The remuneration of the Senior Management (Group basis) for FYE 2022 are as follows: GROUP LEVEL Salary Benefits in Kind Other Emoluments^^ Total RM’000 RM’000 RM’000 RM’000 Senior Management ** 17,746.5 3,217.0 10,827.5 31,791.0 ^^ C omprises bonuses, allowances, employer’s provident fund contributions, social security welfare contributions and Employees’ Insurance Scheme. ** Inclusive of Group CEO who is also an Executive Director. PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT Part I – Audit Committee Intended Outcome 9.0 There is an effective and independent AC. The board is able to objectively review the AC’s findings and recommendations. The company’s financial statement is a reliable source of information. The detailed report on the AC’s composition, summary of terms of reference, and summary of work performed during the financial year under review can be found in pages 205 to 206 of the Annual Report 2022. The terms of reference of the AC requires a former key audit partner to observe a cooling-off period of at least three (3) years before being appointed as an AC member. Currently, no AC members are former key audit partners of the Company. The AC is responsible for reviewing, assessing and monitoring the performance, suitability and independence of external auditors annually, in accordance with requirements set out in the External Auditor Policy & Procedure, to ensure continued independence and objectivity of the external auditors. During the financial year under review, the AC conducted three (3) private sessions in March, June and December 2021 with internal auditors, EY and two (2) private sessions in March and December 2021 with external auditors, PricewaterhouseCoopers PLT (“PwC”), without the presence of Executive Directors and Management. The AC has obtained assurance from the outsourced internal auditor and external auditor confirming their independence. The Board has, on 28 April 2022, recommended the reappointment of PwC for Shareholders’ approval at the forthcoming 29th AGM. Part II – Risk Management and Internal Control Framework Intended Outcome 10.0 Companies make informed decisions about the level of risk they want to take and implement necessary controls to pursue their objectives. The board is provided with reasonable assurance that adverse impact arising from a foreseeable future event or situation on the company’s objectives is mitigated and managed. The Company’s ERM framework and risk identification process is in line with the ISO 31000 Risk Management guidelines. A detailed report of the risk management and internal control framework is as per the Statement on Risk Management and Internal Control (“SORMIC”) found on pages 199 to 204 of the Annual Report 2022. The Board is of the view that the system of internal control and risk management is sound and adequate to mitigate risk exposure of the business and safeguard the interest of the Shareholders, employees, regulators and other stakeholders. CORPORATE GOVERNANCE OVERVIEW STATEMENT 195 ANNUAL REPORT 2022 GOVERNANCE
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