129 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information AUDIT COMMITTEE 3.4 Recurrent Related Party Transactions a. On 27 February 2024, 28 May 2024, 27 August 2024, 27 November 2024 and 24 February 2025 respectively, the AC reviewed all related party transactions and recurrent related party transactions to ensure that they were within the mandate obtained from the shareholders of the Company at the AGM. b. The AC at its meeting held on 7 April 2025 reviewed the proposed renewal of shareholders’ mandate for the existing recurrent related party transactions of a revenue or trading nature and provision of financial assistance between the Company and/or its subsidiaries for inclusion in the Circular to Shareholders pursuant to Bursa Malaysia’s MMLR for the Board’s approval. 3.5 Company’s Share Buy-Back The AC reviewed and recommended the proposed renewal of the share buy-back mandate from the Company’s shareholders on 7 April 2025 to the Board for approval prior to the Share Buy-Back Statement being incorporated into the Circular to Shareholders for year 2025. 3.6 Internal Audit a. On 28 May 2024, 27 August 2024, 27 November 2024 and 24 February 2025 respectively, the AC reviewed the major findings in the Internal Audit Reports prepared by the GIA together with the recommendations and the Management’s response to the findings. b. On 27 November 2024, the AC reviewed the Group Internal Audit Plan for the financial year 2025 (“FY 2025”) which encompassed the proposed audit engagements, rationale for selection of audit, proposed audit and scope, organisation chart of GIA, estimated Audit Man-days, proposed budget for FY 2025, proposed key performance indicators, quality assurance review, and reliance of work on other assurance providers and subject matter experts. 3.7 Capital Expenditure On 28 May 2024, 27 August 2024, 27 November 2024 and 24 February 2025 respectively, the AC reviewed the capital expenditure items highlighted by the Management in the respective Group’s quarterly results during the financial year ended 31 December 2024. 3.8 Conflict of Interest The Conflict of Interest Policy was established on 27 February 2024 to ensure that actual, potential and perceived conflict of interest (“COI”) are identified and managed effectively as it provides guidance on how to deal with COI situations as they arise and to protect the Group’s interest, while assisting the Directors and employees to perform with high integrity and ethical standards. A Conflict of Interest Declaration Form is circulated annually to all Directors and Key Senior Management for them to disclose and declare their nature and extent of COI (if any) based on actual, potential and perceived COI. The forms are compiled and tabled to the AC for review. The AC will determine the measures required to be taken for the COI disclosed in order to resolve, eliminate or mitigate the conflicts (if any) before the details of the COI are reported to the Board.
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