COVER SHEET - 2Go
COVER SHEET - 2Go
COVER SHEET - 2Go
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Passage and Shipmanagement. It is also an avenue for discussion of vessel-related issues and<br />
eventually providing solutions. In 2010, carrying the theme “Developing Resilient Vessel Officers<br />
through Fostering Accountability”, ATS Vessel Officers Conference succeeded in getting the<br />
commitment of vessel officers to be more accountable in their actions and be better prepared to face<br />
future challenges.<br />
AUDIT COMMITTEE REPORT<br />
The Board Audit Committee (AudCom) is an independent operating body directly reporting to the Board<br />
of Directors. It assists the Board in the carrying out its functions by providing an oversight role in<br />
ensuring the integrity of the company’s financial reports, its compliance with regulatory requirements,<br />
and the performance of the company’s internal audit function.<br />
The AudCom maintains an effective working relationship with the Board by providing them information<br />
necessary in making good governance and audit-related decisions.<br />
Membership<br />
The Board Audit Committee is composed of three (3) Directors and two (2) Ex-Officio members. Prior<br />
to the ATS buyout by NENACO on December 28, 2010, the Board AudCom members are as follows:<br />
Washington Z. Sycip, Chairman, Independent Director<br />
Sabin M. Aboitiz, Director<br />
Justo A. Ortiz, Director<br />
Stephen G. Paradies, Ex-Officio<br />
Lilian P. Cariaso, Ex-Officio<br />
Under the new ownership, the Board AudCom for 2011 has been appointed and named as follows:<br />
Meetings<br />
Francis C. Chua, Chairman, Independent Director<br />
Michelle Lu, Director<br />
Mark Williams, Director<br />
Geoffrey Seeto, Ex-Officio<br />
Evan McBride, Ex-Officio<br />
The Board AudCom held three (3) meetings in 2010. All meetings were attended by the AudCom<br />
members.<br />
Committee Member Feb 25 July 29 Nov 25<br />
Washington Z. Sycip <br />
Sabin M. Aboitiz <br />
Justo A. Ortiz <br />
In its first meeting for the year, the AudCom reviews, discusses and endorses for Board approval the<br />
previous year’s Audited Financial Statements of ATS presented by the company’s external auditing<br />
firm. The following are likewise presented to the AudCom in February—the general assessment of the<br />
company’s internal control system and the internal audit plans and programs for the year.<br />
In subsequent meetings, internal audit reports are presented and discussed extensively. For 2010,<br />
discussion highlights were focused in the areas of vessel and passenger safety and security as well as<br />
new systems-related audits particularly the implementation of SAP in its supply chain businesses.<br />
The selection and approval of the external auditor for the year is agreed upon and endorsed to the<br />
Board during the AudCom’s midyear meeting.<br />
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