Accountability and Audit
As part of the Corporate Governance Framework, the following principles apply on accountability and audit:
Principle 10: Accountability of the Board of Directors and Management.
The Board of Directors will provide BBGIL's Shareholders with a balanced and understandable assessment of BBGIL's performance position and prospects on a quarterly basis and will require the Manager to provide the Board of Directors with balanced and understandable management accounts for this purpose.
Principle 11: Audit Committee.
BBGIL has appointed an Audit and Risk Management Committee, which comprises a majority of Independent Directors and in other respects complies with the Singapore Code of Corporate Governance 2005.
The Audit and Risk Management Committee will meet with the external auditor at least semi-annually and more frequently if required.
Principle 12: Internal Controls.
BBGIL has formal risk management policies in place, which will be monitored by the Audit and Risk Management Committee.
Principle 13: Internal Audit.
The Audit and Risk Management Committee will ensure that the internal audit function is adequately resourced and will assess the adequacy of the internal audit function at least annually.
Principle 14: Communication with Shareholders.
BBGIL will provide timely, open and accurate information to all Shareholders including investors, regulators and the wider investment community. The Board of Directors has adopted policies and procedures in relation to compliance with the disclosure requirements under the Listing Rules, having regard to the recommendations of the Singapore Code of Corporate Governance 2005
BBGIL has developed a shareholder communications policy. This policy is designed to ensure the delivery of timely and relevant information to Shareholders.
Principle 15: Shareholders’ Participation.
The Babcock & Brown Limited Code adopted by BBGIL addresses, amongst other things, matters relevant to BBGIL's compliance with its legal obligations to its Shareholders.
Annual general meetings of Shareholders will be convened at least once each year.