Singapore legislation
Section 15
Section 15
Audit committees
(1)
The trustee‑manager of a registered business trust must establish an audit committee in accordance with such requirements as may be prescribed by the Authority, including requirements in respect of the composition of an audit committee.
(2)
The audit committee and every member of the audit committee must comply with such requirements as may be prescribed by the Authority, including requirements in respect of the duties and functions of an audit committee.
(3)
Every director of the trustee‑manager of a registered business trust must take all reasonable steps to secure compliance by the audit committee of the trustee‑manager and every member of the audit committee (as the case may be) with subsection (2).
(4)
Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(5)
If any director of the trustee‑manager of a registered business trust —
fails to take all reasonable steps to secure the compliance by the audit committee of the trustee‑manager or any member of the audit committee with subsection (2); or
has by his or her own wilful act been the cause of any contravention of subsection (2) by the audit committee of the trustee‑manager or any member of the audit committee,he or she shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.