Other forums for communication between the Company and shareholders are as follows:- • the Company’s other general meetings (if any); • quarterly financial statements and annual reports; • announcements on major developments to Bursa Securities; • the Company’s website at www.misc.com.my; and • quarterly briefing sessions between the Company’s Management and analysts/investors. Further details on the Company’s investor relations activities are provided in pages 112 to 113 of this Annual Report. ACCOUNTABILITY AND AUDIT Financial Reporting The Board aims to present a balanced and meaningful assessment of the Group’s financial performance, position and prospects, primarily through the annual financial statements and quarterly announcements of financial results to the shareholders as well as the Chairman’s Statement and President/Group CEO’s Report on the business segment review in the Annual Report. The Board is assisted by the BAC to oversee the Group’s financial reporting processes and the quality of its financial reporting. Relationship with External Auditors The Board ensures that there are formal and transparent arrangements for the maintenance of an objective and professional relationship with the external auditors. In this relation, in compliance with Recommendation 5.2 of the Code, the Company has adopted a Policy on Assessment of External Auditors that outlines the guidelines and procedures to be undertaken by the BAC for the selection, appointment and reappointment of external auditors. The criteria for assessing the external auditors is provided in the BAC Report in pages 148 to 153 of this Annual Report. Based on the BAC’s recommendation, the Board has approved the re-appointment of Messrs Ernst & Young as external auditors for the ensuing year to be tabled at the forthcoming 48th AGM of the Company. Related Party Transactions The Company has put in place procedures, controls mechanism and guidelines to ensure that Related Party Transactions (“RPTs”) and Recurrent Related Party Transactions (“RRPTs”) are entered into on normal commercial terms and on terms which are not more favourable than those generally available to third parties dealing on arms’ length basis and are not detrimental to the minority shareholders of the Company. Further details on the procedures, controls mechanism and guidelines of RPTs and RRPTs are provided in the BAC Report on pages 148 to 153 of this Annual Report. This Statement on Corporate Governance is made in accordance with the resolution of the Board of Directors passed on 23 February 2017. MISC BERHAD • Annual Report 2016 134 STATEMENT ON CORPORATE GOVERNANCE
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