Page 61 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
REPORT OF THE TRUSTEE-MANAGER
OF FORTERRA TRUST
59
175,000 of the Forterra Options that have been granted were exercised during the financial year.
None of Forterra Options were granted during the year.
There are a total of 5,835,000 Forterra Options outstanding at 31 December 2013.
More information in respect of the unit options granted is disclosed in Note 17 to the financial
statements.
Audit Committee
The Audit Committee comprises five (5) non-executive Directors, all of whom are independent. The
members of the Audit Committee as at the date of this report are:
Paul CHENG Kwok Kin (Audit Committee Chairman, appointed on 10 October 2013)
John LIM Kok Min (appointed on 10 October 2013)
John LEE Ting Kong (appointed on 10 October 2013)
Dr. TAN Khee Giap
YOON Wai Nam
Peter Graham SUGDEN and XU Sitao ceased to be chairman and member of the Audit Committee
respectively on 10 October 2013.
The Audit Committee carried out its function in accordance with Regulation 13(6) of the Singapore
Business Trusts Regulations 2005 and the SGX-ST Listing Manual.
The Audit Committee held eight (8) meetings during the year. In performing its functions, the Audit
Committee met with the Trust’s external auditors and internal auditors to discuss the scope of their
work, the results of their examination 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 financial information and annual financial statements of the Group and the Trust prior
to their submission to the Directors of the Trustee-Manager for adoption;
• the scope of the internal audit work to be undertaken by the external third party appointed to
undertake the internal audit function;