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 142 to 144 of this Annual Report. The establishment of an Internal Audit Department since the Group first commenced operations followed by the formation of the RMC 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. 5.3 Whistle Blowing Policy The Company has disseminated its Whistle Blowing Policy by which an employee or stakeholder can report or disclose in good faith, through the established channel, genuine concerns about unethical behaviour, malpractice, illegal act or failure to comply with regulatory requirements. The Board of Directors will ensure that the Whistle Blowing Policy is reviewed periodically, at least once every 3 years, to assess its effectiveness and to ensure its relevance. The Whistle Blowing Policy is last reviewed by the Board on 23 May 2023. The procedures of the Whistle Blowing Policy, in raising such genuine concerns to the established channels are available on the Company’s website at www.wascoenergy.com. 5.4 Conflict of Interest Policy The Conflict of Interest Policy is established and approved by the Board of Directors on 27 February 2024 in line with the Bursa Malaysia focus on enhancing the MMLR to address issues associated with conflict of interest involving Directors and key senior management of the Company and its subsidiaries. The purpose of the policy is to ensure that actual, potential and perceived conflicts of interest are identified and managed effectively as it provides guidance on how to deal with conflict of interest situations as they arise and protect the Group’s interest, while assisting the Directors and employees to perform with high integrity and ethical standards. The policy applies to all Directors and employees of the WB Group (including employees on contract terms, temporary staff and those on internship). The policy applies when an individual recognises, or should reasonably recognise, that a conflict of interest may arise from their current or future activities. The policy guides the individual on how to identify and declare all conflict of interest, how to develop, implement and monitor actions to appropriately manage the conflict, and how to deal with breaches of the policy. The scope of the policy is relatively wide in coverage of the activities that may give rise to conflicts of interest. The Conflict of Interest Policy is available on the Company’s website at www.wascoenergy.com. 5.5 Principles of Business Conduct The Board is committed to achieving and maintaining high ethical standards with regards to behavior at work and hence the Principles of Business Conduct is established. The Principles of Business Conduct of the Group is a formal document which sets out the guiding principles and standards in which the employees and Directors shall adhere to in conducting the day-to-day duties and operations. The Principles of Business Conduct is available on the Company’s website at www.wascoenergy.com. Corporate Governance Overview Statement 137 Wasco Berhad
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