The Audit Committee has conducted a review of all non-audit services provided by the external auditors and is satisfied
that the nature and extent of such services will not prejudice the independence and objectivity of the external auditors.
For FY2014, the aggregate amount of audit fees paid and payable by PLife REIT to the external auditors was S$334,000,
comprising non-audit service fees of S$97,000 and audit service fees of S$237,000.
The Audit Committee meets with the external auditors, without the presence of management, at least once a year.
The Audit Committee is briefed regularly on the impact of the new accounting standards on PLife REIT’s financial statements
by the external auditors.
None of the members of the Audit Committee are former partners or directors of the Manager’s and PLife REIT’s
external auditors.
INTERNAL AUDIT
Principle 13: The company should establish an effective internal audit function that is adequately resourced and
independent of the activities it audits.
The Manager has put in place a system of internal controls of procedures, including financial, operational, compliance and
information technology controls, and risk management systems to safeguard PLife REIT’s assets, Unitholders’ interests
as well as to manage risk.
The internal audit function of the Manager is out-sourced to an independent assurance service provider and the Audit
Committee reviews the adequacy and effectiveness of the internal auditor at least once a year. The Audit Committee is
satisfied that the internal auditor has the relevant qualifications and experience and has met the standards established by
internationally recognised professional bodies including the Standards for the Professional Practice of Internal Auditing set
by The Institute of Internal Auditors. The internal auditor reports directly to the Audit Committee on audit matters and the
Audit Committee approves the hiring, removal, evaluation and fees of the internal auditor. The Audit Committee also reviews
and approves the annual internal audit plan and reviews the internal audit reports and activities. The Audit Committee
meets with the internal auditor, without the presence of management, at least once a year. The Audit Committee is of the
view that the internal auditor has adequate resources to perform its functions and has to the best of its ability, maintained
its independence from the activities that it audits.
UNITHOLDER RIGHTS AND RESPONSIBILITIES
Principle 14: Companies should treat all shareholders fairly and equitably, and should recognise, protect and facilitate the
exercise of shareholders’ rights, and continually review and update such governance arrangement.
Principle 15: Companies should actively engage their shareholders and put in place an investor relations policy to
promote regular, effective and fair communication with shareholders.
Principle 16: Companies should encourage greater shareholder participation at general meetings of shareholder, and
allow shareholders the opportunity to communicate their views on various matters affecting the company.
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PA R K WAY L I F E R E I T
CORPORATE
GOVERNANCE
