EXCEL FORCE MSC BERHAD 33 PRINCIPLE B - EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) I Audit Committee (Cont’d) 11.0 The Company has an effective governance, risk management and internal control framework and stakeholders are able to assess the effectiveness of such a framework. The Group has outsourced its internal audit function to an independent consultant firm. The internal audit function covers all material controls including financial, operational and risk management functions. The internal audit findings are reported to the AC every quarter and the corrective actions are taken by the relevant departments. The AC also decides on internal audit function amongst others; • Appointment of the internal auditors; • Scope of work of internal auditors; • Performance evaluation; and • Budget. PRINCIPLE C - INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I Communication with Stakeholders 12.0 There is continuous communication between the Company and shareholders to facilitate mutual understanding of each other's objectives and expectation. Stakeholders are able to make informed decisions with respect to the business of the Company, its policies on governance, the environment and social responsibility. The Board believes the dialogue with stakeholders is a necessary and beneficial process as it enables the company to understand stakeholders' concerns and to take these concerns into account when making decisions. The Company has established an investor relation category at the Company’s website to keep our shareholders and investors updated on the latest development of the Company. It includes announcements released to Bursa Securities, quarterly financial results and annual report. II Conduct of General Meeting 13.0 Shareholders are able to participate, engage the Board and senior management effectively and make informed voting decision at general meetings. The Annual General Meeting ("AGM") remains the principal forum for dialogue between shareholders, the Board and the Management team. The shareholders are encouraged to actively participate in the AGM by raising questions regarding the business operations and financial performance and position of the Company. The Board together with the external auditors and the Company Secretaries will provide feedback and responses to the shareholders' queries. The Company sends out the Notice of AGM and Annual Report to the shareholders at least twenty-eight days before the meeting in line with the Practice 12.1 of the MCCG. In addition, the Notice of AGM and/or Extraordinary General Meeting (“EGM”) will be advertised in the newspapers. The Board encourages shareholders to attend the forthcoming AGM and undertakes to answer all questions raised by the shareholders. All resolutions set out in the notice of general meetings will be carried out by poll voting. An independent scrutineer is appointed to validate the poll results. The Board will announce the poll results showing the number of votes cast for and against each resolution before the closure of the AGM. Corporate Governance Overview Statement (Cont’d)
RkJQdWJsaXNoZXIy NDgzMzc=