708 The chairmans statement or equivalent in the annual report must provide a

708 the chairmans statement or equivalent in the

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708
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The chairman's statement (or equivalent) in the annual report must provide a balanced and readable summary of the issuer's performance and prospects, and should represent the collective view of the board. If the Chairman's statement does not represent the collective view of the board, the view of each dissenting director must be disclosed in the annual report. 709 The annual report must contain the information required in Part III of Chapter 12. 710 An issuer must describe its corporate governance practices with specific reference to the principles of the Code in its annual report. It must disclose any deviation from any guideline of the Code together with an appropriate explanation for such deviation in the annual report. 711 An issuer may issue a summary financial statement in accordance with the Companies Act. However, the Exchange may require the issuer to disclose additional information. Sustainability Report 711A An issuer must issue a sustainability report for its financial year, no later than 5 months after the end of the financial year. Added on 20 July 2016 . 711B (1) The sustainability report must describe the sustainability practices with reference to the following primary components: (a) material environmental, social and governance factors; (b) policies, practices and performance; (c) targets; (d) sustainability reporting framework; and (e) Board statement. (2) If the issuer excludes any primary component, it must disclose such exclusion and describe what it does instead, with reasons for doing so. Added on 20 July 2016 . Appointment of Auditors 712 (1) An issuer must appoint a suitable auditing firm to meet its audit obligations, having regard to the adequacy of the resources and experience of the auditing firm and the audit engagement partner assigned to the audit, the firm's other audit engagements, the size and complexity of the listed group being audited, and the number and experience of supervisory and professional staff assigned to the particular audit. A mineral, oil and gas company must appoint an auditing firm where the auditing firm and audit partner-in-charge have the relevant industry experience. (2) The auditing firm appointed by the issuer must be:—
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(a) Registered with the Accounting and Corporate Regulatory Authority (“ACRA”); (b) Registered with and/or regulated by an independent audit oversight body acceptable to the Exchange. Such oversight bodies should be members of the International Forum of Independent Audit Regulators, independent of the accounting profession and directly responsible for the system of recurring inspection of accounting firms or are able to exercise oversight of inspections undertaken by professional bodies; or (c) Any other auditing firm acceptable by the Exchange. (3) A change in auditing firm must be specifically approved by shareholders in a general meeting.
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