FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) ANNUAL REPORT 2024 38 PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS (CONT’D) Meetings of the Board and Board Committees During the financial year under review, the Board and the Audit Committee convened five (5) meetings each whilst NC and RC had one (1) meeting each. The attendance of the members at the said meetings is set out below: Name of Director Board Audit Committee NC RC Ng Wai Pin – Chairman of Board and Chief Executive Officer 5/5 N/A N/A 1/1 Dr Tay Kiang Meng – Executive Director 5/5 N/A N/A N/A Ng Chee Whye – Independent Non-Executive Director and Chairman of Audit Committee and RC 5/5 5/5 1/1 1/1 Gerald Chiu Yoong Chian – Non-Independent NonExecutive Director 5/5 N/A 1/1 N/A Koh Huey Min – Independent Non-Executive Director 5/5 5/5 1/1 1/1 YM Raja Jastina Adlina Binti Raja Arshad – Independent Non-Executive Director and Chairman of NC 5/5 5/5 1/1 N/A Note: Ng Wai Pin resigned as a member of the RC w.e.f. 22 February 2024 and YM Raja Jastina Adlina Binti Raja Arshad was appointed in his place on the same day. PRINCIPLE B – EFFECTVE AUDIT AND RISK MANAGEMENT I. AUDIT COMMITTEE To assist in the discharge of its duties on financial reporting, the Board has established an Audit Committee, comprising three (3) Non-Executive Directors, with Mr Ng Chee Whye, an Independent Non-Executive Director, as the Committee Chairman. The Committee’s composition, including its roles and responsibilities as well as a summary of its activities carried out during the financial year under review, are set out in the Audit Committee Report on pages 46 to 48 of this Annual Report. One of the key responsibilities of the Audit Committee is to ensure that the financial statements of the Group and Company comply with Malaysian Financial Reporting Standards, International Financial Reporting Standards and provisions of the Companies Act 2016. Such financial statements comprise the quarterly financial report announced to Bursa Securities and the annual statutory financial statements. The Board understands its role in upholding the integrity of financial reporting by the Company. Accordingly, the Audit Committee, which assists the Board in this aspect, has adopted a policy for the types of non-audit services permitted to be provided by the external auditors and/or their affiliates, including the need for obtaining the Audit Committee’s approval for such services. To enhance transparency and governance, the Audit Committee has also formalised the Policies and Procedures To Assess The Suitability, Objectivity And Independence Of External Auditors that requires a former audit partner to observe a cooling-off period of at least three (3) years if this person is sought to be appointed as an Audit Committee member. This applies to all partners of the external audit firm and/or its affiliate firm. The cooling off period safeguards the independence of the audit by avoiding the potential threats which may arise when a former partner of the external audit firm is in position to exert significant influence over the audit and preparation of the Company’s financial statements. CORPORATE GOVERNANCE OVERVIEW STATEMENT (CONT’D)
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