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Interim Report 2016
Internal Control
The Trustee-Manager Board has overall responsibility for the system of internal control
of the Trust and the Trustee-Manager and reviews its effectiveness through the
Trustee-Manager Audit Committee to ensure that policies and procedures in place for
the identification and management of risks are adequate.
The Company Board has overall responsibility for the system of internal control of the
Company and reviews its effectiveness through the Company Audit Committee to
ensure that policies and procedures in place for the identification and management of
risks are adequate.
The Internal Audit Department, reporting to an Executive Director and the Trustee-
Manager Audit Committee and the Company Audit Committee, provides independent
assurance as to the existence and effectiveness of the risk management activities and
controls in business operations. Staff members of the department are from a wide
range of disciplines including accounting, engineering and information technology.
Using risk assessment methodology and taking into account the scope and nature
of the Group’s activities and changes in operating environment, the Internal Audit
Department prepares its yearly audit plan which is reviewed and approved by the Audit
Committees. Its internal audit reports on the Group’s operations are also reviewed
and considered by the Trustee-Manager Audit Committee and the Company Audit
Committee. The scope of work performed includes financial and operations review,
recurring and unscheduled audits, fraud investigation, productivity efficiency review
and laws and regulations compliance review. The Internal Audit Department follows
up audit recommendations on implementation by the operating units and the progress
is reported to the Audit Committees.
Remuneration Committee of the Company
The Remuneration Committee of the Company comprises three members, two of
whom are Independent Non-executive Directors. It is chaired by Mr. Donald Jeffrey
Roberts and the other members are Mr. Fok Kin Ning, Canning and Mr. Fong Chi Wai,
Alex.
The Remuneration Committee reports directly to the Company Board and its principal
responsibilities include the review and consideration of the Company’s policy for
remuneration of Directors and senior management, and the determination of their
individual remuneration packages. The terms of reference of the Remuneration
Committee are published on the Company’s website and the HKEX’s website.