49 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 ATTENDANCE OF MEETINGS (Cont’d) The attendances of the members of ARC at the five (5) meetings held during FY2021 are as follows: - Directors Designation Attendance Dato’ Chan Choy Lin, Carol Chairman 5/5 Matteo Stefanel Member 2/3 Datuk Kamaruddin Bin Taib Member 5/5 Tan Lye Sim Member -/- Kung Lee See Member -/- The Group Chief Executive Officer (“CEO”) and the Group Chief Financial Officer (“CFO”) were invited to all ARC meetings to facilitate direct communication related to the Group’s financial results while the Group Chief Risk Officer (“CRO”) was invited to provide information regarding the Group’s Risk Management activities. The Head of Group Internal Audit (“GIA”), relevant members of the Management, and the External Auditors were also invited to attend the ARC meetings, where appropriate, to present their reports on financial results, audit and other matters for the review of the ARC. The Chairman of the ARC has the right to request those who are in attendance to step out from the meeting when matters to be discussed are likely to be hampered by their presence or when confidentiality of matters being discussed needs to be preserved. The ARC members held one (1) private meeting with the External Auditors in FY2021 without the presence of the Management. Minutes of all ARC meeting were recorded and tabled for confirmation at the following ARC meeting and were subsequently presented to the Board for notation. TERMS OF REFERENCE The ARC is responsible among others to review and monitor the integrity of the Group’s reporting processes, system of internal control audit process as well as to ensure compliance with legal, regulatory and taxation matters for the Group. The Terms of Reference for the ARC which is in line with the provisions of the MMLR and other best practices are accessible to the public on the Company’s official website at www.ghl.com. SUMMARY OF ACTIVITIES DURING FINANCIAL YEAR ENDED 31 DECEMBER 2021 The ARC reports regularly to the Board on its activities, deliberations, and recommendations in discharging its duties and responsibilities as set out in its Terms of Reference, which the Committee has reviewed and determined to be in line with MMLR and MCCG. The main activities undertaken by the Committee during 2021 are summarised as follow: Financial Reporting: a. Reviewed the audited financial statements of the Group and of the Company in conjunction with the External Auditors and Group CFO to ensure compliance of the financial statements with the provisions of the Companies Act 2016 and the applicable approved accounting standards, as per the Malaysian Accounting Standards Board (“MASB”), prior to recommending the same to the Board for approval b. Reviewed the quarterly unaudited financial results of the Group together with the Group CFO, focusing particularly on significant changes to accounting policies and practices, and unusual events, compliance with accounting standards and other legal requirements prior to recommending the same to the Board for approval and release to Bursa Malaysia AUDIT AND RISK COMMITTEE REPORT CONT’D
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