161 GOVERNANCE The Whistleblowing Incident Report will be submitted to the AC Chairperson (a non-executive board member) who will review and evaluate the Incident Report in an independent, fair and unbiased manner with respect to all parties involved and to provide protection for those who report in good faith of such allegations. Below are the general steps that Yinson undertakes when a Whistleblowing report is being escalated: 1. Report alleged misconduct through any of the channels. 2. Report details with the option of being anonymous. 3. Initial investigation launched. 4. Incident Report prepared for the AC Chairperson, who is the senior independent, non-executive director. 5. AC Chairperson to review and decide on outcome. 6. Undertake necessary actions on investigation outcomes recommended by the AC Chairperson. 7. Communicate outcome to the whistleblower. The Whistleblowing contact information are as follows: Phone : +60111-662 2738 (English) +55 21 972121193 (Portuguese) Email : whistleblow@yinson.com (Whistleblowing in other languages will also be accepted) INTERNAL AUDIT & CONTROLS The Group maintains an independent IA Department which updates the Board, through the AC, on the adequacy, effectiveness and efficiency of the Group’s system of internal control and management information system. EY is being co-sourced with the internal audit engagements to attain business insights and gain access to competencies to support the control assessment needs of the Group’s expanding operations. The IA function adopts a risk-based approach when executing the internal audit plan, focusing on the Group’s business units and functions. The IA function reports the outcome of its appraisal directly to the AC via internal audit reports. The IA function also conducts follow-up reviews on the status of Management’s action plans. BOARD’S COMMENTARY For the financial year under review and up to the date of approval of this statement for inclusion in the annual report, the Board considers the system of risk management and internal controls described in this Statement to be satisfactory and has not resulted in any material loss, contingency or uncertainty, and risks are reasonably managed within the context of the Group’s business environment. The Board is not aware and has not been made aware of any material weaknesses or lapses in the internal control system of the Group occurring within the financial year under review and up to the date of approval of this statement for inclusion in the annual report. The Board has received assurance from the Group Chief Executive Officer and Group Chief Financial Officer that the Group’s risk management and internal control system is operating adequately and effectively, in all material aspects, based on the risk management and internal control systems of the Group. The Board and MC also hereby confirm that having reviewed the audited financial statement for the financial year ended 31 January 2023, no adverse auditor opinion or material restatements was observed for the financial year ended 31 January 2023. The Board and MC will continue to take measures to strengthen the Group’s risk management and internal control system. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS As required by Paragraph 15.23 of the Listing Requirements, the external auditors have reviewed this Statement pursuant to the scope set out in the Audit and Assurance Practice Guide (“AAPG”) 3: Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report issued by the Malaysian Institute of Accountants (“MIA”). AAPG 3 does not require the external auditors to consider whether this Statement covers all risks and controls, or to form an opinion on the adequacy and effectiveness of the risk management and internal control systems of the Group including the assessment and opinion by the Board of Directors and management thereon. The external auditor is also not required to consider whether the processes described to deal with material internal control aspects of any significant problems disclosed in the annual report will, in fact, remedy the problems This Statement on Risk Management and Internal Control was made in accordance with a resolution of the Board on 19 May 2023. STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL
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