The Board of Directors of Chemical Industries announced the redesignation of the Audit Committee of the Company to the Audit and Risk Committee of the Company effective from 1 August 2023. The responsibility of overseeing the Group's risk management framework and policies is delegated by the Board to the Audit Committee. In its risk oversight fuction, the Audit Committee reviews the adequacy and effectiveness of the Group's internal controls and risk management systems. The redesignation appropriately reflects the Audit and Risk Committee's dual functions as an audit committee and a risk committee.

The following composition of the Audit and Risk Committee is the same as that of the former Audit Committee: Mr. Yeo Hock Chye (AC Chairman, Non-Executive and Independent Director), Dr. Tay Kin Bee (Non-Executive and Independent Director), Mr, Lim Chee San (Non-Executive and Independent Director), Mr. Lim Yew Nghee (Non-Executive and Non-Independent Director).