168 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 • The Whistleblowing Channel is accessible 24 hours a day, 7 days a week. This is important as Yinson operates globally. With this, Whistleblowing reports or grievances can be escalated at any time. • Improving accessibility to employees within the Group’s intranet page, YNet. • Hosting the Whistleblowing Policy & Procedure on our corporate website for our external stakeholders. • Incorporating Whistleblowing information in Yinson’s ABAC Online Training Module which is assigned to all employees. • Communication memos on Whistleblowing that are sent to our third parties. • Whistleblowing posters have been placed in common areas around the offices in countries in which Yinson operates. The Whistleblowing Incident Report will be submitted to the Audit Committee (“AC”) Chairperson (the Senior Independent Non-Executive Director) who will review and evaluate the Incident Report in an independent and fair manner with respect to all parties involved and provide protection for those who report allegations in good faith. Below are the general steps that Yinson undertakes when a Whistleblowing report is being escalated: 1. Alleged misconduct is reported through the Independent Whistleblowing Channel. 2. Details are provided in the report, with the option for the whistleblower to be anonymous. 3. Initial investigation is launched by the Whistleblowing Investigation Team with the recommendation from the AC Chairperson. 4. An Incident Report is prepared for the AC Chairperson, who is the Senior Independent, Non-Executive Director. 5. AC Chairperson reviews and decides on the outcome. 6. Undertake necessary actions on investigation outcomes as recommended by the AC Chairperson. 7. Communicate the outcome to the whistleblower. The Independent Whistleblowing Channel is available on our Corporate Website for external stakeholders and Yinson’s YNet Intranet page for internal stakeholders. INTERNAL AUDIT AND CONTROLS The Group maintains an independent IA Department which updates the Board, through the AC, on the adequacy and effectiveness of the Group’s system of internal control and management information system. Internal audit engagements are conducted according to a mandated discipline audit cycle to attain business insights and gain access to competencies to support the control assessment needs of the Group. IA adopts a risk-based approach when formulating and executing the internal audit plan, covering the Group’s business units and functions. IA reports the outcome of its audits and the status of Management’s action plans directly to the AC quarterly. 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 led to any material losses, contingencies, or uncertainties, ensuring that risks are reasonably managed within the context of the Group’s business environment. The Board is not aware and nor has it 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 MSC also hereby confirm that having reviewed the audited financial statement for the financial year ended on 20 May 2024, no adverse auditor opinion or material restatements was observed for the financial year ended 31 January 2024. The Board and MSC 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 20 May 2024.
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