Corporate Governance Overview Statement Governance Transparent Information will be released in a balanced and fair manner Accurate Information should be complete and accurate when released Consistent and Timely All stakeholders will receive the same information through broad public dissemination, which is made as and when possible 2. R isk Management and Internal Control Framework Organisations worldwide face a wide range of uncertain internal and external factors that may affect the achievement of their objectives. Risk Management focuses on identifying and evaluating threats and opportunities across the Group while Internal Control helps mitigate threats and take advantage of opportunities. The RMC assists the Board to oversee the Group’s overall risk management framework and quality delivery of the Group’s medical services, with the assistance of the International Clinical Governance Advisory Council (ICGAC). The RMC comprises three INEDs from diverse backgrounds, namely healthcare, banking, business strategy, risk management, legal, cybersecurity and corporate governance. These appointed members have been carefully chosen for their sound judgement, objectivity, integrity, management experience and keen knowledge of the industry. The Board is of the view that the system of internal control and risk management in place during the financial year 2023 is sound and sufficient to safeguard the Group’s assets and shareholders’ investments, as well as the interests of customers, regulators, employees and other stakeholders. Please refer to the AC Report, RMC Report and Statement on Risk Management and Internal Control as laid out on pages 106 to 108, pages 109 to 110 and pages 111 to 118 respectively of this Annual Report for further details on the risk management and internal control framework of the Group. Internal Audit A key duty of the AC is to oversee the Company’s internal controls. The independent internal audit function of the Group is an important resource to help carry out this responsibility. Apart from Gleneagles Hong Kong and Parkway Life Real Estate Investment Trust, the Group’s Internal Audit function is undertaken in-house supported by co-sourcing with independent external subject matter experts, where necessary, and reports directly to the AC. The internal audit function of Fortis Healthcare Limited Group is undertaken in-house and supported by outsourced independent internal audit firms periodically. The Group’s Internal Audit is guided by international standards and professional best practices of Internal Audit. Group Internal Audit uses structured risk-based and strategic-based approaches to develop its strategic audit plan, which is reviewed and approved by the AC at least annually. The internal audit function is further disclosed in the AC Report and Statement on Risk Management and Internal Control on pages 106 to 108 and pages 111 to 118 respectively of this Annual Report. Principle C – Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders 1. Engagement with Stakeholders The Group recognises the importance of effective and timely communication with stakeholders to ensure they are informed of the Group’s latest financial performance and pertinent business matters. Open, clear and timely communication plays a pivotal role in fostering confidence and trust between the Group and its stakeholders, shareholders and the investing community at large. Management is dedicated to providing information that accurately and fairly represents the Group to ensure our stakeholders have clear and factual insights into the Group’s strategy, financial performance and all material matters affecting the Company through announcements made on Bursa Securities and SGX including the Company’s quarterly financial results. The Company ensures that its communication with various stakeholders through various means complies with the following criteria: IHH Healthcare Berhad 98
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