Audit Committee 1. ROLE OF THE AUDIT COMMITTEE The primary function of the Audit Committee (“AC”) is to assist the Board of Directors (“the Board”) in fulfilling the following oversight objectives on the Group’s activities: - • assess the Group’s processes relating to its risks and control environment; • oversee financial reporting; • review the internal and external audit reports; • assess the suitability, objectivity and independence of the External Auditors; and • review any conflict of interest situation that arise, persist or may arise within the Company and the Group and the measures taken to resolve, eliminate or mitigate such conflicts. The Terms of Reference (“TOR”), including the duties and responsibilities of the AC are available on the Company’s website at www.wascoenergy.com. The TOR was last reviewed by the Board on 27 February, 2024. 2. MEMBERS AND MEETINGS The AC meets regularly at least five (5) times annually, with due notice of issues to be discussed and its conclusions duly recorded in the minutes by the Group Company Secretary who is the Secretary of the AC in attendance towards discharging of its duties and responsibilities. In the event the Secretary is unable to attend any of the meetings, an assistant or deputy Secretary may be appointed for that specific meeting. Additional meetings may be held at the request of the Board, the AC, the Management and the External or Group Internal Auditors. Nonetheless, the Chairman and the AC members have free and direct access to consult, communicate and enquire with any Senior Management of the Group as well as the External Auditors at any time. The Chief Financial Officer and the Head of Group Internal Audit attend such AC Meetings and the representative of the External Auditors are encouraged to attend whenever possible. Other Directors may be invited to attend such AC Meetings when necessary. The AC will meet the External Auditors at least twice a year without the presence of any executive Board members and the Management. The members and details of attendance of Directors at the AC Meetings of the Company for the financial year ended 31 December 2023 are as follows: - Name of Director Directorship Date of Appointment No. of Meetings Attended a Datin Wan Daneena Liza Binti Wan Abdul Rahman (Chairman) Independent Non-Executive Director 23 May 2023 2/2 b Halim Bin Haji Din (Member) Non-Independent Non-Executive Director* 22 May 2002 4/5 Tan Sri Saw Choo Boon (Member) Senior Independent Non-Executive Director** 30 August 2018 5/5 c Tan Sri Professor Lin See Yan (Member) Non-Independent Non-Executive Director* 20 July 2004 3/3 c Tan Jian Hong, Aaron (Member) Non-Independent Non-Executive Director 3 June 2015 3/3 * Redesignated as Non-Independent Non-Executive Director with effect from 23 May 2023. ** Appointed as Senior Independent Non-Executive Director with effect from 23 May 2023. a Appointed as Chairman of AC with effect from 23 May 2023. b Redesignated from Chairman to member of AC with effect from 23 May 2023. c Resigned as member of AC with effect from 23 May 2023. 103 Wasco Berhad
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