4.3 Annual General Meeting The Annual General Meeting (“AGM”) is one of the platforms for the Company’s shareholders to meet and exchange views with the Board. As part of the commitment to environmental sustainability and cost cutting initiative, the Company has leveraged on technology to enhance efficiency. Since year 2018, the Company has been uploading its Annual Report and Circular to Shareholders on its website at www.wahseong.com so that they could be accessible online. The Board also ensures that any general meetings of the Company are conducted either fully virtually or hybrid in order to support meaningful engagements between the Board, Senior Management and the shareholders. An open Question and Answer Session will be held whereby any shareholder may seek further details and clarification regarding any proposed resolutions as well as matters relating to the Group’s businesses and affairs. The Chairman and the other members of the Board together with the Management and the Company’s External Auditors in attendance will provide explanations to all shareholders’ queries. Pursuant to Paragraph 8.29A(1), Chapter 8 of the MMLR, any resolution set out in the notice of any general meeting, or in any notice of resolution which may properly be moved and is intended to be moved at any general meeting, is required to be voted by poll. At least one (1) scrutineer will be appointed to validate the votes cast at the general meeting. Such scrutineer must be independent of the person undertaking the polling process. A summary of the key matters discussed at the AGM as well as the minutes of the AGM will be published on the Company’s website as soon as practicable after the conclusion of the AGM. 5. ACCOUNTABILITY AND AUDIT 5.1 Financial Reporting The Board aims to provide and present a balanced and meaningful assessment of the Group’s financial position, performance and prospects at the end of the financial year primarily through the audited financial statements, annual report as well as the quarterly announcements of results to shareholders. The Board is responsible for ensuring that the financial statements prepared are drawn up in accordance with the provisions of the Companies Act, 2016 and applicable approved accounting standards in Malaysia. In presenting the financial statements, the Company has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Board assisted by the Audit Committee, oversees the financial reporting processes and the quality of the financial reporting by the Group. The Audit Committee scrutinises information prior to their disclosure to ensure their timeliness, accuracy and adequacy. The quarterly financial results and audited financial statements are reviewed by the Audit Committee and approved by the Board before being released to Bursa Malaysia Securities Berhad. The Statement of Directors’ Responsibility in respect of the audited financial statements of the Company and the Group is set out on page 87 of this Annual Report. 5.2 Internal Control The Board has overall responsibility for maintaining a sound system of internal control, which encompasses risk management, financial, organisational, operational and compliance controls necessary for the Group to achieve its objectives within an acceptable risk profile. These controls can only provide reasonable but not absolute assurance against material misstatement, errors of judgment, loss or fraud. Information on the Group’s Internal Control is as set out in the Statement on Risk Management and Internal Control on pages 84 to 86 of this Annual Report. The establishment of an Internal Audit Department since the Group first commenced operations followed by the formation of the Risk Management Committee in 2009 are testimony of the dedication and commitment that the Board and the Company have in identifying and mitigating potential risks which affect the Group. CORPORATE GOVERNANCE OVERVIEW STATEMENT Annual Report 2022 Wah Seong Corporation Berhad 79
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