s MEETING WITH EXTERNAL AND INTERNAL AUDITORS WITHOUT THE PRESENCE OF THE EXECUTIVE OFlCERS OF THE -ANAGER AT LEAST
ON AN ANNUAL BASIS
s REVIEWING THE SIGNIlCANT lNANCIAL REPORTING ISSUES AND JUDGMENTS SO AS TO ENSURE THE INTEGRITY OF THE lNANCIAL STATEMENTS
OF ,-)2 4RUST AND ANY FORMAL ANNOUNCEMENTS RELATING TO ,-)2 4RUST S lNANCIAL PERFORMANCE
s INVESTIGATING ANY MATTERS WITHIN THE !2# S TERMS OF REFERENCE WHENEVER IT DEEMS NECESSARY AND
s REPORTING TO THE "OARD ON MATERIAL MATTERS lNDINGS AND RECOMMENDATIONS
In relation to the above enumerated responsibilities of the ARC, it is hereby confirmed that for the financial year under review,
THE !2# HAS UNDERTAKEN THE REVIEW OF ALL THE NON AUDIT SERVICES PROVIDED BY THE AUDITORS AND THEY WOULD NOT IN THE !2# S
OPINION AFFECT THE INDEPENDENCE OF THE EXTERNAL AUDITORS 4HE AGGREGATE AMOUNT OF AUDIT FEES PAID AND PAYABLE TO EXTERNAL
AUDITORS FOR &9 WAS 3'$
OF WHICH AUDIT FEES AMOUNTED TO 3'$
AND NON AUDIT FEES AMOUNTED TO
SGD35,000.
4HE !2# HAS FULL ACCESS TO AND CO OPERATION FROM THE MANAGEMENT AND ENJOYS FULL DISCRETION TO INVITE ANY DIRECTOR AND
EXECUTIVE OFlCER OF THE -ANAGER TO ATTEND ITS MEETINGS 4HE !2# ALSO HAS FULL ACCESS TO REASONABLE RESOURCES TO ENABLE IT TO
discharge its functions properly.
RSM Chio Lim LLP audited LMIR Trust and the Singapore subsidiaries. Member firms of RSM International of which RSM Chio
Lim LLP is a member, audited foreign subsidiaries. LMIR Trust has complied with Rules 712 and 715 of the Listing Manual
ISSUED BY THE 3INGAPORE %XCHANGE 3ECURITIES 4RADING ,IMITED IN RELATION TO ITS AUDITORS
4HE !2# MEETS WITH THE EXTERNAL AUDITOR AS WELL AS THE INTERNAL AUDITOR WITHOUT THE PRESENCE OF MANAGEMENT AT LEAST ONCE
a year.
4HE RE APPOINTMENT OF THE EXTERNAL AUDITORS WILL BE SUBJECT TO APPROVAL BY WAY OF AN ORDINARY RESOLUTION OF 5NITHOLDERS AT
LMIR Trust’s fifth Annual General Meeting, to be held on 29 April 2015.
Four (4) ARC meetings were held during the financial year 2014.
The attendance at the Board and ARC meetings held is set out below.
Name of Directors /
ARC Members
Board Meetings
ARC Meetings
Attendance/No. of meetings held Attendance/No. of meetings held
Mr Albert Saychuan Cheok
Ms Viven Gouw Sitiabudi
. !
Mr Lee Soo Hoon, Phillip
Mr Douglas Chew
. !
Mr Goh Tiam Lock
Mr Alvin Cheng Yu Dong
. !
Principle 9: “There should be a formal and transparent procedure for developing policy on executive remuneration
and for fixing the remuneration package of individual directors. No director should be involved in deciding his
own remuneration.”
The remuneration of Directors and staff of the Manager is paid by the Manager and not LMIR Trust. It is hence not necessary
FOR THE -ANAGER TO HAVE A REMUNERATION COMMITTEE OR TO INCLUDE A REPORT ON REMUNERATION OF ITS $IRECTORS AND KEY EXECUTIVES
Principle 10: “In order to fulfill their responsibilities, directors should be provided with complete, adequate
information in a timely manner prior to the board meeting and on an on-going basis so as to enable them to
make informed decisions to effectively discharge their duties and responsibilities.”
Corporate Governance Report
(Cont’d)
46
LIPPO MALLS INDONESIA RETAIL TRUST ANNUAL REPORT 2014
