85 Oversight of Financial Reporting The Board, assisted by the AC, oversees the Group’s financial reporting processes and ensures the quality and integrity of the Group’s financial reports. The AC reviews the quarterly financial results and the audited financial statements which are then approved by the Board before being released to Bursa Securities and Singapore Exchange Securities Trading Limited (SGX). Please refer to the following reports/ statements as contained in this Annual Report for further details: • Directors’ Responsibility Statement for the audited financial statements of the Company and the Group on page 112; • Company and the Group financial statements for financial year ended 31 December 2024 on pages 114 to 236; and • AC Report on pages 94 to 96. Review of Conflict of Interest The AC reviews and reports to the Board on any COI situations that have arisen, persist or may arise, along with the measures taken to resolve, eliminate or mitigate such conflicts in accordance with the MMLR, Bursa Securities’ Guidance on COI (ICN 1/2023) as well as IHH’s COI Policy. On a quarterly basis, the AC reviews COI declarations received from Directors and key senior management (KSM) to ensure that appropriate measures have been taken to mitigate any conflicts. Directors and KSM are required to provide periodic disclosures to ensure that any COI has been declared and reviewed. At the employee level, COI is governed by the Company’s Code of Conduct, which is administered by the Human Resources department. 2. Risk Management and Internal Control Framework Organisations worldwide face a myriad of uncertain internal and external factors that may impact the achievement of their objectives. Risk Management focuses on identifying and evaluating threats and opportunities across the Group while Internal Controls help mitigate these threats and capitalise on opportunities. The RMC assists the Board to oversee the Group’s overall risk management framework and ensure the quality delivery of the Group’s medical services, with the support of the International Clinical Governance Advisory Council (ICGAC). The RMC comprises three INEDs from diverse backgrounds, namely healthcare, business strategy, risk management, legal, finance, audit and corporate governance. These appointed members have been carefully chosen for their sound judgement, objectivity, integrity, management experience and profound industry knowledge. The Board is of the view that the system of internal control and risk management systems implemented throughout the financial year 2024 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 94 to 96, pages 97 to 98 and pages 99 to 106 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 in fulfilling 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, with periodic support from outsourced independent internal audit firms. 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 94 to 96 and pages 99 to 106 respectively of this Annual Report.
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