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Frontken Corporation Berhad (651020-T)
ANNUAL REPORT
2016
Principle 4 – Foster commitment (cont’d)
4.2 The Board should ensure members have access to appropriate continuing education programme (cont’d)
During the year, the Directors were apprised by the Company Secretary immediately after every Board Meeting three
(3) times consecutively on the new, updated and amended provisions found in the Companies Act 2016 as compared
to the Companies Act 1965.
For the financial year under review and up to the date of this Statement, the training courses, forums and briefings
attended by the Directors are as follows:-
Ng Wai Pin
•
Financial Statements - Numbers tell a story, what to look out for.
•
SEMICON Taiwan 2016
Dr Tay Kiang Meng
•
SEMICON Taiwan 2016
Dato’ Haji Johar bin Murat @ Murad
•
Strategic Management
Aaron Sim Kwee Lein
•
Financial Statements - Numbers tell a story, what to look out for.
Dr Jorg Helmut Hohnloser
•
International Trade Fair for Surface Treatments and Coatings (31 May
2016 to 2 June 2016)
•
International Trade Fair for System Solutions in Laser Material
Processing. In an unrivalled way it shows the entire user spectrum of
lasers, covering a comprehensive range of laser applications across
different industries and materials (31 May 2016 to 2 June 2016)
Timo Fabien Seeberger
•
CeBit about Smart Data
•
Hannover Trade Fair about Industry 4.0
Principle 5 – Uphold integrity in financial reporting
5.1 The Audit Committee should ensure financial statements comply with applicable financial reporting standards
The Board, through the Audit Committee, endeavours to provide and present a balanced and meaningful assessment
of the Group’s financial performance and prospects to shareholders, primarily through the Annual Reports and quarterly
announcements of the Group’s results to the regulators. The Board is assisted by the Audit Committee in overseeing
the Group’s financial reporting process and the accuracy, consistency and appropriateness of the use and application
of accounting policies and standards.
On a yearly basis, the Audit Committee meets with the External Auditors to go through the Audit Planning Memorandum
prior to commencement of the audit. In addition, the Audit Committee also meets with the External Auditors to discuss
their report to the Audit Committee following completion of their audit. The External Auditors share with the Audit
Committee any significant issues on the financial statements and regulatory updates. The Audit Committee obtains
assurance from the External Auditors on the Company’s compliance with the applicable financial reporting standards.
5.2 The Audit Committee should have policies and procedures to assess the suitability and independence of external auditors
The Audit Committee assesses the performance of the External Auditors on an annual basis and reports to the Board
its recommendation for the re-appointment of the External Auditors at the Annual General Meeting.
In addition, the Audit Committee has formalised a policy on the provision of non-audit services by the External Auditors.
During the financial year ended 31 December 2016, the fees for non-audit services rendered by the External Auditors
to the Group amounted to approximately RM240,000. The amount and nature of non-audit services provided by the
External Auditors accorded with the policy on the provision of non-audit services.
The External Auditors had provided a written assurance to the Audit Committee that they were independent throughout
the conduct of the audit engagement based on the independence criteria of relevant professional and regulatory
requirements.
Corporate Governance
Statement
(cont’d)