Yinson Annual Report 2019

Report on Audit Committee The Board is pleased to present the Report on Audit Committee for the financial year ended 31 January 2019 in accordance with Paragraph 15.15 of the Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements. TERMS OF REFERENCE The Audit Committee is formally constituted with written terms of reference. The terms of reference of the Audit Committee are set out in the Audit Committee Terms of Reference, available on the Company’s website at www.yinson.com COMPOSITION ANDMEETINGS On 10 January 2018, the Board approved the segregation of risk management functions from the existing Audit and Risk Management Committee and renamed it as the Audit Committee. Based on the Terms of Reference of the Audit Committee, meetings are scheduled at least four (4) times a year with additional meetings to be convened when urgent and important decisions need to be made between scheduled meetings. For the financial year under review the Audit Committee met five (5) times. The Audit Committee is wholly comprised of Independent Non-Executive Directors with all members having a working familiarity with basic finance and accounting practices. Further to that, and in accordance with the Terms of Reference of the Audit Committee, one of its members, Dato’ Wee Hoe Soon @Gooi Hoe Soon, is a member of the Malaysian Institute of Accountants. Details of members of the Committee and attendance of each member during FYE 2019 are as follows: COMPOSITIONOF AUDIT COMMITTEE DESIGNATION DATE OF APPOINTMENT/ RESIGNATION NO. OF MEETINGS ATTENDED % Dato’ Wee Hoe Soon @Gooi Hoe Soon* Chairman, Senior Independent Non-Executive Director Appointed on 11 August 2016 5/5 100 Datuk Raja Zaharaton binti Raja Zainal Abidin Member, Independent Non-Executive Director Appointed on 11 August 2016 5/5 100 Datuk Syed Zaid bin Syed Jaffar Albar Member, Senior Independent Non-Executive Director Appointed on 19 August 2016 Resigned on 12 October 2018 4/4 100 Datuk Abdullah bin Karim Member, Independent Non-Executive Director Appointed on 16 October 2018 1/1 100 * re-designated as Senior Independent Non-Executive Director with effect from 12 October 2018. The meeting agenda, relevant reports and Audit Committee papers, which are prepared by Management, provide the relevant facts and analyses for the convenience of the Committee. These are furnished to Audit Committee members at least seven (7) days before meetings to allow the members sufficient time to study, for effective discussion and decision-making at the meetings. At the meetings, the Audit Committee reviewed the risk management and internal control, financial reporting, internal and external audit functions within the Group. All pertinent issues discussed at Audit Committee meetings in arriving at decisions, conclusions or recommendations were properly recorded by the Company Secretary by way of minutes of meetings. To avoid any conflict of interests, Audit Committee members must declare any interest they may have in any matters arising at the meetings. They will be excluded from deliberations and decisions in such matters and will also abstain from voting on the related resolutions at Audit Committee meetings/Board meetings/general meetings of the Company. Yinson Holdings Berhad ANNUAL REPORT 2019 96