CORPORATE GOVERNANCE REPORT 142 Annual Report 2025 Qualification of the AC The Board is of the view that the AC chairperson and members are appropriately qualified, with the necessary accounting, financial advisory, business management, corporate and finance, investment and corporate legal expertise and experience to discharge the AC’s functions. The AC Chairperson, having years of experience in audit and business, and chairmanship or membership of various board committees of several other listed companies in Singapore, is well qualified to chair the AC. 10.5 Meetings between the AC and Auditors The AC (excluding Executive Chairman Mr John d’Abo) meets with the external and internal auditors without the presence of Management at least once a year, to, inter alia, ascertain independently, if there are any material weaknesses or control deficiency in the Group’s financial reporting and operational systems. The AC has separately met with the IA and the EA once in the absence of Management in relation to FY2025. Independence of External Auditor The AC has reviewed the audit and non-audit services provided by the EA and is satisfied that the nature and extent of such services would not prejudice the independence of the EA. Fees Paid / Payable to the EA for FY2025 S$ % of total Audit fees 681,566 96.31 Non-audit fees – Agreed upon procedures 1,535 0.22 – Technical assistance 24,547 3.47 707,648 100 The AC has undertaken a review of all services rendered and is satisfied that the EA remains independent after considering the following: • That all relationships and/or arrangements between the audit firm and the Company that may reasonably be thought to affect the EA’s objectivity and as disclosed by the audit engagement partner did not impair the independence and objectivity of the EA; and • The audit engagement partner has confirmed that, in his professional judgement, the audit firm is independent. The AC also periodically receives updates on changes in accounting standards provided by the EA and circulated to members of AC. There is no disagreement between the Board and AC regarding the selection, appointment, resignation or dismissal of the EA. In appointing the EA, the AC evaluates the performance of the EA, taking into consideration the Audit Quality Indicators Disclosure Framework published by the Accounting and Corporate Regulatory Authority. The AC had recommended, and the Board had approved the re-appointment of Deloitte & Touche LLP as the Company’s external auditor for the financial year ending 31 December 2026, subject to the approval of shareholders at the forthcoming AGM.
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