162 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 REPORT ON AUDIT COMMITTEE The Board is pleased to present the Report on Audit Committee (“AC”) for FYE 2023 in accordance with Paragraph 15.15 of the Bursa Securities Main Market Listing Requirements. TERMS OF REFERENCE The AC is formally constituted within the AC Terms of Reference, available on the Company’s website at www.yinson.com. COMPOSITION AND MEETINGS The AC comprises Independent Non-Executive Directors, with all members having working familiarity with basic corporate finance and accounting practices. AC Chairman, Dato’ (Dr.) Wee Hoe Soon @ Gooi Hoe Soon, is a member of the Malaysian Institute of Accountants and Malaysian Institute of Certified Public Accountants. AC meetings are scheduled at least four (4) times a year with additional meetings scheduled as necessary. The AC met five (5) times in FYE 2023 as follows: Dato’ (Dr.) Wee Hoe Soon @ Gooi Hoe Soon Chairman, Senior Independent Non-Executive Director Date of appointment : 11 August 2016 No. of meetings attended : 5/5 (100%) Raja Datuk Zaharaton binti Raja Zainal Abidin Member, Independent Non-Executive Director Date of appointment : 11 August 2016 No. of meetings attended : 5/5 (100%) Datuk Abdullah bin Karim Member, Independent Non-Executive Director Date of appointment : 16 October 2018 No. of meetings attended : 4/5 (80%) Dato’ Mohamad Nasir bin Ab Latif Member, Independent Non-Executive Director Date of appointment : 1 October 2020 No. of meetings attended : 5/5 (100%) a) Risk Management and Internal Control • Reviewed the adequacy and effectiveness of the Group’s risk management, internal control system and management information system; • Reviewed the extent of compliance with established internal policies, standards, plans, procedures, laws and regulations; • Recommended to the Board steps to improve the system of internal control derived from the findings of the internal and external auditors; and • Discussed and reviewed key risk profile. AC meeting notices, reports and papers, wherever possible, are uploaded to a digital meeting software and disseminated to AC members at least seven (7) days before meetings, providing the AC with relevant facts and analyses to facilitate effective discussion and decisionmaking processes. At the meetings, the AC reviews risk management and internal control, financial reporting, business and corporate proposal, internal and external audit functions within the Group. Minutes of meetings are duly recorded by the Corporate Secretary. To avoid conflicts of interest, AC members are required to declare interests that they may have in the subject matters arising during meetings. AC member who has conflicts of interest will be excluded from deliberations and decision-making in such matters, and will also abstain from voting on the related resolutions at AC/Board/ general meetings of the Company. SUMMARY OF WORK PERFORMED In FYE 2023, the AC carried out its duties in accordance with its Terms of Reference and the activities are summarised as follows:
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