Section 7 UEM Edgenta Berhad GOVERNANCE 238 STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL The Board affirms its commitment and responsibility in maintaining a sound and effective system of risk management and internal control in safeguarding shareholders’ interests and the Group’s assets. The Board is constantly and actively identifying the Group’s level of risk tolerance, assessing and monitoring the key business risks. The risk management and internal control system adopted by the Group are reviewed and updated periodically to align with the dynamic changes in the business operating environment as well as changes in regulatory requirements. The Board acknowledges that the risk management and internal control system are designed to manage and reduce the risk of not achieving business objectives and can only provide reasonable and not absolute assurance of effectiveness against material misstatement of management and financial information and records, financial losses or fraud or any occurrences of unforeseeable circumstances. Responsibility of the Board For the financial year under review, there are ten (10) Directors on the Board comprising one (1) Managing Director/Chief Executive Officer (“MD/CEO”), six (6) Independent Non-Executive Directors and three (3) Non-Independent Non-Executive Directors. The Board is supported by five (5) established Committees, namely the Audit Committee (“AC”), Board Governance and Risk Committee (“BGRC”), Nomination and Remuneration Committee (“NRC”), Board Tender Committee (“BTC”) and Board Investment Committee (“BIC”) which examine all matters within its scope and responsibilities, and report to the Board with its recommendations for the Board’s decision. The responsibilities and functions of the Board, each of its committees and the individual directors are specified in its respective Terms of Reference and Board Charter. Board and Board Committees The General Management Committee (“GMC”) is chaired by the Managing Director/Chief Executive Officer and comprises the Chief Financial Officer, Chief Strategy Officer, Chief People Officer, Chief Digital Officer and management team members from the respective business divisions and corporate support services. The key roles of the GMC are to drive strategic execution, deliberate and resolve the Group’s key strategic and operational issues in a timely manner and keep track of key business developments. The GMC also serves as a platform to monitor the Group’s strategic direction and for members to report on their respective business and operation plans to the Managing Director/Chief Executive Officer, highlight issues and devise solutions/corrective plans, as well as address other matters as directed by the Board and/or the Managing Director/Chief Executive Officer. General Management Committee In accordance with the practices set out in the revised Malaysian Code on Corporate Governance issued in April 2021, a listed company should establish an effective risk management and internal control framework and the Board of Directors (“Board”) should disclose the features of its risk management and internal control framework, and the adequacy and effectiveness of this framework. Therefore, the Board is pleased to provide this Statement on Risk Management and Internal Control, prepared pursuant to Paragraph 15.26(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and guided by The Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers. RESPONSIBILITY AND ACCOUNTABILITY
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