195 SECTION 5 COMMITMENT TO GOVERNANCE INTEGRATED ANNUAL REPORT 2025 Based on the results of the Annual Assessment of External Auditors carried out during the financial year under review, the AC is satisfied with the independence and suitability of the External Auditors and hence has recommended the re-appointment of the External Auditors for the Board’s consideration. The Board, upon the recommendation of the AC, concurred on the suitability and independence of the External Auditors and has therefore agreed to table the resolution for the re-appointment of the External Auditors to the shareholders at the forthcoming Twenty-Sixth AGM for their approval. Further information on the role of the AC with the External Auditors is stated in the AC Report on pages 159 to 163 of this Annual Report. 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, internal control and governance. The Head of GIA reports functionally to the AC and administratively to the Managing Director/ Group Chief Executive Officer. 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 adopting the Global Internal Audit Standards to align with international best practices for governance, risk and controls. 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 159 to 163 of this Annual Report. 6. CORPORATE RESPONSIBILITY Throughout 2025, 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 62 to 146 of this Annual Report. 7. SUSTAINABILITY 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 (“HSE”) 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 HSE Policy is available on the Company’s website at www.wascoenergy.com. 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 for long term value creation and sustainable business growth. The Sustainability Policy is 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 62 to 146. CORPORATE GOVERNANCE OVERVIEW STATEMENT
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