26
Annual Report 2015
5.
UPHOLD INTEGRITY IN FINANCIAL REPORTING (CONT’D)
5.2 Assessment of Suitability and Independence of External Auditors
As one of its functions stated above, the Audit Committee undertakes an annual assessment
of the External Auditors to gauge their performance, suitability and independence. Based on
the results of this assessment, the Audit Committee shall make a recommendation to the Board
for their re-appointment or termination.
In this regard, the Audit Committee had in May 2015 assessed the performance and
independence of Messrs Crowe Horwath as External Auditors of the Company as well as
reviewed the non-audit services provided by them during the financial period under review
and recommended their re-appointment.
6.
RECOGNISE AND MANAGE RISK
6.1 Sound Framework to Manage Risks
The Board is responsible for ensuring that risks and also opportunities are identified on a timely
basis and that the Group objectives and activities are aligned with those risks and opportunities.
The Board is committed to the development of an effective Enterprise Risk Management
Framework, with the aim of providing a consistent approach to the risks and facilitating a
reasonably accurate perception of acceptable risks by all employees. In February 2014, the
Board approved the Enterprise Risk Management Framework of the Company.
The Statement on Risk Management and Internal Control made pursuant to Paragraph 15.26(b)
of the MMLR of Bursa Malaysia is separately set out in this Annual Report.
6.2 Internal Audit function
The Internal Audit function is led by the Chief Internal Auditor who reports directly to the Audit
Committee.
Details of the Group’s internal control systems are set out separately in the Statement on Risk
Management and Internal Control and the Report of the Audit Committee in this Annual Report.
7.
ENSURE TIMELY AND HIGH QUALITY DISCLOSURE
7.1 Appropriate corporate disclosure policies and procedures
The Group has put in place appropriate controls on the confidentiality of information where
all Executive Directors and employees of the Company are required to sign a Confidentiality
Agreement before appointment. This is to ensure that confidential information is properly handled
to avoid leakage and improper use of such information. The Group upholds strict standards
on confidentiality with regards to the undisclosed material information and ensures that the
dissemination of information to shareholders and the general public is done in a timely and
fair manner. The Board is mindful that information which is expected to be material must be
announced immediately.
In addition, the Board has established the Corporate Disclosure Policy and Procedures
which applies to all Directors, management and employees of the Group. It outlines the
Company’s approach toward the determination and dissemination of material information, the
circumstances under which the confidentiality of information will be maintained and restrictions
on insider trading. It also provides guidelines in order to achieve consistent disclosure practices
across the Company.
The Corporate Disclosure Policy and Procedures is made available on the Company’s website
at
.
STATEMENT ON CORPORATE GOVERNANCE
(Cont’d)
