MISC Annual Report 2017

135 Corporate Governance B. Risk Management and Internal Control Framework The Board acknowledges its overall responsibility for continuous maintenance of a sound risk management framework and internal control to safeguard shareholders’ investment and the Group’s assets. Over and above the quarterly review by the Board Audit and Risk Committee on risk events, relevant risk appetite and mitigation measures at the enterprise level, the Board reviews the status of risk management activities and the updated Risk Register. The Board also ensures that all relevant project and investment risks, including the mitigation measures, are deliberated when making such decisions. Such Project Risk Assessments encompass, amongst others, project execution risk, contract management risk, counter-party risk, operations risk, geopolitical risk, and asset integrity risk. In relation to reviewing the adequacy and the integrity of the Company’s internal control systems (conducted via the BARC), the Board reviewed the reports on Related Party Transactions, Conflict of Interest oversight, Whistleblowing cases and enhanced management processes thereof, and certain improvements to internal controls as highlighted by the Group Internal Audit. The Company’s Risk Management and Internal Control practice is further elaborated in the Statement on Risk Management and Internal Control in pages 142 to 148 of this Annual Report and further details on Risk Management and Internal Control oversight are provided in the BARC Report on pages 151 to 156 of this Annual Report. PRINCIPLE C : INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS A. Communication with Stakeholders Investor Relations The Board values its dialogue with the investment community including both the institutional shareholders and private investors to enhance investors’ understanding of the Group. MISC aims to continuously build and maintain transparent communication with the shareholders, potential investors and the investing community. Through MISC Group Investor Relations programme, MISC is committed to uphold best practices in corporate governance and ensure timely and equal dissemination of material information to the stakeholders. Other than the AGM as the principal forum of dialogue with the shareholders, the Company also uses the following forum for communication between the Company and stakeholders: - • 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 122 to 123 of this Annual Report. Integrated Reporting MISC is moving towards adopting integrated reporting based on a globally recognised framework so as to improve the quality of information available to investors and to promote greater transparency and accountability on the part of the Company, in line with the MCCG 2017. The adoption of integrated reporting will be implemented on staggered basis starting from 2018 and certain sections of MISC Annual Report 2017 have already been prepared based on the integrated reporting framework. CORPORATE GOVERNANCE OVERVIEW STATEMENT