Annual Report 2020

The Executive Chairman, Group Managing Director, Finance Director, Head of Financial Reporting and Investor Relations, Chief Financial Officer and Risk Management Manager were present by invitation in all the meetings. The Secretary to the Committee is the Company Secretary. In the financial year under review, the Audit Committee held two (2) meetings with the External Auditors without the presence of the executive board members and management, to allow the auditors to discuss any issues arising from the audit assignment or any other matter, which the External Auditors wish to highlight. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE (AC): In accordance with the terms of reference of the AC, the following were the activities undertaken by the AC during the financial year:- A) FINANCIAL STATEMENTS AND CORPORATE GOVERNANCE 1. Reviewed and recommended the Quarterly and Annual Financial Statements of the Company and Group (including announcements to Bursa) for the Board’s approval, focusing particularly on: • the appropriateness and relevance of accounting policies and practices adopted and their application; • any significant changes to the basis of preparation of the financial statements or new accounting standards adopted during the year which impacted the results or financial position of the Group; • the compliance with financial reporting standards and other regulatory or legal requirements; • amendments to the Main Market Listing Requirements and Companies Act 2016, if any; • disclosure of related party transactions; and • significant accounting matters involving management’s judgments or estimates, unusual events or transactions during the year or subsequent to year-end. 2. Reviewed recurrent related party transactions of a revenue or trading nature which are necessary for the day-to-day operations in the ordinary course of business of the Company and its subsidiaries to ascertain that, these transactions were undertaken on normal commercial terms and within the mandate given by shareholders. 3. Reviewed and recommended to the Board approval the Circular to Shareholders in respect of the proposed shareholders’ mandates for recurrent related party transactions and proposed newmandates for additional recurrent related party transactions of revenue or trading nature. 4. Reviewed non-recurrent related party transactions to ascertain that it was undertaken at arm’s length and was in the best interest of the Company. 5. Reviewed and recommended the Statement on Corporate Governance, AC Report and Statement on Risk Management and Internal Control, to the Board for approval. 6. Reviewed the Terms of Reference of the AC. 7. Reviewed and approved changes in the Non-Audit Services Policy. A Milestone on Our Sustainable Growth Journey 83