company’s new initiatives will be disseminated via
SGXNET to ensure fair communication with the shareholders and the public.
Corporate Governance and Transparency
47
COSCO Corporation (Singapore) Limited
Annual Report 2015
