CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 104 105 SHARE OPTIONS (CONT’D) By Subsidiary Corporation (cont’d) Millennium & Copthorne Hotels Limited (M&C) (cont’d) ( i i ) Execut ive Share Plan The Executive Share Plan was approved by M&C on 18 February 2016 to replace participation in the Long-Term Incentive Plan by senior executive management. These awards will vest over a three-year period (25% after years one and two, 50% after three years), subject to the rules of the Executive Share Plan. Date of award Balance at beginning of year Awards made during the year Awards vested during the year Awards expired/ forfeited during the year Balance at end of year Vesting date 04.12.2018 7,341 – (7,341) – – 04.12.2019/20/21 09.08.2019 9,367 – (7,287) – 2,080 09.08.2020/21/22 16,708 – (14,628) – 2,080 AUDIT & RISK COMMITTEE The Audit & Risk Committee comprises three non-executive members of the Board, all of whom are independent. The members of the Audit & Risk Committee at the date of this statement are: Lee Jee Cheng Philip (Chairman) Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) The Audit & Risk Committee performs the functions of an audit & risk committee under its terms of reference including those specified in Section 201B of the Act, the Listing Manual of Singapore Exchange Securities Trading Limited (“Listing Manual”) and the Code of Corporate Governance 2018. In performing its functions, the Audit & Risk Committee met with the Company’s external and internal auditors to discuss the scope of their work, the results of their examination and their evaluation of the Group’s system of internal controls. The Audit & Risk Committee also reviewed, inter alia, the following: • assistance provided by the Company’s officers to the internal and external auditors; • half-yearly and annual consolidated financial statements of the Group prior to their submission to the Board of Directors of the Company for approval; and • interested person transactions (as defined in Chapter 9 of the Listing Manual). DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021 AUDIT & RISK COMMITTEE (CONT’D) The Audit & Risk Committee has full access to management and is given the resources required for it to discharge its functions. It has full authority and the discretion to invite any director or executive officer or third party advisor to attend its meetings. The Audit & Risk Committee also recommends the appointment of the external auditors and reviews the nature and level of audit and non-audit fees. The Audit & Risk Committee further reviewed the independence of the auditors, KPMG LLP, as required under Section 206(1A) of the Act, and determined that the auditors were independent in carrying out their audit of the financial statements. Accordingly, they have recommended to the Board of Directors that the auditors, KPMG LLP, be nominated for re-appointment as auditors at the forthcoming Annual General Meeting of the Company. In appointing the auditors for the Company, its subsidiaries and significant associates and joint ventures, the Company has complied with Rules 712 and 715 of the Listing Manual. AUDITORS The auditors, KPMG LLP, have indicated their willingness to accept re-appointment. On behalf of the Board of Directors Kwek Leng Beng Executive Chairman Sherman Kwek Eik Tse Executive Director 21 March 2022 DIRECTORS’ STATEMENT YEAR ENDED 31 DECEMBER 2021
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