05 / HOW WE ARE GOVERNED 01 02 03 04 06 07 08 09 149 AUDIT COMMITTEE REPORT The AC at its meeting on 24 July 2025, had taken note of the results of the Gap Assessment on GIA against the new Global Internal Audit Standards to support GIA’s alignment with the new Standards and reinforce its continued advancement in delivering effective internal audit services. At its meeting held 23 October 2025, the AC had reviewed and approved the revised Internal Audit Charter and Internal Auditor’s Annual Declaration Form. The AC, at all of its quarterly meetings also reviewed and noted the confirmed minutes of meetings of the Audit & Risk Committee of Kenanga Investors Berhad and the Group Outsourcing & Procurement Committee of KIBB. In addition to the usual report on GIA’s reviews, the AC had also deliberated on fraud and whistleblowing related matters at its quarterly meetings. 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. There was no regulatory examination/ inspection report tabled at the AC for the year 2025. 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 2025, 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 2025 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 meetings on 23 January 2025 and 26 February 2025, and Joint AC and GNC meeting on 13 March 2025 respectively, had reviewed and recommended to the Board of KIBB for approval, the following reports and/ or statements: For Disclosures in KIBB’s Integrated Annual Report 2024 3.4 f g h i 3.5 3.6 Statement on Risk Management and Internal Control AC Report Sustainability Statement Corporate Governance (“CG”) Overview Statement Net Zero by 2050 Roadmap Approach
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