The Audit Committee comprises three non-executive directors and one executive director. The Audit Committee's function is to perform the duties and functions required of an Audit Committee under Section 201B(5) of the Companies Act which includes a review of the financial statements of DBS Bank and DBS Group for the financial year and the external and internal auditors' reports thereon.
The Stock Exchange of Singapore (SES) issued a Best Practices Guide in 1998. In accordance with the principles and best practices set out in the Guide with respect to Audit Committees, we are pleased to report that:
- The majority of members of the Audit Committee are non-executive directors who are independent. They are Bernard Chen Tien Lap (Chairman), Alan Chan Heng Loon and Prof Tommy Koh Thong-Bee.
- The Audit Committee has full access to and cooperation from management and full discretion to invite any director or executive officer to attend its meetings.
- The Audit Committee has been given reasonable resources to enable it to discharge its functions properly.
- The Audit Committee has reviewed with internal and external auditors its findings and evaluation of the Bank's systems of internal controls and has duly reported its findings to the full Board.
Based on the foregoing, DBS Bank has complied with the Guide with respect to Audit Committees. DBS has also adopted the principles and best practices in the Guide relating to dealings in securities.