STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL Cont’d WEAKNESSES A few weaknesses in internal control were identified during the period, all of which have been, or are being addressed. None of these weaknesses resulted in any material errors, losses, contingencies or uncertainties that would warrant a disclosure in the Group’s annual report. OTHER KEY ELEMENTS OF INTERNAL CONTROL Apart from risk management and internal audit, the other key elements of the Group’s internal control system are described below: • A management structure with job descriptions and defined lines of responsibilities is in place for all business operating units; • Six of its subsidiaries have the following accreditation for their operational processes:- PMB Aluminium Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems Press Metal International Limited • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • ISO 50001:2018 on Energy Management Systems • IATF 16949:2016 on Automotive Quality Management Systems Press Metal Sarawak Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems Press Metal Bintulu Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems Press Metal International Technology Ltd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • IATF 16949:2016 on Automotive Quality Management Systems Press Metal Aluminium Rods Sdn. Bhd. • ISO 9001:2015 on Quality Management Systems • ISO 14001:2015 on Environmental Management Systems • ISO 45001:2018 on Occupational Health and Safety Management Systems • Review of all proposals for material capital and investment acquisitions by management prior to the review and approval by the Board of Directors; • Management meeting is conducted on a monthly basis for all business unit heads to present business performance results as well as key performance indicators, such as product sales analysis and operating cost analysis and highlight significant matters. These performance reports are benchmarked against budget; • Quarterly review and approval of the Group’s financial results by the Audit Committee and Board; • The Group performs an annual budgeting and forecasting exercise. A comprehensive operating capital expenditure requirement is tabled to the Board for approval at the commencement of a new financial year; • Periodic visits to business operating units by Board members and the management team; • Quarterly review of the Group’s related party transactions by the Audit Committee; • Clearly documented policies including the Code of Conduct, Code of Ethics, Whistleblowing Policy, Anti-Bribery and Anti-Corruption Policy which serves as primary guidance on the ethical and behavioral conduct of the Group; and • Clearly defined terms of reference, authorities and responsibilities of the various committees which include the Audit Committee, Risk Management Committee, Nomination and Corporate Governance Committee, Remuneration Committee, Sustainability Committee and Investment Committee. ANNUAL REPORT 2022 74
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