Wah Seong Corporation Berhad Annual Report 2017

GOVERNANCE WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 54 4.3 Annual General Meeting (cont’d) The Chairman and the other members of the Board together with Management and the Company’s External Auditors will be in attendance to provide explanations to all shareholders’ queries. Pursuant to Paragraph 8.29A(1), Chapter 8 of the MMLR, any resolution set out in the notice of any general meeting, or in any notice of resolution which may properly be moved and is intended to be moved at any general meeting, is required to be voted by poll. At least one (1) scrutineer will be appointed to validate the votes cast at the general meeting. Such scrutineer must be independent of the person undertaking the polling process. A summary of the key matters discussed at the AGM will be published on the Company’s website as soon as practicable after the conclusion of the AGM. 5. ACCOUNTABILITY AND AUDIT 5.1 Financial Reporting The Board aims to provide and present a balanced and meaningful assessment of the Group’s financial position, performance and prospects at the end of the financial year primarily through the audited financial statements, annual report as well as the quarterly announcements of results to shareholders. The Board is responsible for ensuring that the financial statements prepared are drawn up in accordance with the provisions of the Companies Act, 2016 and applicable approved accounting standards in Malaysia. In presenting the financial statements, the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Board assisted by the Audit Committee, oversees the financial reporting processes and the quality of the financial reporting by the Group. The Audit Committee scrutinises information prior to their disclosure to ensure their timeliness, accuracy and adequacy. The quarterly financial results and audited financial statements were reviewed by the Audit Committee and approved by the Board before being released to Bursa Malaysia Securities Berhad. The Statement of Directors’ Responsibility in respect of the audited financial statements of the Company and the Group is set out on page 62 of this Annual Report. 5.2 Internal Control The Board has overall responsibility for maintaining a sound system of internal control, which encompasses risk management, financial, organisational, operational and compliance controls necessary for the Group to achieve its objectives within an acceptable risk profile. These controls can only provide reasonable but not absolute assurance against material misstatement, errors of judgment, loss or fraud. Information on the Group’s Internal Control is as set out in the Statement on Risk Management and Internal Control on pages 59 to 61 of this Annual Report. The establishment of an Internal Audit Department since the Group first commenced operations followed by the formation of the Risk Management Committee in 2009 are testimony of the dedication and commitment that the Board and the Company have in identifying and mitigating potential risks which affect the Group. 5.3 Principles of Business Conduct and Whistle-Blowing Policy The Board is committed to achieving and maintaining high ethical standards with regards to behavior at work and hence the Principles of Business Conduct are established. The Principles of Business Conduct of the Group is a formal document which sets out the guiding principles and standards in which the employees and Directors shall adhere to in conducting the day to day duties and operations. CORPORATE GOVERNANCE OVERVIEW STATEMENT