Annual Report - QuamIR

Corporate Governance Report (Continued)
In respect of the year ended 31 December 2011, the Board considered
the internal control system effective and adequate. No significant areas of
concern that might affect the operational, financial, and compliance controls
and risk management function of the Group were identified. The scope of this
review covers the adequacy of resources, staff qualifications and experience,
training programmes and budget of the Group’s accounting and financial
reporting function.
Price-sensitive information
With respect to procedures and internal controls for the handling and
dissemination of price-sensitive information, the Group has performed the
following actions:
(i) Management and relevant personnel are made aware of the Group’s
obligations under the Listing Rules and the overriding principle that
information which is expected to be price-sensitive and/or the subject of
a major decision should be announced immediately.
(i)
(ii) Management and relevant personnel are required to conduct the Group’s
affairs with close regard to the “Guide on Disclosure of Price-sensitive
Information” and “Recent Economic Developments and the Disclosure
Obligations of Listed Issuers” issued by the Stock Exchange in 2002 and
2008 respectively.
(ii)
(iii) The Group has established a Code for Securities Dealing applicable to
those employees likely to have access to unpublished price-sensitive
information.
(iii)
(iv) Members of the Group’s top management are identified and authorized
to act as the Group’s spokespersons and respond to external enquiries.
Directors’ Responsibility for the Financial Statements
The Directors acknowledge their responsibility for preparing the financial
statements for the year ended 31 December 2011 which give a true and fair
view of the affairs of the Company and the Group and of the Group’s results
and cash flows. In preparing the financial statements, the Directors have
adopted generally accepted accounting standards in Hong Kong and suitable
accounting policies and applied them consistently, made judgments and
estimates that are prudent, fair and reasonable and prepared the financial
statements on a going concern basis.
(iv)
The statement of the Company’s auditor about their reporting responsibilities
on the financial statements of the Company is set out in the Independent
Auditor’s Report on pages 68 to 69.
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24 HKC (Holdings) Limited • Annual Report 2011