Group Overview Operation and Financial Review Financials Sustainability and Governance Other Information 43 Annual Report 2025 Corporate Governance The total aggregate remuneration paid to the KMP for the financial year ended 31 December 2025 was S$2,484,776. There was no pay-out for termination, retirement or post-employment benefit granted to any of the Directors or KMP in 2025. Remuneration for employees who are immediate family members of a Director, the CEO or a substantial shareholder: There was no employee of the Company or its subsidiaries who was an immediate family member of a Director, the CEO or a substantial shareholder and whose remuneration exceeded S$100,000 for the financial year ended 31 December 2025. ACCOUNTABILITY AND AUDIT PRINCIPLE 9: Risk Management and Internal Controls The Board is solely accountable to the shareholders. It is required to furnish timely information and ensure the appropriate disclosure of material information to the shareholders in compliance with the SGX-ST Listing Manual and other regulatory requirements. The Board has overall responsibility for the governance and oversight of material risks for the Group. It is supported by the AC & RMC which maintains oversight of the Group’s risk in financial reporting and reviews the adequacy and effectiveness of the Group’s internal controls and risk management system. Following the amendments to Rule 705 of the SGX-ST Listing Manual effective 7 February 2020, the Company will not be required to announce its financial statements on a quarterly basis. The Board has, after due deliberation, decided that the financial statements will be announced on a half-yearly basis. In line with this, the AC & RMC meet with the external auditor at least two times a year with effect from 2020, and at least one of these meetings is conducted without the Management present. The external auditor was present at these meetings to discuss the feedback on the competency and adequacy of the finance function, assess the assistance given by the Company’s Management, and ascertain if there are any material weaknesses or control deficiencies in the Group’s financial reporting and operational systems. The AC & RMC also meets with the Internal Audit Department (“IAD”) and the ERM team four times a year and reports to the Board every quarter on its findings on the material impacts and recommendations on risk mitigation measures. At one of these meetings, the AC & RMC met the Head of IA and ERM separately without the Management present. For the financial year ended 31 December 2025, the AC & RMC reviewed the Group’s half-year and fullyear financial statements together with the external auditor before these reports were tabled to the Board for approval. It also conducted quarterly reviews of key findings by the IAD and the ERM team, as well as actions recommended by the Management to rectify the discrepancies. The AC & RMC was kept abreast of changes to accounting standards and the impacts on financial reporting by the external auditor. Both the IAD and the ERM team work closely to manage high-risk areas, ensure the accuracy of the risk assessment reports, and enforce risk mitigation controls and strategies. The IAD also performs independent reviews of the risks and controls identified by the ERM team to ensure adequate monitoring and resolution. In 2025, the AC & RMC was satisfied that effective internal controls were put in place and supported by a sound internal audit process and a comprehensive ERM framework to identify, monitor, manage and report material risks in key areas, including strategy, operations, governance and finance. The Board made its assessments based on quarterly updates and discussions with the AC & RMC on the adequacy and effectiveness of the Group’s internal controls and risk management systems. The Board was assured by the CEO and CFO of the proper keeping of financial records and financial statements to give a true and fair view of the Group’s operations and finances. The Board was also assured by the CEO and KMP that adequate and effective risk management and internal control systems were implemented to safeguard the stakeholders’ interests.
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