STEERING INTEGRITY AND ACCOUNTABILITY SEC 6 130 Dato’ Shahrol Anuwar Sarman Member (NINED) Appointed on 29 November 2023 PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT AUDIT COMMITTEE REPORT ROLES AND RESPONSIBILITIES The committee oversees the Group’s financial reporting processes, assesses and reviews the Group’s risk and control environment, evaluates the internal and external audit process, and reviews related party transactions. Comprising solely of Non-Executive Directors, the AC holds a majority of INED, with none having a prior affiliation as partners with the Company’s external auditors. The critical oversight of the AC’s functions is entrusted to a Senior INED who serves as the Chairman. Both the AC Chairman and Pn. Nik Fazila Nik Mohamed Shihabuddin, who are registered Chartered Accountants with the Malaysian Institute of Accountants (MIA), and possess financial literacy, demonstrating proficiency in analysing and interpreting financial statements. This aligns with the requirements of Paragraph 15.09(1)(c) of the Listing Requirements, necessitating at least one AC member to be a qualified accountant. Over the reporting period, the AC convened 11 meetings, with the GCEO, GCFO Chief Internal Auditor, and selected Management members invited by the AC. Additionally, the committee also engaged in private sessions with external auditors. Dato’ Mohd Rafik Shah Mohamad Chairman (Senior INED) Appointed on 1 July 2021 More information on the AC’s ToR can be found on our website, www.fgvholdings.com. This Report is to be read together with the CG Report 2023, also available on our website. The primary objectives of the AC include assisting the Board in ensuring the integrity of financial information, evaluating the risks and control environment, and overseeing the Group’s management of financial risk processes, accounting, and financial reporting practices. These responsibilities align with the AC’s commitment to upholding the highest standards in financial governance and accountability. Additionally, the AC fulfils its responsibilities by reviewing the Group’s accounting function, scrutinising financial reporting practices, and assessing the effectiveness of internal control systems. The committee also plays a vital role in evaluating both internal and external audit processes, ensuring the independence of these functions. The AC is also actively involved in reviewing conflict of interest situations and related party transactions, ensuring transparency and adherence to ethical standards. The establishment of the AC does not absolve the Board of its ultimate statutory and fiduciary responsibilities concerning decisionmaking related to the functions and duties overseen by the AC. For detailed information on the composition of the AC in 2023, including the names, designations, number of meetings held, and attendance records for each member, please refer to page 113 of this Report. Furthermore, details about the trainings attended by AC members can be found in the CG Report 2023. Nik Fazila Nik Mohamed Shihabuddin Member (INED) Appointed on 1 July 2021
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