CORPORATE GOVERNANCE OVERVIEW STATEMENT PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) RISK MANAGEMENT AND INTERNAL CONTROL (CONT’D) The Management of key operating companies adopt and apply the prescribed methodologies to identify, evaluate, treat, control, track and report the Strategic and Business, Financial, Compliance and Operational Risks based on the risk appetite set. In addition to the ERM Policy and Framework, the Manager has in place an approved Compliance Framework for management of Compliance Risks which are recognised as part of Operational Risks under the ERM Framework. The Internal Audit Function which was outsourced to PKF Risk Management Sdn Bhd (“PKF”) who assesses and reports the adequacy and effectiveness of the governance, risk management and internal control system whilst provide confirmation of the effectiveness of internal control and risk assessment process by the heads of departments. An overview of the Board’s responsibility and descriptions of the key components of system of internal control which include the conduct of reviews by the internal audit function, risk management and compliance management is set out in the SORMIC on pages 117 to 125 of this Annual Report. INTERNAL AUDIT AND ASSURANCE The Board has established an Internal Audit Function to provide assurance on the effectiveness of risk, control and governance processes. Oversight of the Internal Audit Function is delegated to the BARC to ensure that there are sufficient resources and internal audits are carried out objectively, effectively and independently. The Internal Audit Function is outsourced to a team of competent and qualified auditors at PKF Risk Management Sdn Bhd, who reports directly to the BARC. The Internal Auditors attended all meetings of the BARC during the financial year. The BARC’s reviewed the scope of work and reports by the Internal Auditors and a detailed description of the Internal Audit Function is provided in the BARC Report on page 105 of this Annual Report. The Internal Audit Function discharges its duties in accordance with internationally recognised framework and guidelines as described on page 124 in the SORMIC and page 105 in the BARC Report of this Annual Report, respectively. PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS COMMUNICATION WITH STAKEHOLDERS The Board believes in providing prompt and accurate disclosure of material information to unitholders. The Board believes that regular engagements will enhance stakeholders’ understanding and appreciation of the Fund’s business strategies, financial performance, current initiatives and prospects of the business. Effective, transparent and regular communication with stakeholders are in line with disclosure obligations as per the MMLR. Stakeholders Engagement and initiatives Investment Community (Unitholders, Analysts, Fund Managers) • Statutory announcement • Annual General Meeting • Roadshow • Investors and analysts briefing • Corporate website • Social media Media • Media interview • Media release • Corporate website • Social media 99 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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