FRENCKEN GROUP LIMITED
ANNUAL REPORT 2015
38
4 SHARE OPTIONS (CONT'D)
(b) Share options outstanding
The number of unissued ordinary shares of the Company under option in relation to the Frencken Employee
Share Option Scheme 2008 outstanding at the end of the financial year was as follows:
Number of unissued
ordinary shares under
option at 31.12.2015
Exercise price
Exercise period
2008 Options
2,746,000
$0.155
1.12.2010 – 30.11.2018
2009 Options
3,864,000
$0.168
1.12.2011 – 30.11.2019
2010 Options
5,325,000
$0.224
1.12.2012 – 30.11.2020
2013 Options
5,700,000
$0.208
7.10.2015 – 6.10.2023
17,635,000
5 AUDIT COMMITTEE
The role of the Audit Committee is to assist the Board with regard to the discharge of its responsibility to safeguard
the Group’s assets, maintain adequate accounting records, develop and maintain effective systems of internal controls
with an overall objective to ensure that the management has created and maintained an effective control environment
in the Company.
All Audit Committee members are independent Non-Executive Directors. The Audit Committee comprises the following
members:
Ling Yong Wah (Chairman and Lead Independent Director)
Chia Chor Leong (Independent Director)
Yeo Jeu Nam (Independent Director)
The Audit Committee meets at least quarterly to discuss and review the following where applicable:
(a) review the scope and results of the audit and its cost effectiveness, and the independence and objectivity of the
independent auditors;
(b) review with the independent auditors the audit plan, their evaluation of the system of internal controls relevant
to the audit, their audit report, their management letter and our management’s response;
(c) review with the internal auditors, the scope and the results of internal audit procedures and their evaluation of
the overall internal control systems including financial, operational and compliance controls and risk management;
(d) review the quarterly, half yearly and annual financial statements before submission to the Board for approval,
focusing in particular, on significant financial reporting issues and judgements so as to ensure the integrity of
the consolidated financial statements of the Group and any formal announcements relating to the Company’s
financial performance, changes in accounting policies and practices, major risk areas, significant adjustments
resulting from the audit, the going concern statement, compliance with accounting standards as well as
compliance with any stock exchange and statutory/regulatory requirements;
(e) review the internal controls and procedures and ensure co-ordination between the independent auditors and
management, reviewing the assistance given by the management to the auditors, and discuss problems and
concerns, if any, arising from the interim and final audits, and any matters which the auditors may wish to discuss
(in the absence of our management);
DIRECTORS’ STATEMENT
(CONT’D)
