SECTION 3: OUR GOVERNANCE 122 Prior to the formation of the GRSC on 28 Aug 2024, the AC (then named ARMC) also carried out the following governance, risk management and sustainability related activities: (a) Reviewed reports from the Group’s management regarding the Group’s risk management framework, key risks identified by management and external factors that may impact operations, to ensure the framework remains effective, evaluate the adequacy of mitigation actions and enable the Board to make informed decisions and adapt to changes. (b) Reviewed reports from the Group’s management regarding the Group’s sustainability initiatives, programs, training efforts, compliance with new reporting requirements and overall progress, to ensure alignment with the Group’s sustainability objectives. (c) Reviewed reports from the Group’s management regarding the Group’s IT systems and infrastructure to assess their reliability and security, ensuring they support operational efficiency and safeguard against potential cyber threats. (d) Reviewed before recommending to the Board, new and revised governance policies proposed by the management. INTERNAL AUDIT ACTIVITIES In FY2024, the internal audit function has carried out the following: (a) Formulated and agreed with AC on the internal audit plan and scope of works; (b) Performed internal audit reviews on the following areas: - i. Finance and Account functions of MST Golf Sdn Bhd and MST Golf (Singapore) Pte Ltd. ii. Inventory Management, Logistics Management and General Safety, Health and Environment functions of MST Golf Sdn Bhd. iii. Corporate Sales, Wholesales and E-Commerce functions of MST Golf Sdn Bhd. iv. Retail/Outlet Operation Management and Food & Beverages Management (including F&B Inventory) functions of MST Golf Sdn Bhd and MST Golf Arena Sdn Bhd. (c) Conducted follow up audits on previous internal audit reports findings to ensure the implementation of action plans by management. (d) Presentation of the internal audit reports and key findings to the AC. (e) Private sessions between AC and internal auditor without the presence of the CEO and management. The main objective of these audits is to identify any area for improvement, besides compliance internal control best practices, guidelines and objectives. The review exercise is focused on effectiveness and efficiency of operations, reliability of financial reporting, compliance with applicable laws and regulations as well as safeguarding of assets. The costs incurred by the Group on the outsourced internal audit function during FY2024 was RM 72,076 (FY2023: RM 21,476). This AC Report was made in accordance with a resolution of the Board approved on 14 April 2025. AUDIT COMMITTEE REPORT
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