STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL KEY ELEMENTS OF INTERNAL CONTROL (CONT’D) 8. The CEO is involved in the running of the day-to-day business operations by meeting up with both management and operation on a weekly basis to monitor the performance and profitability of the Fund’s businesses. This is carried out via the weekly Management Committee Meetings and ad-hoc meetings to discuss the progress of high-risk corporate projects and exercises. In the absence of the CEO, the Management Committee meetings are chaired by the General Manager as an Acting Chairman. 9. Quarterly meetings on management accounts results against prior periods are conducted with justifications and appropriate actions taken or plans were in place. 10. Quarterly meetings with the Trustee are carried out to discuss operational and financial performance of the Fund and the properties. During the year under review, four (4) meetings with the Trustee were carried out on 21 March, 21 June, 27 October, and 29 December 2022. 11. Guidelines on employment, 360 degrees performance appraisal are currently in practice to ensure the Management team’s competency are assessed on a regular annually basis. 12. The Human Resource Unit is in charge of the Safety & Health issues at the operating level to address and ensure compliance with Occupational Safety and Health policies and procedures, with a goal to facilitate the provision of a safe and healthy working environment for all employees and other related parties in compliance with the requirements of the Occupational Safety and Health Act 1994. The Manager tabled its Occupational Safety & Health Policy at the Board meeting and obtained approval of the Board at the meeting on 2 March 2022. 13. In the new normal brought about by the COVID-19 pandemic the Manager has taken a prudent approach in ensuring that where employees are to Work from Home (“WFH”), where applicable, proper equipment, safety training and policies are provided or in place, to ensure the employee’s health, safety and welfare are accordingly protected in the course of their work. 14. The Manager undertakes adequate insurance coverage on both its employees and assets to ensure both are sufficiently insured against any losses arising from various perils faced in the Manager’s/Fund’s operations. 15. The Manager has, in place the KPI reporting to drive awareness of shared management responsibility on their contribution towards enhancing the operating performance in achieving the business objectives. 16. A comprehensive fit and proper policy was formulated as a guidance for directors, director candidates, Shariah Adviser(s), CEO/Principal Officers and CMSRL holders. The Manager tabled the Policy at the Board meeting and obtained approval from the Board at the Board meeting on 1 December 2022. 17. Internal audit is outsourced to ensure independence in audit function, which include performing regular reviews of business processes to assess the effectiveness of the internal control system and to highlight significant risks impacting the Company with recommendations for improvement. The internal audit team reports directly to the BARC. 18. Evaluations of outsourced service providers on critical business functions are carried out on a yearly basis and presented to the Board. 19. Senior management team conducts regular discussions with property, maintenance, and service managers to discuss issues for improvement and to promote better understanding to facilitate cognizance in decision-making capability. During the year under review, three (3) meetings with the Maintenance Manager were carried out on 7 April, 4 August, and 6 December 2022. 123 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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