PRINCIPAL B: EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) I. AUDIT COMMITTEE (“AC”) (CONT’D) The composition of the AC undergoes an annual review by the NC and subsequently recommended to the Board for approval. Based on the results of the evaluation conducted during the FY2023, the Board expressed satisfaction with the performance of the AC in discharging its responsibilities. For further details on the activities undertaken by the AC, please refer to the AC Report set out on pages 150 to 153 of this IAR2023. II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK Risk management is a pivotal element of good management practice and effective corporate governance. Our Risk Management Policy ensures that the Board’s decision-making is supported by sufficient information, fostering informed discussions and considerations. The enhanced levels of risk discourse and heightened Management engagement are imperative in ensuring that appropriate monitoring and mitigations are embedded to support the proposals in discussion. The Board fulfills its obligation in risk governance and oversight functions through its Risk Management Committee (“RMC”) which comprises three (3) Independent Non-Executive Directors. The RMC is entrusted with the management of the Group’s overall risk exposure. In addition to reviewing the adequacy and efficacy of the internal control system of the Group, the RMC also assesses and monitors the effectiveness of risk management frameworks and controls. The Board is committed to driving a proactive risk management approach and ensuring that the Group’s employees possess a comprehensive understanding of risk management principles, in order to cultivate a sustainable risk management culture throughout the organisation. The Board will continue to challenge the Group’s risk reporting mechanism and advocating for a data-driven approach to capture and quantify exposures where applicable and necessary. The Board is confident that the system of internal control and risk management implemented during FY2023 is sound and sufficient to safeguard the Group’s assets, as well as safeguard shareholders’ investments and the interests of stakeholders. The details of the Risk Management and Internal Control Framework can be obtained in the Risk Management and Internal Control Statement set out on pages 154 to 156 of this IAR2023. PRINCIPAL C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. COMMUNICATION WITH STAKEHOLDERS The Group recognises the importance of stakeholder engagement leading to the long-term sustainability of its businesses. As a conscientious corporate entity, the Group acknowledges the importance of engaging with stakeholders and recognises the potential impact its operations may have on a diverse array of stakeholders. To ensure that engagement efforts are constructive and meaningful, the Board contextualises each decision within the framework of relevant economic, social, and environmental considerations. MYEG has taken proactive steps to enhance its engagement with stakeholders including analysts, fund managers, and shareholders, both locally and internationally, upon request. These engagements serve as vital platforms for fostering transparency, facilitating dialogue, and addressing concerns raised by stakeholders. Since the financial year 2019, MYEG has adopted an integrated reporting approach and has continually to improve and strengthen its disclosure in alignment with the principles outlined in the Integrated Reporting framework. This framework encompasses the six capitals, seven guiding principles, and eight content elements, thereby enhancing the transparency and comprehensiveness of the Group’s reporting practices. CORPORATE GOVERNANCE OVERVIEW (cont’d) 130 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) PRINCIPAL B EFFECTIVE AUDIT AND RISK MANAGEMENT
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