Press Metal Annual Report 2024

Integrated Annual Report 2024 SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 81 SUMMARY OF THE ACTIVITIES OF AC (CONT’D) (4) Related Party Transactions (a) Reviewed the Related Party Transactions (“RPTs”) and recurrent RPTs (“RRPTs”) on a quarterly basis to ensure that the transactions entered into were at arm’s length basis and on normal commercial terms and not detrimental to the interests of the minority and non-interested shareholders of the Company. (b) Reviewed the Circular to Shareholders in respect of the RRPTs prior to recommending for the Board’s approval on 17 April 2024 to seek shareholders’ mandate at the Annual General Meeting of the Company. (c) The AC received a review on the RRPT of the Group conducted for the FYE2024 to ascertain that the RRPTs were undertaken on an arm’s length basis and that the transactions under the RRPT mandate are within the annual mandate and approved estimates. (5) Corporate Governance and Regulatory Compliance (a) Reported to and updated the Board on significant issues and concerns discussed during the AC meetings and where appropriate, made the necessary recommendation to the Board. (b) Reviewed the AC Report, Statement on Risk Management and Internal Control (particularly items related to internal controls), Additional Compliance Information and Directors’ Responsibility Statement in respect of the Audited Financial Statements, prior to recommending for Board’s approval and inclusion in the Company’s Integrated Annual Report. The AC received an assurance from the Group Chief Executive Officer and the Chief Financial Officer of the Company that the risk management and internal control systems of the Group are generally adequate and effective for FYE2024. (c) Conducted a self-assessment exercise to evaluate their own effectiveness in discharging their duties and responsibilities. (d) Reviewed the internal controls for hedging on a semi-annual basis, with the assistance of the External Auditors. Additionally, Information Technology controls were also reviewed with their assistance. (e) Reviewed the external assurance on sustainability review audit by Grant Thornton PLT over 5 selected Key Performance Indicators reported in Sustainability Reporting Disclosures in Annual Report 2023 thereby bringing additional value and credibility to disclosure. (6) Conflict of Interest (a) A COI Policy which sets out the processes and disclosure obligations to assist the Directors and key senior management of the Group in identifying, disclosing and managing any potential, actual or perceived COI situation has been reviewed by the AC and adopted by the Board. (b) In managing COI, the AC reviewed the COI situations on a quarterly basis that were submitted by the Company’s Directors. The AC assessed the COI situations, including transactions, procedures or courses of conduct that could raise concerns regarding management integrity, together with the measures taken to resolve, eliminate or mitigate such conflicts, as well as ensuring the complete disclosure in the AC Report for the Annual Report. INTERNAL AUDIT FUNCTION The primary role of the IA function is to undertake regular and systematic review of the systems of internal control to provide sufficient assurance that the Group has a sound system of internal control and that established policies and procedures are adhered to. ESG considerations are also integrated into routine internal audits to ensure alignment with the Group’s sustainability objectives. Auditors assess ESG-related risks and controls as part of their standard audit procedures. Audit Committee Report

RkJQdWJsaXNoZXIy NDgzMzc=