Annual Report 2010 - Leeden Limited

A Stronger Leeden in Asia.Directors' Report• Reviews effectiveness of the Company’s material internal controls, including financial, operational and compliance controlsand risk management via reviews carried out by the internal auditors;• Meets with the external auditors, other committees, and management in separate executive sessions to discuss anymatters that these groups believe should be discussed privately with the AC;• Reviews legal and regulatory matters that may have a material impact on the financial statements, related compliancepolicies and programmes and any reports received from regulators;• Reviews the cost effectiveness and the independence and objectivity of the external auditors;• Reviews the nature and extent of non-audit services provided by the external auditors;• Recommends to the board of directors the external auditors to be nominated, approves the compensation of the externalauditors, and reviews the scope and results of the audit;• Reports actions and minutes of the AC to the board of directors with such recommendations as the AC considersappropriate; and• Reviews interested person transactions in accordance with the requirements of the Singapore Exchange Securities TradingLimited (“SGX-ST”)’s Listing Manual.For the year under review, no non-audit service was provided by the external auditors to the Group. The AC has also conducted areview of interested person transactions.The AC convened four meetings during the year. The AC has also met with internal and external auditors, without the presence ofthe Company’s management, at least once a year.Further details regarding the AC are disclosed in the Report on Corporate Governance.AuditorsErnst & Young LLP have expressed their willingness to accept re-appointment as auditors.On behalf of the Board of Directors,Steven Tham Weng CheongDirectorKelvin Lee Chee FattDirectorSingapore15 March 201134