The Board of Directors and the AC have reviewed the adequacy of the Group’s internal controls that address
the Group’s financial, operational, compliance and information technology controls and risks management.
Based on the work performed by the internal auditors during the financial year as well as the statutory audit
by the external auditors, and reviews performed by Management, the Board with the concurrence of the AC,
is of the opinion that the Group’s system of internal controls including financial, operational, compliance and
information technology controls and risk management systems were adequate as at 31 December 2015 in
providing reasonable assurance of the effectiveness of the Group under the current business environment.
The Board has received assurance from the Executive Director and the General Managers of the Business Units
and the Corporate Controller of the Company that as at 31 December 2015:
(a)
the financial records of the Group have been properly maintained and the financial statements for the
year ended 31 December 2015 give a true and fair view of the Group’s operations and finances; and
(b)
the system of risk management and internal controls in place for the respective business divisions were
adequate and effective as at 31 December 2015 to address the Group’s financial, operational, compliance
and information technology risks which the business divisions consider relevant and material to their
operations.
WHISTLE BLOWING POLICY
To reinforce a culture of good business ethics and governance, the Group has in place a whistle-blowing policy
and procedures as prescribed under the Guidebook for Audit Committee in Singapore. The aim of this policy is to
encourage the reporting in good faith of any suspected improper conduct whilst protecting the whistleblowers
from reprisal within the limits of the law.
The whistle blowing policy provides employees an avenue for reporting in good faith of suspected fraud,
corruption, dishonest practices or other similar matters. All reports are channeled to the AC Chairman directly
via a dedicated and secured e-mail channel who will treat the matter with utmost confidentiality.
All cases reported are treated confidentially and objectively investigated. Identities of whistle blower will be
kept confidential to the extent possible. Results of the investigation would not be disclosed or discussed with
anyone other than those who have a legitimate right to know. The AC Chairman, will review the information
disclosed, interview the whistle blower when required and determine whether the circumstances warrants a
report to the AC and trigger an investigation process to be employed and corrective actions (if any) to be taken.
I N N O T E K L I M I T E D
A N N U A L R E P O R T 2 0 1 5
30
CORPORATE
GOVERNANCE REPORT
