Ntegrator International Ltd. - Annual Report 2020

49 Share options No options were granted during the financial year to subscribe for unissued shares of the Company or its subsidiary corporations. No shares have been issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company or its subsidiary corporations. There were no unissued shares of the Company or its subsidiary corporations under option at the end of the financial year. Audit committee The members of the Audit Committee (the “AC”) at the end of the financial year were as follows: Charles George St. John Reed Chairman, Independent Lai Chun Loong Independent Lee Keen Whye Independent All members of the AC were non-executive directors. The AC carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act. In performing those functions, the AC: • reviews the audit plans of the internal auditors of the Company and ensures the adequacy of the Company’s system of accounting controls and the co-operation given by the Company’s management to the internal auditors; • reviews the annual financial statements and the independent auditor’s report on the annual financial statements of the Company before their submission to the Board of Directors; • reviews the effectiveness of the Company’s material internal controls, including financial, operational, compliance and information technologies controls and risk management via reviews carried out by the internal auditor; • reviews the assistance given by management to the independent auditor, and discusses problems and concerns, if any, arising from statutory audit, with the management; • reviews legal and regulatory matters that may have a material impact on the financial statements, related compliance policies and programmes and any reports received from regulators; • reviews the cost effectiveness, independence and objectivity of the independent auditor; • reviews the nature and extent of non-audit services provided by the independent auditor; • reviews interested person transactions in accordance with the requirements of the Listing Manual of SGX-ST; • meets with the internal and independent auditors, other committees, and management in separate executive sessions to discuss any matters that these groups believe should be discussed privately with the AC; • recommends to the Board of Directors the independent auditor to be nominated for re-appointment, approves the compensation of the independent auditor, and reviews the audit plan, scope and results of the audit; and • reports actions and minutes of the AC to the Board of Directors with such recommendations as the AC considers appropriate. The AC has recommended to the Board that the independent auditor, Nexia TS Public Accounting Corporation, be nominated for re-appointment at the forthcoming Annual General Meeting of the Company. DIRECTORS’ STATEMENT For the financial year ended 31 December 2020