FGV Annual Report 2020

207 Who We Are How We Operate How We Are Governed Additional Information Sustainability Matters Statement & Discussion By Our Leaders How We Are Governed: Accountability Audit Committee REPORT Cha i rman MEMB E R S Datuk Mohd Anwar Yahya Datin Hoi Lai Ping Dato’ Shahrol Anuwar Sarman The Audit Committee comprises exclusively of Non-Executive Directors, a majority of whom are Independent Non-Executive Directors. The Chairman of the Audit Committee is a Member of the Institute of Chartered Accountants in England and Wales (ICAEW), a Chartered Accountant with the Malaysian Institute of Accountants (MIA) and a Member of the Malaysian Institute of Certified Public Accountants (MICPA). All members of the Audit Committee are financially literate and are able to analyse and interpret Financial Statements to effectively discharge their duties and responsibilities. The Audit Committee, therefore, meets the requirements of paragraph 15.09(1)(c) of the Listing Requirements which stipulates that at least one member of the Audit Committee must be a qualified accountant. The Audit Committee held eight (8) meetings and the GCEO, the GCFO, the Chief Internal Auditor and various Management attended the meetings upon invitation of the Audit Committee. The Audit Committee also held various private sessions with the external auditors. The purpose of the Audit Committee is to assist the Board in fulfilling the following key responsibilities: • Assessing the risks and control environment • Overseeing financial reporting • Evaluating the internal and external audit processes and outcomes. • Reviewing conflict of interest situations and related party transactions • Providing oversight on the Annual Integrated Report • Oversight on matters pertaining to six (6) past investments which were subjected to forensic investigations and six (6) additional matters investigated, which was announced by the Board on 28 August 2018 • Undertaking any such other functions as may be determined by the Board from time to time The existence of the Audit Committee does not diminish the Board’s ultimate statutory and fiduciary responsibility for decision making relating to the functions and duties of the Audit Committee. The Audit Committee may empower one or more of its members to meet or communicate with external auditors and/or internal auditors independently. The composition of the Audit Committee for FY2020, including the name, designation (indicating the Chairman and members as well as indicating whether the Directors are independent or otherwise) together with the number of Audit Committee meetings held during FY2020 and details of attendance of each Audit Committee member can be found on page 165 of this report. Further details of the Audit Committee’s Terms of Reference are published on our website at www.fgvholdings.com.