122 AL-SALAM REIT No Frameworks & Policy Date of Meeting Reason for Review 1 Limit of Authority 1 Mar 2022 1 Dec 2022 • Changes in limit of authority in small spending • Mandate delegated to the CEO by the Board 2 Occupational and Safety (OSH) Policy 2 Mar 2022 (new) 3 No-Gift No-Entertainment Policy 2 Mar 2022 (new) 4 Whistleblowing Policy (Revised) 2 Mar 2022 (rev 1) • Alignment of policy and procedures to those of the JCorp Group 5 Fixed Asset Policy & Procedure 6 Sept 2022 (new) 6 Internal Control Policy & Procedures Manual 6 Sept 2022 (rev 4) • Editorial changes due to the latest issuance of Main Market Listing Requirements, Guidelines to Listed REITs and MCCG 7 DRMSB Procurement Policy 6 Sept 2022 (rev.2) 1 Dec 2022 (rev 3) • Conditions allowed under direct negotiation with respect to awarding of a contract • To incorporate ESG elements in Vendor Assessment/ Evaluation to reflect the changes in the Bursa Sustainability Reporting Guide 8 Fit & Proper Policy 1 Dec 2022 (new) 9 ERM Policy and Framework 1 Dec 2022 (rev 4) • Re-classification of Risk Category to include ESG Risks, Market Risks and Partnership Risks 19 Investment Policy 1 Dec 2022 (rev 2) • Incorporation of ESG elements into the Investment Policy Compliance (a) M onitored and reviewed the status and outcomes of the Quarterly Compliance Report which seek to identify gaps in compliance with regard to applicable laws, regulations, codes, standards, policies and procedures and discussed the adequacy of measures to address such gaps or non-compliance. (b) Deliberated on the results of compliance cases and directed Management to implement and/or enhance controls to prevent a recurrence, including conducting education programmes to increase awareness. (c) R eceived 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 annual basis. These disclosures enabled an assessment of the potential or actual conflicts of interest which may arise in relation to Related Party Transaction ("RPT") or Recurrent Related Party Transaction ("RRPT"). (d) M onitored 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"). (e) Ensured that the Declaration of Directors' Interests in Securities and disclosures of conflict of interest situation(s) in all Board level meetings, are documented and minuted accordingly in the minutes of meeting. The Committee took note that there was 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 RPT and RRPT of a Revenue or Trading Nature & Conflict of Interest Situations (a) Reviewed related party transactions entered into by the REIT and ensured that the transactions undertaken were in the best interest of the REIT/ unitholders, fair, reasonable and on normal commercial terms, and not detrimental to the interest of the minority shareholders, and recommended the same for approval of the Board. (b) Reviewed the annual Shareholders’ Mandate in relation to recurrent related party transactions of a revenue or trading nature for Shareholders’ approval to undertake transactions that are recurrent, of a revenue or trading nature and which are necessary for the day-to-day operations of the REIT with related parties (“RRPTs”). BOARD AUDIT AND RISK COMMITTEE REPORT
RkJQdWJsaXNoZXIy NDgzMzc=