162 SUMMARY OF ACTIVITIES UNDERTAKEN BY THE AC (CONT’D) Others The AC reviewed its Terms of Reference to ensure that the Company has implemented most of the good practices recommended in the MCCG. This comprehensive review process aimed to align the AC’s functions and responsibilities XJUI CFTU QSBDUJDFT JO DPSQPSBUF HPWFSOBODF FOIBODJOH USBOTQBSFODZ BDDPVOUBCJMJUZ BOE FGGFDUJWFOFTT XJUIJO UIF Company’s governance framework. The AC updated its Terms of Reference in FY2024 to incorporate new conflict PG JOUFSFTU SFRVJSFNFOUT GSPN #VSTB 4FDVSJUJFT BNFOEFE ..-3 BMJHOFE XJUI .$$( CFTU QSBDUJDFT BOE TUSFOHUIFO oversight effectiveness. 5IF "$ NBJOUBJOFE SPCVTU XIJTUMFCMPXJOH NFDIBOJTNT UIPVHI OP DBTFT XFSF SFQPSUFE JO ': 5IF QPMJDZ FOTVSFT DPOàEFOUJBM SFQPSUJOH DIBOOFMT QSPUFDUJPO BHBJOTU SFUBMJBUJPO BOE QSPQFS JOWFTUJHBUJPO QSPUPDPMT The AC completed the annual evaluation process for AC members through self-assessment and peer evaluation. This structured evaluation framework allows AC members to assess their individual performance and contribution to the "$ T FGGFDUJWFOFTT #Z GPTUFSJOH DPOUJOVPVT JNQSPWFNFOU BOE BDDPVOUBCJMJUZ UIF FWBMVBUJPO QSPDFTT FOIBODFT UIF "$ T governance capabilities and ensures optimal performance of oversight duties. TRAINING AND EDUCATION %VSJOH UIF àOBODJBM ZFBS UIF "$ NFNCFST BUUFOEFE JOEJWJEVBMMZ PS DPMMFDUJWFMZ TFNJOBS T DPOGFSFODF T BOE or training(s) to continuously upgrade their skills and to keep abreast of current developments to enhance their knowledge and enable them to discharge their duties more effectively. INTERNAL AUDIT FUNCTION 5IF JOUFSOBM BVEJU GVODUJPO TFSWFT BT B DSJUJDBM DPNQPOFOU PG UIF (SPVQ T HPWFSOBODF GSBNFXPSL QSPWJEJOH JOEFQFOEFOU BTTVSBODF PO UIF FGGFDUJWFOFTT PG SJTL NBOBHFNFOU JOUFSOBM DPOUSPMT BOE DPNQMJBODF QSPDFTTFT %VSJOH ': UIF (SPVQ FOHBHFE 7BFSTB BO JOEFQFOEFOU QSPGFTTJPOBM BVEJU àSN UP DPOEVDU UIF JOUFSOBM BVEJU GVODUJPO under the direct supervision of the AC. The AC maintained rigorous oversight to ensure Vaersa’s independence while facilitating their access to all necessary resources and information required to perform their duties effectively. 7BFSTB FYFDVUFE JUT SFTQPOTJCJMJUJFT JO BDDPSEBODF XJUI UIF BQQSPWFE JOUFSOBM BVEJU QMBO DPOEVDUJOH DPNQSFIFOTJWF SFWJFXT UIBU BTTFTTFE PQFSBUJPOBM DPOUSPMT QPMJDZ DPNQMJBODF BEIFSFODF UP BVUIPSJUZ MJNJUT BOE DPOGPSNJUZ XJUI applicable laws and regulations. These audits evaluated both the adequacy of existing controls and their effectiveness JO NJUJHBUJOH CVTJOFTT SJTLT "MM BVEJU àOEJOHT XFSF GPSNBMMZ SFQPSUFE UP UIF "$ XJUI 4FOJPS .BOBHFNFOU QSPNQUMZ BEESFTTJOH UIF SFDPNNFOEBUJPOT QSPWJEFE /PUBCMZ UIF BVEJU QSPDFTT EJE OPU JEFOUJGZ BOZ TJHOJàDBOU DPOUSPM XFBLOFTTFT QSPWJEJOH SFBTPOBCMF BTTVSBODF UIBU UIF (SPVQ T JOUFSOBM DPOUSPM TZTUFNT SFNBJO FGGFDUJWF JO TBGFHVBSEJOH BTTFUT BOE NBOBHJOH PSHBOJ[BUJPOBM SJTLT 5IF UPUBM FYQFOEJUVSF GPS JOUFSOBM BVEJU TFSWJDFT EVSJOH ': BNPVOUFE UP BQQSPYJNBUFMZ 3. SFQSFTFOUJOH UIF Group’s commitment to maintaining robust governance structures. Further details regarding the internal audit function and its contributions to the Group’s risk management framework are provided in the Risk Management and Internal Control Statement on page 163 of this IAR2024. 5ISPVHI UIJT TZTUFNBUJD BQQSPBDI UIF JOUFSOBM BVEJU GVODUJPO DPOUJOVFT UP TVQQPSU UIF (SPVQ JO BDIJFWJOH JUT TUSBUFHJD objectives while upholding the highest standards of corporate governance. AUDIT COMMITTEE REPORT (cont’d)
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