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Board Committees

The Board has established three committees, namely the Audit Committee, the Corporate Governance Committee and the Supervisory Committee (the “Board Committees”).
These Board Committees have been formed to efficiently manage the responsibilities of the Board and to facilitate efficient decision making of the Board. They are a mechanism to assist the Board and its Directors in discharging their duties through comprehensive evaluation of specific issues, by well-considered recommendations to the Board. However, the Board remains ultimately accountable and responsible for the performance and the affairs of the Company.

 

Audit Committee

The Audit Committee assists the Board in relation to its reporting of:

  1. Financial information;
  2. The appropriate application and amendment of accounting policies;
  3. The identification and management of risk;
  4. The implementation of internal control systems; and
  5. Internal audit, statutory and regulatory compliance.

The Audit Committee provides a forum for effective communication between the Board and the internal and external auditors, both of whom report to the Audit Committee.

The Audit Committee is composed of the following Directors:

Audit & Risk Committee Members Role
Paul Halpin Committee Chair
Friedrich Stickler Member
Kavita Kumari Achameesing Member

 

The Audit Committee holds quarterly meetings and its members scrutinize and share their views on all financial reports, the audited financial statements as well as reports from the internal and external auditors.

 

Supervisory Committee

The Supervisory Committee is composed of the following Board participants:

Supervisory Committee Members Role
Cyril How Kin Sang Committee Chair
Alex Burstein Member
Patrice Ah Teck Member

 

The Supervisory Committee is a Board Committee set up to specifically assist, monitor and supervise the CEO and management of Lottotech in the day to day management and operations of the Company, on behalf of the Board. It also monitors the performance of the CEO and management of Lottotech, if necessary, and makes necessary recommendation to the Board of Directors.

The Supervisory Committee members may interact on a daily basis with the CEO and management of Lottotech and shall meet as often as may be required and formally at least once every quarter.

 

Corporate Governance Committee

The Corporate Governance Committee acts as a mechanism for making recommendations to the Board on all corporate governance matters relevant to the Company to ensure that the Board remains effective and complies with the “Code” and prevailing corporate governance principles.

The Committee is also responsible for remuneration and nomination matters. The remuneration philosophy is geared towards rewarding efforts and merits for individual and joint contribution to the Company’s results, whilst having also due regards to market conditions, the interest of the shareholders and to the financial well-being of the Company.

The Corporate Governance Committee is composed of the hereunder Directors:

Corporate Governance Committee Members Role
Narghis Bundhun Committee Chair
Banoomatee Veerasamy Member
Tommy Ah Teck Member
Cyril How Kin Sang Member