Annual Report 2014
79
On 29 May 2014, TIH internalized its investment manager by taking over the staff of Transpac Capital Pte Ltd,
its previous investment manager. All staff are engaged by TIH Investment Management Pte. Ltd. (“
TIHIM
”), a
wholly owned subsidiary of TIH.
For FY 2014, none of the remuneration paid to the employees of TIHIM is above $250,000. Other than payment
in lieu of notice in the event of termination, no other termination, retirement and post employment benefits were
included in the employment contracts of TIHIM employees.
As the Company has no employee, the Board is of the view that disclosure of remuneration information of the
senior management personnel of TIHIM is not in the best interests of TIH due to the sensitivity and confidential
nature of such information in a competitive talent market. TIH has decided that to ensure retention of the key
management team of TIHIM, this information is not disclosed.
Audit Committee (“AC”)
Principal 12: Establishment of Audit Committee with written terms of reference
The AC is currently comprised of the following 3 members, all of whom are independent and non-executive:
Liong
Tong Kap - Chairman (independent and non-executive)
Vince
Feng
(independent and non-executive)
Daniel
Budiman
(independent and non-executive)
None of the AC members had been a former partner or director of KPMG LLP (“
KPMG
”), the Company’s
external auditors. All members of the AC are appropriately qualified to discharge their responsibilities. Key
information of the AC members’ academic and professional qualifications and experiences is set out on pages 85
to 87 of the Annual Report.
The AC performs the following main functions with these terms of reference:
Review the audit plans and scope of work of the external auditors. Note that the AC has directed that the
external auditors review that the operations of the Company are in accordance with the guidelines as set
out in the Prospectus and any related amendments and that the remuneration of the Investment Manager is
calculated according to the Management Agreement and any related amendments;
Review and recommend the full-year, half-year and quarterly announcements and the financial statements
of the Company and Group as well as the auditors’ report thereon before submission to the Board for
approval;
Review the findings, if any, of the external auditors and the response of the Investment Manager;
Review the nature and extent of non-audit services provided by the external auditors;
Nominate the external auditors for appointment or re-appointment and reviews the level of audit fees, cost
effectiveness of the audit and the independence and objectivity of the external auditors;
Investigate any matter reported to the AC regarding improprieties in matters of financial reporting or other
matters within its terms of reference;
Review with the Investment Manager and their auditors the internal controls in respect of the Investment
Manager and the Company;
