HAW PAR CORPORATION LIMITED
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Internal Audit
The Company has an internal audit (“IA”) department which is staffed with professionally qualified personnel. The Group
Internal Audit Manager reports directly to the Chairman of the AC on audit matters and to the CEO on administrative matters.
The appointment and removal of the Group Internal Audit Manager rests with the Chairman of the AC.
The IA function follows the Standards for the Professional Practice of Internal Auditing set by the Institute of Internal Auditors.
The IA adopts strict procedures in reporting its audit findings to the management and the AC.
The role of the IA function is to render support to the AC in ensuring that the Group maintains a sound system of internal
controls by performing regular monitoring and testing of key controls and procedures, reviewing operational and financial
activities and undertaking investigations as requested by the AC.
The IA department submits its internal audit plan to the AC for approval at the beginning of each year. Internal audit reviews
are carried out on all significant business units in the Group and a summary of findings and recommendations is discussed
during each AC meeting. The IA has unfettered access to the AC and to all documents, reports, properties and personnel for
the purposes of its audit. The AC is of the view that the IA function is adequately resourced and staffed with persons with
relevant qualifications and experience and has appropriate standing within the Company.
Shareholders Rights and Communication with Shareholders
The Group is guided by an investor relations policy that aims to promote regular, effective and fair communication with
shareholders. Communication of relevant announcements of the Group is generally made through annual reports, press
releases, SGXNET announcements and its corporate website at
The Company’s Annual Report is sent in a
CD-ROM to all shareholders and posted on the Group’s website. Hard copies of the Annual Report are available on request.
A dedicated communications channel with the Investor Relations Department is available to shareholders and can be reached
via email at
. The Investor Relations Department is required to respond to shareholders’ queries
in a timely and effective manner. When matters requiring shareholders’ meetings are to be held, notices are published in
newspapers and reports or circulars are sent in a timely manner to all shareholders. Shareholders will be informed of the rules,
including voting procedures, which govern the shareholders’ meetings. Resolutions of all general meetings of shareholders
are conducted by electronic poll.
The Company holds regular meetings with research analysts, fund managers and institutional investors to review the Company’s
performance and provide investors with a better understanding of the Group’s businesses.
Conduct of Shareholder Meetings
The Group encourages the attendance of shareholders at general meetings, which are always held at a central location in
Singapore. At such general meetings, shareholders are invited to raise questions on any matter that needs clarification. The
Chairman and the other Directors (in particular, the chairpersons of the AC, NC and RC) as well as the external auditor are
present at general meetings to address queries from shareholders on matters affecting the Group and the conduct of external
audit. Key management personnel are also present at such general meetings to respond to queries from shareholders.
The reception after each general meeting of shareholders provides an opportunity for shareholders to informally communicate
their views and expectations to the Company’s representatives.
Separate resolutions on each issue are tabled at such general meetings. The Company allows shareholders who hold shares
through nominees to attend general meetings as observers.
CORPORATE GOVERNANCE REPORT
(CONTINUED)
