155 GOVERNANCE B. EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) I. Audit Committee (cont’d) 5IF $IBJSNBO PG UIF "$ JT OPU UIF $IBJSNBO PG UIF #PBSE FOTVSJOH UIF PCKFDUJWJUZ PG UIF #PBSE T SFWJFX PG UIF AC’s findings and recommendations remains intact. 5IF "$ IBT BEPQUFE B 5FSNT PG 3FGFSFODF UIBU PVUMJOFT JUT HPBMT PCKFDUJWFT EVUJFT SFTQPOTJCJMJUJFT BOE DSJUFSJB for the composition of the AC. This includes a provision that a former key audit partner of the Group must PCTFSWF B DPPMJOH PGG QFSJPE PG BU MFBTU UISFF ZFBST CFGPSF CFJOH FMJHJCMF GPS BQQPJOUNFOU UP UIF "$ $VSSFOUMZ none of the AC members is a former key audit partner involved in auditing the Group. 5IF #PBSE JT SFTQPOTJCMF GPS QSFTFOUJOH B DMFBS CBMBODFE BOE VOEFSTUBOEBCMF BTTFTTNFOU PG UIF (SPVQ T performance and position through the annual audited financial statements and interim financial statements presented quarterly to the shareholders. The AC is entrusted to assist the Board by reviewing the Group’s àOBODJBM SFQPSUJOH QSPDFTT FOTVSJOH UIF BDDVSBDZ PG JUT àOBODJBM SFTVMUT BOE TDSVUJOJTJOH EJTDMPTFE JOGPSNBUJPO GPS BDDVSBDZ BEFRVBDZ DPNQMFUFOFTT BOE DPNQMJBODF XJUI BDDPVOUJOH TUBOEBSET The Board places significant emphasis on the objectivity and independence of the external auditors. Through UIF "$ UIF #PBSE NBJOUBJOT B USBOTQBSFOU SFMBUJPOTIJQ XJUI UIF FYUFSOBM BVEJUPST TFFLJOH QSPGFTTJPOBM BEWJDF PO the internal controls and ensuring compliance with applicable accounting standards. The AC is empowered to communicate directly with the external auditors to address any concerns at any time. The external auditors would meet with the AC at least twice (2) times a year without the presence of Executive Board members and Management to discuss matters related to the Group and its audit activities. During these NFFUJOHT UIF FYUFSOBM BVEJUPST IJHIMJHIU BOE EJTDVTT UIF OBUVSF BOE TDPQF PG UIF BVEJU BVEJU QSPHSBNNFT JOUFSOBM DPOUSPMT BOE BOZ PUIFS JTTVFT SFRVJSJOH UIF BUUFOUJPO PG UIF "$ PS UIF #PBSE %VSJOH UIF ZFBS VOEFS SFWJFX UIF "$ NFU XJUI UIF FYUFSOBM BVEJUPST UXJDF XJUIPVU UIF QSFTFODF PG .BOBHFNFOU The AC members are financially literate and possess a strong understanding of the Company’s business and NBUUFST VOEFS UIF QVSWJFX PG UIF "$ JODMVEJOH UIF àOBODJBM SFQPSUJOH QSPDFTT 5IF "$ NFNCFST VOEFSUBLF continuous professional development to stay updated on relevant developments in accounting and auditing TUBOEBSET QSBDUJDFT BOE SVMFT BT OFFEFE The AC ensures the external audit function remains independent of the activities it audits. It reviews contracts for the provision of non-audit services by the external auditors to prevent conflicts of interests. The excluded TFSWJDFT JODMVEF NBOBHFNFOU DPOTVMUJOH JOUFSOBM BVEJU BOE TUBOEBSE PQFSBUJOH QPMJDJFT BOE QSPDFEVSFT documentation. 'PS UIF ': UIF GFFT QBJE UP UIF FYUFSOBM BVEJUPST 5(4 58 1-5 BOE JUT BGàMJBUFE àSNT BSF EJTDMPTFE JO UIF Additional Compliance Information section of this IAR2024. The external auditors have confirmed to the AC that they have maintained independence throughout the audit FOHBHFNFOU JO BDDPSEBODF XJUI UIF JOEFQFOEFODF DSJUFSJB TFU CZ UIF .BMBZTJBO *OTUJUVUF PG "DDPVOUBOUT #BTFE PO UIF "$ T BTTFTTNFOU PG UIF &YUFSOBM "VEJUPST UIF #PBSE JT TBUJTàFE XJUI UIF JOEFQFOEFODF RVBMJUZ PG TFSWJDF BOE BEFRVBDZ PG SFTPVSDFT QSPWJEFE CZ UIF &YUFSOBM "VEJUPST EVSJOH UIF BOOVBM BVEJU GPS ': "DDPSEJOHMZ UIF #PBSE IBT SFDPNNFOEFE UIF SF BQQPJOUNFOU PG UIF &YUFSOBM "VEJUPST GPS UIF BQQSPWBM PG shareholders at the forthcoming AGM. Further details on the roles and responsibilities of the AC can be found in the AC Report included in this IAR2024. CORPORATE GOVERNANCE STATEMENT (cont’d)
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