FGV HOLDINGS BERHAD | ANNUAL INTEGRATED REPORT 2023 135 PERFORMANCE REVIEW During the financial year, the Board evaluated the AC’s performance and the extent to which the AC met the requirements of its ToR, including the term of office and performance of the AC and each of its members. This performance assessment constituted part of the annual BEE, pertaining to the assessment of Board Committees. The AC Report was made in accordance with the resolution of the Board of Directors approved on 27 March 2024. ASSURANCE INVESTIGATION & SPECIAL REVIEWS CONSULTING The GIA plays an active role in advising the Group on various matters. In 2023, consulting advisory was provided through the following platforms and activities: a) Advisory in the remediation process of WRO by the US CBP in 2023 as Permanent invitee of the WRO Task Force and SSC. b) Providing feedback and input on the revision of the Group Grievance Management Policy. c) Facilitated the formulation of the Group Grievance Management Standard Operating Procedures. d) Advisory on formulation of a Request for Proposal and evaluation process for a Group Compliance Management Framework. e) Facilitation of several Group LoA and policy revisions. f) Sharing of knowledge on data analytics towards implementation of continuous monitoring. g) AGM Question & Answer administrator team member. h) GEWE Committee member. i) Reporting Committee member. The GIA undertakes investigations and special reviews based on the requests and information from the Whistleblowing Committee, Management, the AC and the Board. The outcomes are reported to the Whistleblowing Committee, Management, the AC and the Board respectively. The recommendations and resolutions arising from the work tabled are communicated to Management for the necessary implementation action. Group Internal Audit’s investigations and special review work during the year 2023 identified improvements in the following areas: Human Resource Management Operation Management Stock Management Procurement Management PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT Data analytics initiatives gained significant traction this year, as continuous development of test scripts facilitated the analysis of data extracted directly from FGV’s information technology (IT) systems. These projects served as an audit tool, enhancing audit coverage in a more efficient manner. Recurrent related party transactions review with a view of advising the AC on the Group’s compliance with the Related Party Transactions and Recurrent Related Party Transactions Policy. IT governance and controls which covered application functionality review, data integrity, user access control and system security, including cyber security.
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