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PETRA FOODS LIMITED
ANNUAL REPORT 2015
AP P END I X ( S HAR EHOLDE R S ’ MANDAT E )
2.
THE RENEWAL OF THE SHAREHOLDERS’ MANDATE FOR INTERESTED PERSON TRANSACTIONS
(continued)
2.4
Review Procedures for Interested Person Transactions
(continued)
The Group will implement the following procedures for the identification of interested persons and the
recording of all the Company’s interested person transactions:
(a)
At or about the fifteenth day of each month, the heads of the various departments are required to
submit details of all Interested Person Transactions entered into during the previous month to the Chief
Financial Officer, such as the actual value of the transactions. A “nil” return is expected if there are no
Interested Person Transactions for the month;
(b)
the Chief Financial Officer will maintain a register of interested person transactions carried out with
Interested Persons; and
(c)
following the review of the list by the Chief Financial Officer, the list will be submitted to the Company’s
Chief Executive Officer for approval prior to the submission to the Audit Committee for review and
approval.
The Directors will ensure that all disclosure requirements on the Interested Person Transactions, including those
required by prevailing legislation, the Listing Manual and accounting standards, are complied with. In addition,
such transactions will be subject to Shareholders’ approval if required by the Listing Manual. The Company will
disclose in its Annual Report the aggregate value of the Interested Person Transactions conducted during the
financial year.
The Company will maintain a register of transactions carried out with the Interested Persons pursuant to the
Shareholders’ Mandate (recording the basis, including the quotations obtained to support such basis, on which
they were entered into), and the Company’s internal audit plan will incorporate a review of all transactions
entered into in the relevant financial year pursuant to the Shareholders’ Mandate.
The Audit Committee shall review these internal audit reports on the Interested Person Transactions annually
to ascertain that the established review procedures to monitor the Interested Person Transactions have been
complied with.
If, during these periodic reviews by the Audit Committee, the Audit Committee is of the view that the review
procedures as stated above have become inappropriate or insufficient in view of changes to the nature of,
or the manner in which, the business activities of the Group are conducted, the Company will revert to
Shareholders for a fresh mandate based on new guidelines and review procedures to ensure that Interested
Person Transactions will be conducted at arm’s length, on normal commercial terms and not prejudicial to the
interests of the Company and its minority Shareholders.
