SECTION 3: OUR GOVERNANCE 120 AUDIT COMMITTEE REPORT The Board is pleased to present this Audit Committee ("AC") Report which provides insights as to the manner the AC discharged its functions for the Company for financial year ended 31 December 2024 in accordance with Paragraph 15.15 of the Bursa Listing Requirements. ROLES AND RESPONSIBILITIES The AC is integral to the Group’s governance framework, providing independent oversight to support the Board in fulfilling its statutory and fiduciary responsibilities. The AC ensures the integrity and reliability of the Group’s financial management and reporting processes, system of internal controls, related party transactions and conflict of interest that may arise within the Group. It upholds corporate governance standards and promotes accountability across the organization by ensuring compliance with applicable financial reporting and accounting standards as well as legal and regulatory requirements. Through its oversight of both internal and external audit functions, the AC plays a crucial role in fostering transparency and ethical conduct within the Group. Its efforts safeguard stakeholder interests and contribute to the Group’s financial health and operational resilience, reinforcing confidence in the Group’s governance practices. Prior to 28 August 2024, the AC functioned as the ARMC, carrying out responsibilities in assisting the Board in overseeing the Group’s financial and reporting process, its system of internal controls as well as the risk management functions, covering both financial and business operations’ processes. These include identifying, evaluating and monitoring of significant risks affecting the Group. To enhance the Group’s focus and further emphasis on governance, risk management and sustainability, the GRSC was established on 28 August 2024 to fulfil this role. The GRSC’s activities complement the role of AC in its review of the adequacy and integrity of the Group’s system of internal controls and risk management practices for the purpose of the Group’s financial reporting process. COMPOSITION The AC (and previously, ARMC) comprise solely of INEDs as follows: Director Role in the Board Role in the Committee Poh Ying Loo Independent Non-Executive Director Chairperson Datin Suryani Binti Ahmad Sarji Independent Non-Executive Director Member Alice Lee Chia Yee Independent Non-Executive Director Member The AC’s composition meets the requirement of Paragraphs 15.09 and 15.10 of the MMLR, which set out that the audit committee must be composed of not fewer than three members, all of whom must be non-executive directors with the audit committee’s chairman and a majority of the members being independent directors. The requirements also set out that at least one audit committee member must be a member of the Malaysian Institute of Accountants, and no alternate director is appointed as a member of the audit committee. The AC Chairman is a member of the Malaysian Institute of Accountants. In line with Practice 9.1 of the MCCG, the AC Chairman is also not the Chairman of the Board.
RkJQdWJsaXNoZXIy NDgzMzc=