161 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information CORPORATE GOVERNANCE OVERVIEW STATEMENT 5.8 Internal Audit Function The internal audit engagements are performed by the Group Internal Audit (“GIA”), where their primary responsibility is to provide independent and objective assurance in assisting the Group to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance. The Head of GIA reports functionally to the AC and administratively to the Managing Director/ Group CEO. All the internal audit activities and processes are performed as guided by the Internal Audit Charter and the GIA Standard Operating Procedure. The GIA is in conformance with the International Standards for the Professional Practice of Internal Auditing. The Board ensures that the Group has an effective governance, risk management and internal control framework. For more information pertaining to the internal audit activities, please refer to the AC Report on pages 126 to 131 of this Annual Report. 6. CORPORATE RESPONSIBILITY Throughout 2024, the Group has undertaken various initiatives to create a positive and momentous impact on the lives of others, within the community and the environment in which it operates, as set out in the Sustainability Report on pages 44 to 110 of this Annual Report. 7. SUSTAINABILITY The Company has come a long way from a medium sized Malaysian enterprise to where the Group is today. It is through resilience and fortitude that the Group has been growing from strength to strength, meeting challenges along the way and succeeding in branching further aloft. As at today, the Group is a significant player in its core businesses and is sustaining growth on the global business landscape. The Group develops, implements and maintains sound management systems for sustainable development and growth that drive continuous improvement for the Group. While maintaining sustainable growth, the Group is committed to create an open, diverse, friendly and safe workplace which is part of the Group’s core values. Besides, the Group places utmost priority and is fully committed to its Health, Safety and Environment Policy and objectives with the aim of ensuring health and safety of our people as well as protection of the environment that the Group operates in by promoting and improving the health and welfare of the workforce, maintaining an accident-free work environment, eliminating occupational injuries, preventing pollutions by reducing carbon footprint, preventing wastages by promoting the efficient use of resources, recycling initiatives, optimising the use of natural resources and conserving energy. The Health, Safety and Environment Policy is available on the Company’s website at www.wascoenergy.com. The Group is dedicated to support the local communities within which it operates and through its corporate responsibility programmes, the Company will continue to implement initiatives to contribute back to the society and local communities. The Company is committed to its shareholders and stakeholders in respect of its short term and long term initiatives to integrate the economic, environmental, social and governance elements into the Group’s business strategies and considerations. The Sustainability Policy was established on 1 January 2024 and is made available on the Company’s website at www.wascoenergy.com. A separate Report on Sustainability is as set out on pages 44 to 110.
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