162 WASCO BERHAD SECTION 5 COMMITMENT TO GOVERNANCE 3.6 Internal Audit a. On 26 May 2025, 25 August 2025, 25 November 2025 and 24 February 2026 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 25 November 2025, the AC reviewed the Group Internal Audit Plan for the financial year 2026 (“FY 2026”) which encompassed the proposed audit engagements and scope of audit, proposed key performance indicators, proposed budget for FY2026, estimated Audit Man-days, organisation chart of GIA and quality assurance review. 3.7 Capital Expenditure On 26 May 2025, 25 August 2025, 25 November 2025 and 24 February 2026 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 2025. 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. The summary of the COI situations reviewed by the AC pursuant to paragraph 15.12(1)(h) of Bursa Malaysia’s MMLR during the period under review and the measures taken to resolve, eliminate, or mitigate such conflicts are as detailed below:- Name Position in Wasco Berhad Group Type of COI Situation Measure in place Datin Wan Daneena Liza Binti Wan Abdul Rahman Independent Non-Executive Director of Wasco Berhad Actual Datin Wan Daneena’s husband is currently the President and Group Chief Executive Officer of Affin Bank Berhad, a financial institution that Wasco Pipe Sabah Sdn. Bhd., a subsidiary of WB has borrowings with. Datin Wan Daneena shall abstain from all discussion and decision of WB Group involving Affin Bank Berhad. Lily Rozita Binti Mohamad Khairi Independent Non-Executive Director of Wasco Berhad Potential Ms Lily sits on the Board of Sumisaujana Group Berhad and Alliance Bank Malaysia Berhad. Ms Lily shall abstain from all discussion and decision of WB Group in the event of any future dealings involving Sumisaujana Group Berhad and Alliance Bank Malaysia Berhad. Saved as disclosed above, none of the other Directors and Key Senior Management members have any COI as declared in the COI forms. AUDIT COMMITTEE
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