STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 5. Strategic Planning and Annual budgets are prepared by the Fund’s operations. Analysis and reporting of variances against budget are presented to the Board and the trustee as required by the Trust Deed which act as a monitoring mechanism and reviewed half-yearly. 6. Quarterly and annual financial statements containing key financial results as well as operational performance results of the Fund are prepared and reported to the BARC and the Board. 7. Timely company briefings with analysts are conducted to apprise the shareholders, stakeholders and general public of the Fund’s performance while promoting transparency and open discussion. During the year under review seven (7) company briefings were carried out on the following dates: 24 May 2021, 2 June 2021, 3 June 2021, 13 September 2021, 14 September 2021, 20 September 2021 and 28 October 2021. 8. The Chief Executive Officer is involved in the running of the day-to-day business operations by meeting up with both management and operation on a weekly basis to monitor the performance and profitability of the Fund’s businesses. This is carried out via the weekly Management Committee Meetings and ad-hoc meetings to discuss progress of high-risk corporate projects and exercises. 9. Quarterly meetings on management accounts results against prior periods are conducted with significant variances explained and appropriate actions taken or plans put in place. 10. Quarterlymeetingswith the Trustee are carriedout todiscuss operational andfinancial performance of the Fund and the properties. During the year under review, four (4) meetings with the Trustee were carried out on 22 February, 1 July, 28 October and 28 December 2021. 11. TheManager tabled its successionplanning framework at theBoardmeetingandobtainedapproval of the Board at the Board meeting on 2 December 2021. The framework includes identification of future successors and leadership training for candidates of critical positions. 12. Guidelines on employment, 360 degrees performance appraisal are currently in practice to ensure the Manager’s ability to operate in an effective and efficient manner. A comprehensive performance management system that links succession planning with elements of core competencies, training needs analysis and training plan, appraisal and reward system was formalised in 2021. 13. The Human Resource Unit is in charge of the Safety & Health issues at the operating level to address and ensure compliance with Occupational Safety and Health policies and procedures, with a goal to facilitate the provision of a safe working environment for employees. Two (2) designated officers have been appointed to be responsible and act as OSH Officers to ensure compliance with the requirement to Act 514 Occupational Safety and Health Act 1994. 14. In the new normal brought about by the COVID-19 pandemic the Manager has taken a prudent approach in ensuring that where employees are to Work from Home (“WFH”), where applicable, proper equipment, safety training and policies are provided or be in place, to ensure the employee’s health, safety and welfare are accordingly protected in the course of their work. With the MCO being lifted and working at office was allowed, the Manager has looked at indicators for risk assessment indicators at the workplace and the associated control measures: ‐ scanning upon entry to office building or daily temperature check ‐ daily attendance report to the supervisory division of the Securities Commission ‐ office sanitisation ‐ monitor vaccination status of employees 122 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2021
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