Frontken Berhad Annual Report 2019

37 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2019 Audit Committee Report (A) COMPOSITION AND ATTENDANCE Pursuant to Paragraph 15.09(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Company has established an Audit Committee, comprising the following members: Name Director Position Dato’ Haji Johar Bin Murat @ Murad Independent Non-Executive Chairman of Audit Committee Aaron Sim Kwee Lein Demised on 30 June 201 9 Independent Non-Executive Member Dr Jorg Helmut Hohnloser Retired on 30 May 2019 Independent Non-Executive Member Ng Chee Whye Appointed on 31 July 2019 Independent Non-Executive Member Gerald Chiu Yoong Chian Appointed on 31 July 2019 Non-Independent Non-Executive Member Members of the Audit Committee are appointed by the Board of Directors from amongst the Directors who fulfil the following requirements: (a) the Audit Committee must comprise not less than three (3) members who are financially literate; (b) all the Audit Committee members must be Non-Executive Directors, with a majority of them being Independent Non-Executive Directors; and (c) at least one (1) member of the Audit Committee: (i) must be a member of the Malaysian Institute of Accountants; (ii) if he is not a member of the Malaysian Institute of Accountants, he must have at least three (3) years of working experience; and: (aa) he must have passed the examinations specified in Part I of the First Schedule of the Accountants Act 1967; or (bb) he must be a member of one of the associations of accountants specified in Part II of the First Schedule of the Accountants Act 1967; or (iii) fulfils such other requirements as prescribed or approved by Bursa Securities. The Board assesses the performance of the Audit Committee in terms of its effectiveness and contribution of Audit Committee members on an annual basis to determine whether the Audit Committee and its members have carried out their duties in accordance with their terms of reference. The meeting attendance of the Audit Committee members is provided in the Corporate Governance Overview Statement in this Annual Report. (B) MEETINGS There were four (4) meetings held during the financial year under review. The Audit Committee met with the External Auditors privately once during the financial year under review without the presence of the Executive Directors and Management. At this meeting, the Audit Committee enquired into the co-operation extended by Management in the course of the audit, including the supply of information to facilitate the conduct of the external audit and whether the External Auditors encountered any difficulty in obtaining such co-operation and information for the purpose of the External Audit. Meetings of the Audit Committee are planned ahead so that the members can make the necessary arrangement to attend the meetings. The notice for the meetings, together with meeting papers, is normally served at least one (1) week before each meeting to enable Audit Committee members to read, including an opportunity for them to inquire into the agenda items as well as to seek more information before the meeting.