Creative 2013 Annual Report Download - page 10

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CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
For condentiality and competitive reasons, the Company is not disclosing each individual executive’s remuneration and their names.
The aggregate total remuneration paid to the top ve key executives for the nancial year ended 30 June 2013 was S$1,788,000.
None of the employees of the Group whose annual remuneration exceeds S$50,000 are immediate family members of the CEO
or any other Director of the Company.
Details of the Creative Employee Share Option Plans and Creative Performance Share Plan are set out in the Notes to the Financial
Statements.
PRINCIPLE 10: ACCOUNTABILITY
The Company provides shareholders with quarterly and annual nancial results of the Group within the regulatory reporting periods,
i.e. results for the rst 3 quarters are released to shareholders within 45 days of the end of each quarter whilst the annual results
are released within 60 days from the nancial year end. In presenting the Group’s annual and quarterly results, the Board aims
to provide shareholders with a balanced and understandable assessment of the Group’s performance and nancial position with a
commentary at the date of the announcement of the signicant trends and competitive conditions of the industry in which it operates.
The management provides all Directors with nancial updates of the Group’s performance, when required. The CEO and the
Chief Financial Ofcer (“CFO”) also provide assurance to the Board on the integrity of the nancial statements of the Company
and its subsidiaries.
PRINCIPLE 11: AUDIT COMMITTEE
The Audit Committee (the “AC”) consists of three Directors, all of whom are independent non-Executive Directors. The Chairman
of the AC is Mr Lee Kheng Nam. The other two members are Mr Ng Kai Wa and Mr Lee Gwong-Yih. All members of the AC
have the appropriate accounting or relevant nancial expertise or experience.
The principal functions of the AC, among other matters, are:
• to review the quarterly and full year nancial statements to be issued by the Group with management and, where appropriate,
with the Company’s external auditors, before their submission to the Board;
• to review the scope and results of the audit and its cost-effectiveness and the independence and objectivity of the external
auditors;
• to review the effectiveness of the internal audit function;
• to make recommendations to the Board on the appointment, re-appointment and/or removal of external auditors, and to
approve the remuneration and terms of engagement of the external auditors; and
• to review interested person transactions.
The number of meetings convened by the AC is set out in Principle 1: The Board’s Conduct of its Affairs.
PRINCIPLE 12: INTERNAL CONTROLS
The Board acknowledges that it is responsible for the overall internal control framework, but recognises that no cost effective
internal control system will preclude all errors and irregularities, as such a system is designed to manage rather than eliminate
the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material
misstatement or loss.
CORPORATE GOVERNANCE
For the nancial year ended 30 June 2013
PRINCIPLE 7: PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
PRINCIPLE 8: LEVEL AND MIX OF REMUNERATION
PRINCIPLE 9: DISCLOSURE ON REMUNERATION (cont’d)