DESTINI Annual Report 2020

The information on the Group’s risk management and internal control is further elaborated in the Statement on Risk Management and Internal Control of this Annual Report. 10. Internal Audit Function The Group has established its in house Internal Audit Department since 2004, which reports to the Audit Committee and assists the Audit Committee to provide an independent assessment and assurance over the system of internal control of the Group to the Audit Committee and the Board. Further details of the activities of the internal audit function are set out in the Audit Committee Report in this Annual Report. CompliancewithApplicableFinancialReportingStandards TheBoardstrives toprovideshareholderswithabalancedand meaningful evaluation of the Group’s financial performance, financial position and prospects through the annual audited financial statements, interim financial reports, annual report and announcements to Bursa Securities. The interim financial reports, annual audited financial statements and annual report of the Group for the financial year ended 31 December 2020 are prepared in accordance with the Malaysian Financial Reporting Standards, Listing Requirements and the Companies Act, 2016. The Board is assisted by the Audit Committee in overseeing the financial reporting processes and ensuring the quality of its financial reporting. PRINCIPLEC:INTEGRITYINCORPORATEREPORTINGAND MEANINGFUL RELATIONSHIPWITH STAKEHOLDERS PART I–COMMUNICATIONWITH STAKEHOLDERS 11. Continuous Communication between Company and Stakeholders The Group values dialogue and recognises the need to communicate with its investors, thus encouraging constructive two-way communication. The Group uses several channels to appropriately inform its investors of major developments and of the operations of the Company through disclosures and announcements made to Bursa Securities, press releases, annual reports and the Board also has the option to arrange meetings with analysts or investors, if necessary. In order to maintain its commitment of effective communication with shareholders, the Group embraces the practice of comprehensive, timely and continuing disclosures of information to its shareholders as well as the general investing public. The practice of disclosure of information is to adopt the best practices recommended in the MCCG with regard to strengthening engagement and communication with shareholders, it is not only established to comply with the Listing Requirements of Bursa Securities. The Group also endeavours to provide additional disclosures of information on a voluntary basis, where necessary. The management believes that consistently maintaining a high level of disclosure and extensive communication is vital to shareholders and investors in making informed investment decisions. The Company strives to provide a high level of transparency reporting in order to provide value for stakeholders. Besides the above, the Company’s Annual Report, circulars and financial results are dispatched on an annual basis to the shareholders to provide an overview of the Group’s business activities and performances, the Share Registrar is available to attend to administrative matters relating to shareholder interests. Leverage on Information Technology for Effective Dissemination of Information The Company’s website at www.destinigroup.com incorporates an Investor Relations section which provides all relevant information on the Company accessible to the public. This section enhances the Investor Relations function by including all announcements made by the Company and its annual reports. The quarterly financial results are announced via Bursa LINK after the Board’s approval. This is important in ensuring equal and fair access to information by the investing public. Shareholders and investors may also forward their queries to the Company via email to info@destinigroup.com . Dialogue with Shareholders Inadditiontothedisseminationof informationtoshareholders and other interested parties via announcements to Bursa Securities, its website, circulars and press releases, the Board is of the view that the annual and any extraordinary general meetings as ideal opportunities to communicate with shareholders. During general meetings, the Chairman of the Board or the President & Group Chief Executive Officer of the Company will brief shareholders on the Company’s projects and elaborate further on proposals for which the approval of shareholders is being sought. Whilst the Company endeavors to provide as much information as possible to its shareholders, it is also mindful of the legal and regulatory framework governing the release of material and price-sensitive information. Corporate Governance Overview Statement 67 ANNUAL REPORT 2020 DESTINI BERHAD