KENANGA ANNUAL REPORT 2023

122 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 AUDIT COMMITTEE REPORT Regulatory Examinations/ Inspection Report As stipulated in its TOR, the AC also deliberates on reports issued by the regulators arising from their examinations or inspections on entities within KIBB Group. This is to ensure proper and adequate implementation of appropriate remedial and corrective measures in respect of the findings raised by the respective regulators arising from their respective examinations/ inspections. The AC had at its meeting held on 24 October 2023, deliberated on the Final Inspection Report by Bursa Malaysia Berhad on KIBB dated 14 July 2023. During its deliberation, the AC discussed in detail Bursa Malaysia Berhad’s inspection issues, as well as the detailed course of action/ corrective measures implemented/ to be implemented by KIBB to address the issues raised by Bursa Malaysia Berhad. Related Party Transactions and Conflict of Interest The AC considered transactions with a related party and/ or interested persons to ensure that such transactions are undertaken on an arm’s length basis, on normal commercial terms consistent with KIBB Group’s business practices and policies, not prejudicial to the interests of KIBB and its minority shareholders and on terms which are generally no more favourable to the related parties and/ or interested persons. During its quarterly meetings, the AC also reviewed the existing related party transactions and recurrent related party transactions entered into by the Company and/ or its group of companies to ensure compliance with the MMLR of Bursa Malaysia. During the Financial Year 2023, no new related party transactions and/ or recurrent related party transactions were reported. In terms of conflict of interest, it was managed by Group Business Ethics and Integrity (“GBEI”), the details of which are provided under Paragraph 3.9(a) below. Disclosure for Annual Report 2022 Under its TOR, the AC was also tasked to review the accuracy and adequacy of the Chairman’s Message to be disclosed in KIBB’s Annual Report, corporate governance disclosures and internal control, interim financial reports and preliminary announcements in relation to the preparation of financial statements. In this regard, the AC at its meeting on 30 January 2023, 23 February 2023 and 30 March 2023 respectively, had reviewed and recommended to the Board of KIBB for approval, the following reports and/ or statements: For Disclosures in KIBB’s 2022 Annual Report For Announcement to Bursa Malaysia Together with the Announcement of KIBB’s 2022 Annual Report At the same meeting, the AC had also granted its concurrence on the Chairman’s Message and the Group Managing Director’s Management Discussion & Analysis Statement for incorporation into KIBB’s 2022 Annual Report. The AC’s recommendation was subsequently approved by the Board of KIBB on 6 March 2023 and 5 April 2023 respectively. 3.4 3.5 3.6 Statement on Risk Management and Internal Control Sustainability Report Sustainability Statement AC Report CG Report Corporate Governance (“CG”) Overview Statement

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