i. Risk Management Committee The Risk Management Committee (“RMC”) comprised of the Chief Financial Officer, Group Internal Audit Head and Heads of Business Units/Divisions. The Committee meets at least four (4) times a year to discuss, assess, manage and mitigate risks associated with the respective Business Units and Divisions and the Group as a whole. The Summarised Risk Registers compiled and confirmed by the respective Heads of the Business Units/Divisions and based on which WB Group’s key risks are identified for monitoring. The threshold limits of the value of the investment related proposals are established to determine the relevant approvals required. As for new investments related proposals with value of the investment of less than RM10.0 million or USD2.0 million equivalent will be reviewed by the Chief Financial Officer and thereafter to be recommended for approval by the Group CEO/Managing Director. While for new investments related proposals with value of the investment more than RM10.0 million or more than USD2.0 million equivalent, both the Group CEO/Managing Director and Chief Financial Officer will review and recommend the proposed new investments or divestments to the AC and/or the GCRC where applicable for their review and recommendation and thereafter the appropriate recommendation will be tabled to the Board of WB for approval. Potential new investments or divestments are tabled to the RMC for comprehensive risks assessment review and deliberation on the risks associated with the proposed investment before the said proposed investment is tabled to the AC and/or GCRC for review and evaluation before tabling to the Board for approval. The AC and/or the GCRC will consider and evaluate the feasibility of the investment related proposals by taking into account the comprehensive feasibility study, due diligence reports, valuation reports and/or other relevant reports in accordance with the standard operating procedures. With the threshold limits of the value of the investment related proposals being established to determine the relevant approvals required hence, the Finance and Investment Committee has since been made redundant and abolished during the year under review. The RMC has been expanded to cover the areas of risks on sustainability of the WB Group. The RMC reports to the GCRC on matters and updates pertaining to sustainability of the Group on a quarterly basis. The RMC has embedded bribery and corruption risk in the risk register and in the annual risk assessment of WB Group. ii. Integrity Committee The Integrity Committee is established with members comprising Heads of various Divisions selected by the Group Managing Director. The Integrity Committee oversees the areas of anti-corruption and corporate liability for corruption and in ensuring that adequate and appropriate policies and procedures on anti-corruption are in place and in ensuring the Company’s approach to anti-bribery and anti-corruption is in compliance. The Committee meets at least four (4) times a year to review the adequacy of antibribery and anti-corruption compliance with Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (Amendment 2018) (“MACC Act”) by the Group and to deliberate and manage any complaints and allegations of bribery and act of corruption reported to the Committee. The proceedings of each meeting shall be minuted and a copy of the minutes will be circulated to the Board for their attention. The Chairman of the Committee shall update and report formally to the GCRC/Board and make any necessary recommendations to the GCRC/Board during the quarterly GCRC/ Board meetings or as and when the need arises. Corporate Governance Overview Statement Integrated Annual Report 2023 130
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