CORPORATE GOVERNANCE STATEMENT
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The ERMC comprises the following members:
Name
Department
Designation
ERM Role
Sim Soon Ngee Glenndle
Corporate
Executive Chairman/CEO ERM Sponsor
Jojo Alviedo
Corporate
CFO
ERM Champion
Sim Wei Wei
Corporate
Head of Corporate
Services
Member
Chong Yew Chee, Roy
Corporate
Senior Manager– CSBD Member
Ellyn Kusumo
Finance
Financial Controller
Member
Janis Mojica
Finance
Finance Manager
Member
Nan Khin Thein Yi (Hui Hui)
Finance
Finance Manager
Member
Phua Keow Wee
Marine
General Manager –
Technical
Member
Christopher Woo Tuck Wai
Marine
Senior Manager –
Mencast Subsea
Member
Aung Wunna, Edward
Offshore & Engineering Head of Environmental
Member
Sun Nai Jiang
Offshore & Engineering Senior Manager,
Upstream Operations
Member
Ho Gim Hai, Sam
Energy Services
Managing Director –
Vac-Tech
Member
The Company had engaged Mazars LLP as an independent consultant to assist in setting up the
Enterprise Risk Management (‘ERM’) and to document the framework that enables Management to
address the financial, operational, information technology and compliance risks of the key operating units.
The process involved the identification of major risks through workshops conducted for the Group’s various
business units whereby the business units key risks of financial, operational, information technology and
compliance nature, as well as the countermeasures in place or required to mitigate these risks were
summarized for review by the AC. The documentation provided an overview of the Group’s key risks, how
they are managed, the key personnel responsible for each identified risk type in the business units and the
various assurance mechanisms in place.
The Board had received assurance from the CEO and CFO that the financial records have been properly
maintained and the financial statements give a true and fair view of the Company’s operations and
finances and regarding the effectiveness of the Company’s risk management and internal control system.
During the financial year, the Group’s Independent Auditor and Internal Auditor had conducted annual
review of the effectiveness of the Group’s internal controls. Any material non-compliance or lapses in
internal controls together with corrective measures are reported to the AC.
The Board acknowledges that it is responsible for the governance of risks and the overall internal
control framework, but recognises that no cost effective internal control system will preclude all errors
and irregularities, as a system is designed to manage rather than eliminate the risk of failure to achieve
business objectives, and can provide only reasonable and not absolute assurance against material
misstatement or loss.
Based on the internal controls established and maintained by the Group, work performed by the
Independent and Internal auditors, and reviews performed by the Management and AC, the Board with the
concurrence of the AC, is of the opinion that the Group’s internal controls and risk management systems
were adequate and effective as at 31 December 2014 to address financial, operational, information
technology and compliance risks, which the Group considers relevant and material to its operations.
