89 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CORPORATE GOVERNANCE OVERVIEW STATEMENT The GBRC comprises a majority of INEDs and is chaired by an INED other than the Chairman of the Board. Details on the GBRC’s composition, as well as its members’ attendance at the GBRC meetings during the Financial Year Ended 31 December 2023 are provided on page 74 of this Annual Report and in Section B of the CG Report which are available on KIBB’s website at https://www.kenanga.com.my/investor-relations/AGM2024. The GBRC was established to support the Board in meeting the expectations on risk management as set out in BNM’s Policy Document on Risk Governance. It also assists the Board in the implementation of a sound remuneration system, by examining whether incentives provided by the remuneration system take into consideration risks, capital, liquidity and the likelihood and timing of earnings, without prejudice to the tasks of the GNC. The functions and responsibilities of the GBRC are set out in its Terms of Reference which is available on KIBB’s website at https://www.kenanga.com.my/investor-relations/corporate-governance/. The GBDITC comprises a majority of INEDs and is chaired by an INED other than the Chairman of the Board. The GBDITC was established on 29 August 2019 to support the Board in providing direction and oversight over technologyrelated matters as set out in BNM’s Policy Document on Risk Management in Technology. In addition to providing oversight on technology-related matters, including risks, the GBDITC also reviews, evaluates and makes appropriate recommendations to the Board for approval, proposals on technology/ digital innovations put forward by Management, in line with KIBB Group’s medium and long-term business strategy which includes the digitalisation strategy for the Group. The functions and responsibilities of the GBDITC are set out in its Terms of Reference which is available on KIBB’s website at https://www.kenanga.com.my/investor-relations/corporate-governance/. Group Board Risk Committee Group Board Digital Innovation & Technology Committee The Board is responsible for ensuring that KIBB has in place effective and comprehensive risk management policies, procedures and infrastructure to identify, measure, monitor and control the various types of risks undertaken by KIBB Group. In discharging this responsibility, the Board approves and periodically reviews the risk management capabilities of KIBB Group to ensure their ability to support KIBB Group’s business activities and any expansion thereof. It is important to emphasise that the ultimate responsibility for ensuring a sound internal control system and reviewing the effectiveness of the system lies with the Board. The Group’s inherent system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve the Group’s corporate objectives, as well as to safeguard the Shareholders’ investments and the Group’s assets. The details of KIBB Group’s internal control system and risk management framework are set out in the Statement on Risk Management and Internal Control appearing on pages 111 to 115 of this Annual Report. Risk Management and Internal Control
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