Megachem Limited Annual Report 2015 74 Statement by Directors 4. Arrangements to enable directors to acquire benefits by means of the acquisition of shares and debentures Neither at the end of the reporting year nor at any time during the reporting year did there subsist arrangements to which the Company is a party, being arrangements whose objects are, or one of whose objects is, to enable directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. 5. Options During the reporting year, no option to take up unissued shares of the Company or any subsidiary in the Group was granted. During the reporting year, there were no shares of the Company or any subsidiary in the Group issued by virtue of the exercise of an option to take up unissued shares. At the end of the reporting year, there were no unissued shares of the Company or any subsidiary in the Group under option. 6. Report of audit committee The members of the Audit Committee at the date of this report are as follows: Mr Chan Kam Loon (Chairman of Audit Committee, Lead Independent Non- executive Director) Mr Lee Bon Leong (Independent Non-executive Director) Dr Tay Kin Bee (Independent Non-executive Director) The Audit Committee carried out its function in accordance with section 201B(5) of the Singapore Companies Act. The Audit Committee’s main functions are to: review the significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of the Company and of the Group and any announcements relating to the Group’s financial performance; review and report to the Board annually the adequacy and effectiveness of the Group’s internal controls, including financial, operational, compliance and information technology controls; review effectiveness of the Company’s internal audit function; review the scope and results of the external audit and the independence and objectivity of the external auditors; make recommendations to the Board on the proposals to the shareholders on the appointment, re-appointment and removal of the external auditors, and approve the remuneration and the terms of engagement of the external auditors; review the Group’s results announcements, consolidated financial statements and other documents accompanying the same before they are recommended to the Board for approval; and review and, where appropriate, approve interested person transactions.
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