Notes to the Financial Statements - Swissco Holdings Limited

Corporate
Governance Report
Mr Yeo Chong Boon is the brother of the Executive Chairman, Mr Yeo Chong Lin and uncle of the Chief Executive
Officer, Mr Alex Yeo Kian Teong. His remuneration does not exceed S$150,000 for FY2009.
Principle 10: Accountability
The Company has taken steps to comply with the Listing Manual of the Singapore Exchange Securities Trading
Limited (“SGX-ST”) on the disclosure requirements of material information. The Board is mindful of the obligation
to provide shareholders with information on all major developments that affect the Group and strives to maintain
a high standard of transparency.
Management provides all members of the Board with management accounts which present a balanced and
understandable assessment of the company’s performance, position and prospects on a monthly basis.
Principle 11: Audit Committee
Principle 12: Internal Controls
The Board has established the Audit Committee (the “AC”) on 7 June 2004. The AC comprises the following:
Mr Kwah Thiam Hock
Mr Phillip Chan Yee Foo
Mr Fong Hin Tat
Independent Director (Chairman)
Independent Director (Member)
Independent Director (Member)
Mr Kwah Thiam Hock is currently a non executive director of IFS Capital Limited and its wholly owned subsidiary,
ECICS Limited (public company). He is an independent director of Wilmar International Limited, Select Group
Limited, Excelpoint Technology Limited and Teho International Inc Ltd. He is also a member of Singapore Turf
Club Management Committee and a member of the Audit Committee of Singapore Tote Board.
The role of the AC is to assist the Board of Directors in overseeing the adequacy of the overall internal control
functions, the internal audit functions within the Group, the scope of audit by the external auditor as well as their
independence. The functions of the AC include the following:
1. review with the external auditors the scope and results of the audit, their management letter and
management’s response;
2. review the financial statements including annual budget and any forecast, before submission to the Board
for approval;
3. review the findings of the Internal Auditors to ensure possible precautions are taken to ensure no
irregularities;
4. review the interested person transactions in accordance with the Listing Rules of the SGX-ST;
5. review all non-audit services provided by the external auditors so as to ensure that any provision of such
services would not affect the independence and objectivity of external auditors;
6. consider and recommend the appointment or re-appointment of the external auditors; and
7. report actions and minutes of the AC meetings to the Board of Directors with recommendations, where AC
considers appropriate.
The AC has full access to and the co-operation of Management and full discretion to invite any Director or
Executive Officer to attend its meetings and reasonable resources to enable it to discharge properly its functions.
The AC met the external auditors in February 2010 without the presence of management to review any matters
that might be raised privately.
Swissco International Limited Annual Report 2009
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