The Manager has engaged KPMG Services Pte. Ltd. (“KPMG”) to oversee the Group’s compliance function (“Compliance Adviser”). A quarterly report is prepared by KPMG and presented to the ARC at its quarterly meetings. Internal Audit (Provision 10.4) The Board recognises the importance of maintaining a system of internal controls, procedures and processes for safeguarding the Unitholders’ investments and ECW’s assets. The internal audit function of ECW is outsourced to Deloitte & Touché Enterprise Risk Services Pte Ltd (“Deloitte”). Deloitte subscribes to, and is in conformance with the Standards for the Professional Practice of Internal Auditing set by the Institute of Internal Auditors. Deloitte also reviews the Group’s compliance with the control procedures and policies established within the internal control and risk management systems. The internal auditors’ (“IA”) primary reporting line is to the Chairman of the ARC and administratively to the CEO. The ARC reviews and approves the annual internal audit plan, and ensures that the internal auditors have adequate resources to perform its functions. Upon completion of each review, a formal report detailing the audit findings and the appropriate recommendations is issued to the ARC. The ARC reviews the results of internal audits and Management’s actions in resolving any audit issues reported. In accordance with Listing Rule 1207 (10C), the ARC is satisfied that Deloitte is independent, effective, and adequately resourced and staffed by suitably qualified and experienced professionals to perform its functions, and has appropriate standing within the Manager. Meeting with EA and IA (Provision 10.5) For FY2024, the ARC met with the internal and external auditors twice, without Management’s presence, to discuss the reasonableness of the financial reporting process, the system of internal controls, and the significant comments and recommendations by the auditors. Where relevant, the ARC makes reference to the best practices and guidance in the Guidebook for Audit Committees in Singapore and the practice directions issued from time to time in relation to the Financial Reporting Surveillance programme administered by the Accounting and Corporate Regulatory Authority of Singapore. The Manager confirms, on behalf of ECW, that ECW complies with Rule 712 and Rule 715 of the Listing Rules. (D) UNITHOLDER RIGHTS AND RESPONSIBILITIES Unitholder Rights Principle 11: Unitholders’ rights and conduct of Unitholder meetings The Manager is committed to treating all Unitholders fairly and equitably. All Unitholders enjoy specific rights under the Trust Deed and the relevant laws and regulations. These rights include, among other things, the right to participate in profit distributions. They are also entitled to attend general meetings and are accorded the opportunity to participate effectively and vote at general meetings. Participation of Unitholders’ meetings (Provision 11.1) The Manager supports the principle of encouraging Unitholders’ participation and voting at general meetings. Unitholders are informed of meetings through notices which are accompanied by the annual reports or circulars sent to them. If any unitholder is unable to attend, he/she is allowed to appoint up to two proxies to vote on his/her behalf at the meeting through proxy forms. Separate resolutions at general meetings on each substantially separate issue (Provision 11.2) At the general meetings, each distinct issue is proposed as a separate resolution and full information is provided for each item in the notice. Notices of the general meetings are also advertised in the press and issued on SGXNet. To ensure transparency in the voting process and better reflect Unitholders’ interest, the Manager conducts poll voting for Unitholders/proxies for all the resolutions proposed at the general meetings. An independent external party is also appointed as scrutineers for the poll voting procedures. The Manager will announce the results of the votes cast for and against each resolution and the respective percentages after the general meeting. Unitholders may appoint the Chairman of the meeting as proxy to vote on their behalf at the general meeting. ANNUAL REPORT 2024 57 CORPORATE GOVERNANCE
RkJQdWJsaXNoZXIy NTkwNzg=