About Us
About who we are, our vision and mission, corporate governance role, as well as our organisation history and structure

Corporate Governance

Tote Board is committed to ensuring the highest standard of corporate governance in the Tote Board Group, comprising Tote Board, Singapore

Pools and Singapore Turf Club (STC). The Chairman and Board Members of Tote Board are appointed by the Minister for Finance. They are experienced professionals drawn from both the public and private sectors. 

In addition to its statutory responsibilities, the Board sets strategic directions and policies relating to grant management and management of reserves, ensuring that resources are optimally utilised to contribute towards building an inclusive, resilient and vibrant community.

AUDIT AND RISK COMMITTEE

The Audit and Risk Committee (ARC) of Tote Board includes representatives from the Board of Tote Board, Board of Singapore Pools and Management Committee of STC. 
The ARC’s roles encompass reviewing accounting, auditing and financial reporting matters, as well as matters relating to risk management, to reasonably ensure there are effective systems of internal controls and risk management and a good state of corporate governance in Tote Board, Singapore Pools and STC.

INTERNAL AUDIT

Tote Board’s Group Internal Audit Division (Group IA) is an independent function that reports to the ARC. The principal role of the Division is to conduct audits to evaluate the reliability, adequacy and effectiveness of the internal controls of Tote Board, Singapore Pools and STC. Group IA works closely with external auditors to coordinate its audit work.

AUDIT MANAGEMENT SYSTEM

Group IA has successfully implemented an audit management software to enable better supervision of audits, closer monitoring of outstanding audit recommendations for improvements, and automation of documentation of working papers to enhance audit efficiency and effectiveness.

ENTERPRISE RISK MANAGEMENT

The Tote Board Group, regularly reviews its business, financial and operational activities through an established Group Enterprise Risk Management (ERM) policy and framework. The Group ERM framework provides consistent and sustainable risk management structures and processes across the entities, to manage and mitigate risks and capitalise on opportunities. ERM also facilitates the deepening of a risk-focused culture across Tote Board and the Group. The Board of Tote Board, supported by the Audit & Risk Committee, exercises overall risk governance and oversight of the ERM framework.

INTERNAL CONTROLS

The Management of Tote Board, Singapore Pools and STC is responsible for the design and implementation of a comprehensive system of internal controls to safeguard assets, maintain proper accounting records and produce reliable financial information. The system includes defined responsibility and financial authority limits, segregation of duties, reconciliation of financial information, compliance with internal financial policies, financial regulations or government instruction manuals and maintenance of proper financial records. The ARC oversees the effective implementation of the system of internal controls in Tote Board, Singapore Pools and STC, with the support of Group IA. The ARC, along with the assistance of Group IA and external auditors, has reviewed the financial, operational, compliance and information technology controls.

ASSURANCE BY MANAGEMENT

The ARC has received assurance from the Management of Tote Board, Singapore Pools and STC that:

  • the financial statements are drawn up to give a true and fair view of the state of affairs of Tote Board and Tote Board Group;
  • there are adequate internal controls in place which are operating effectively to provide reasonable assurance in managing risks, safeguarding assets, ensuring reliability of the financial information and compliance with law and regulations by Tote Board and the Group.

Based on the systems of internal controls and risk management established and maintained by the Tote Board Group, work performed by Group IA and external auditors as well as reviews performed by the management, the ARC is satisfied that the systems of internal controls and risk management are reasonably adequate and effective.

 

INVESTMENT COMMITTEE

The Investment Committee sets and reviews policies relating to the investment of Tote Board’s surplus funds. It also reviews investment returns, performance of fund managers as well as the appointment and termination of fund managers, investment consultants and other related service providers.

GROUP HUMAN RESOURCE COMMITTEE

The Group Human Resource Committee sets and reviews Group HR Policies to maximise human capital in the Group and to make the Group a preferred employer of choice. 

MANAGEMENT OF SINGAPORE POOLS AND SINGAPORE TURF CLUB

Tote Board oversees the strategic management matters of Singapore Pools and STC, including the appointment of the Board of Directors of Singapore Pools and Management Committee of STC, as well as the appointments of CEO Singapore Pools and President & CE STC.