GL LIMITED General Announcement::Additional Information On Corporate Govern... http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Conten...
General Announcement::Additional Information On Corporate Governance Report Issuer & SecuritiesIssuer/ Manager | GUOCOLEISURE LIMITED |
Securities | GUOCOLEISURE LIMITED - BMG4210D1020 - B16 |
Stapled Security | No |
Announcement Title | General Announcement |
Date & Time of Broadcast | 17-Oct-2014 17:40:23 |
Status | New |
Announcement Sub Title | Additional Information On Corporate Governance Report |
Announcement Reference | SG141017OTHRJOUP |
Submitted By (Co./ Ind. Name) | Susan Lim |
Designation | Group Company Secretary |
Description (Please provide a detailed description of the event in the box below) | Please refer to the attached. |
Total size =92K
1 of 1 10/17/2014 5:51 PM
ANNOUNCEMENT ADDITIONAL INFORMATION ON CORPORATE GOVERNANCE REPORT
The Board of Directors of GuocoLeisure Limited (the "Company") refers to the Company's
Annual Report for the financial year ended 30 June 2014 which was sent to shareholders on
30 September 2014.
The Company would like to respond to the following queries of the Singapore Exchange
("SGX"):
1. Remuneration Matters
SGX Query: Paragraph 9.3 of the Code of Corporate Governance states that the company should disclose in aggregate the total remuneration paid to the top five key management personnel (who are not directors or the CEO). Please disclose or explain the reason(s) for the deviation from the code as required under Rule 1207(12) of the Listing Manual.
Company: The Company has disclosed the remuneration of the top five key management personnel (who are not directors or the CEO) in bands of S$250,000 and has not disclosed in aggregate the total remuneration paid to such management personnel so as to maintain confidentiality of staff remuneration matters and to support the Company's efforts in attracting and retaining executive talent.
2. Risk Management & Internal Controls
SGX Query: Paragraph 11.3 of the Code of Corporate Governance states that the Board should comment on the adequacy and effectiveness of the internal controls, including financial, operational, compliance and information technology controls, and risk management systems. On page 21 of the Company's annual report, we note that the Company has disclosed that that the Board is of the opinion that the Group's internal controls addressing financial, operational and compliance risks, are adequate. Please disclose the Board's comment on the adequacy and effectiveness of the Group's internal controls, including information technology controls, and risk
management systems.
GuocoLeisure Limited 1
Registered Address: Canon's Court, 22 Victoria Street, Hamilton HM 12, Bermuda
Corporate Office: 20 Collyer Quay #18-05 Singapore 049319 Tel: (65) 64380002 Fax: (65) 64350040
Company: Based on reviews carried out by the Internal Audit Department, Management and external auditors, the Board, with the concurrence of the Audit and Risk Management Committee, is of the opinion that the Group's internal controls, including financial, operational, compliance and information technology controls, and risk management systems, are adequate.
BY ORDER OF THE BOARD
SUSAN LIM
Group Company Secretary
17 October 2014
GuocoLeisure Limited 2
Registered Address: Canon's Court, 22 Victoria Street, Hamilton HM 12, Bermuda
Corporate Office: 20 Collyer Quay #18-05 Singapore 049319 Tel: (65) 64380002 Fax: (65) 64350040
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