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.
