Variable Remuneration Performance Bonus Basic Salary Additional Benefit Benefits-in-kind Other Benefits Allowances Fixed Remuneration Total Remuneration PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT Audit, Governance and Risk Committee The Board has established an Audit, Governance and Risk Committee (AGRC) to provide robust oversight on financial reporting, external and internal audit processes, and related party transactions. The AGRC members possess the requisite financial literacy and business knowledge that support the sound understanding of matters under their purview. The AGRC has unrestricted access to both the internal and external auditors, who report functionally and directly to the AGRC. The AGRC has established transparent arrangements to maintain an appropriate relationship with the Company’s external auditor. The external auditor has provided assurance that its personnel are and have been independent throughout the conduct of the audit in accordance to the terms of relevant professional and regulatory requirements. Oversight of Financial Reporting The Board ensures that Shareholders are presented with a clear, balanced and comprehensive view of the Group’s financial performance and prospects through the audited financial statements, quarterly announcement of financial results, the Chairman’s Address and the Management Discussion and Analysis (MD&A) on page 266, page 42, page 48 and page 76, respectively in this Annual Integrated Report as well as corporate announcements on significant developments affecting the Company in accordance with the Listing Requirements. The Directors considered the compliance with all applicable financial reporting standards, provision of the Companies Act, 2016 and relevant provision of laws and regulations in Malaysia. The AGRC updates the Board on the matters deliberated in its meetings. Details on the summary of work carried out during the year is set out in the AGRC Report on page 229 of this Annual Integrated Report. Corporate Governance Matters We are committed to excellence in corporate governance, transparency and accountability. All those are vital in supporting our business in executing its strategy and in generating long-term shareholder value. Below are the initiatives taken in place: Governance • Establishment of MSM Domestic Sales Policy, Conflict of Interest Policy and Referral Policy • Revision of MSM Governance of Policies and Procedures Policy, Group Trading Policy, Related Party Transactions (RPT) and Recurrent Related Party Transactions (RRPT) Policy, Receivables Policy, Credit Control & Sales Payment Term Policy, Group Procurement Policy, Code of Business Conduct & Ethics The summary of the Group CEO’s remuneration package is as follows: SUSTAINABILITY JOURNEY HOWWE ARE GOVERNED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 225
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