I AM
DISORIENTED
Singapore Totalisator Board
Annual Report 2018/ 19

CORPORATE

GOVERNANCE

Tote Board is committed to ensuring the highest standard of corporate governance in the Tote Board Group (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 the functions of Tote Board, ensuring that resources are optimally utilised to fulfil the mission of Tote Board.

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.

Enterprise Risk
Management

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

Internal
Controls

The Management of Tote Board, Singapore Pools and STC are 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

For FY2018, 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 the 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 the laws and regulations by Tote Board and the Group.

Based on the systems of internal controls and risk management established and maintained by the Group, the 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, the 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 reviews and sets Group HR policies to ensure that the Group provides a career value proposition to the staff, attracts and develops its fair share of talents, and proactively prepares for succession planning management for Group leadership positions.

Management of
Singapore Pools and STC

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 Chief Executive Officer of Singapore Pools, and President and Chief Executive of STC.

Committees and Members

GROUP HUMAN RESOURCE COMMITTEE
Chairman Mr Moses Lee
Members Mr Koh Choon Hui
Mr Lim Joo Boon
AUDIT AND RISK COMMITTEE
Chairman Mrs Fang Ai Lian
Members Mr Cheah Kim Teck
Mr Fong Heng Boo
BG Yew Chee Leung
(up to 31 December 2018)
COL Narayanan Letchumanan
(from 1 January 2019)
INVESTMENT COMMITTEE
Chairman Mr Ng Soo Nam
Members Dr Chia Tai Tee
Mr Linus Goh
(up to 31 December 2018)
Mr Hou Wey Fook
(from 1 January 2019)
Mr Yee Ping Yi