Compliance (a) Monitored the status of internal misconduct cases reported to Board and BARC on a quarterly basis, including on-going investigations, in accordance with the Code of Conduct and Business Ethics (CoBE). (b) Deliberated on the results of compliance cases and directed Management to implement and/or enhance controls to prevent recurrence, including conducting education programmes to increase awareness. (c) Reviewed the status of the planned mitigation actions developed from the results of the Compliance risk assessment performed in 2021. (d) Received updates on the directorships and shareholdings held by the Directors of the Company and persons connected with them in accordance with Section 221 of the Companies Act, 2016 on a quarterly basis. These disclosures enabled an assessment of the potential or actual conflicts of interest which may arise in relation to RPT or RRPT. (e) All Directors are required to provide declaration letters of their interest(s) and disclosures of conflict of interest situation(s) on an annual basis, and all declarations are documented and kept in the statutory records of the Manager. The Committee took note that there were no management conflict of interest situations for operational matters (including any transaction, procedure or course of conduct) as reported by the Chief Executive Officer. Review of Related Party Transactions (“RPT”) and Recurrent RPT of a Revenue or Trading Nature (“RRPT”) & Conflict of Interest Situations (a) Reviewed the annual mandate compiled for recurrent related party transactions. (b) Reviewed related party transactions as disclosed in the financial statements and performed quarterly monitoring of the mandate for recurrent related party transactions to ensure compliance with the MMLR and policies and procedures. (c) Reviewed and deliberated on any new related party transactions to ensure that the terms and conditions of the transactions are commercially based and at arm’s length. Other Activities Reviewed and recommended to the Board, for inclusion in the Annual Report: The BARC Report Corporate Governance Overview Statement Corporate Governance Report Statement on Risk Management and Internal Control A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 110 BOARD AUDIT AND RISK COMMITTEE REPORT
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