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The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on
21 June 2010 by way of an introduction. The number of share options granted to Mr Barrett exceeded 10% of the shares
available under CREO Share Scheme. Such share options were replaced by the equivalent TCT unit options under the TCT
Unit Option Scheme. Notwithstanding the number of units available to the Mr Barrett exceeds 10% of the units available under
the TCT Unit Option Scheme, the participation of Mr Barrett in the TCT Unit Option Scheme was disclosed in the introductory
document dated 21 May 2010 and approved at the Extraordinary General Meeting of CREO held on 7 June 2010.
375,000 units were issued during the financial year by virtue of the exercise of options to take up unissued units in the
Trust.
A total of 400,000 TCT Options were granted during the year. None of these were granted at a discount to the market price
of the units at the date of the grant.
There are a total of 9,360,000 TCT Options outstanding at 31 December 2011. Of these, 2,000,000 have lapsed subsequent
to the year end.
Audit Committee
The Audit Committee comprises four non-executive directors, all of whom are independent. The members of the Audit
Committee during the financial year and as at the date of this report are:
Jen Shek Voon
(Chairman of Audit Committee)
Stuart Hamilton Leckie
Dr. Tan Khee Giap
Raymond Yeoman Frederick Horney
The Audit Committee carried out its function in accordance with Regulation 13(6) of the Singapore Business Trusts Regulations
and the SGX-ST Listing Manual.
The Audit Committee held 7 meetings during the year. In performing its functions, the Audit Committee met with the Trust’s
external auditors to discuss the scope of their audit. Subsequent to the period end, the Audit Committee has met with the
external and internal auditors to discuss the results of their audit and evaluation of the Group’s internal accounting control
system.
The Audit Committee also reviewed the following:
•
assistance provided by the Trustee-Manager’s officers to the internal and external auditors;
•
quarterly and annual results and announcement required by the SGX-ST;
•
the annual budgets and other forecast financial information to assist in future planning;
•
the scope of the internal audit work to be undertaken by the external third party appointed to undertake the internal
audit function;
•
reviewed the policies and practices put in place by the Trustee-Manager to ensure compliance with applicable laws,
regulations, guidelines and constitutional documents of the Trust; and
•
interested person transactions, hedging policies and internal policies and procedures.
The Audit 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 of the Trustee-Manager to attend its meetings.
The Audit Committee also recommends the appointment of the external auditors and reviews the level of audit and non-audit
fees.
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3/23/2012
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