ROLES AND RESPONSIBILITIES The AC oversees the Group’s financial reporting processes, assesses and reviews the Group’s risk and control environment, evaluates the internal and external audit processes, and reviews related party transactions. In line with the Listing Requirements, all the AC members are NEDs, with a majority being INEDS. The Chairman of the AC satisfies the requirement of the MCCG 2021, to separate the powers of the Chairman of the Board and the Chairman of the AC. The AC Chairman is a registered Chartered Accountant with the Malaysian Institute of Accountants (MIA), and possesses 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, which necessitates that at least one AC member be a qualified accountant. During the reporting period, the AC convened ten meetings, inviting the GCEO, GCFO, Chief Internal Auditor, and selected Management members to attend the meeting. Additionally, the AC engaged in private sessions with the External Auditor. Key areas under the purview of the AC include financial reporting and performance oversight, the Group’s in-house internal audit (assurance) and integrity and governance functions, engaging with external auditors, managing related party transactions, and overseeing controls and governance. The primary objectives of the AC are to assist the Board in ensuring the integrity of financial information, evaluate the risks and control environment, and oversee the Group’s management of financial risk processes, accounting, and reporting practices. These responsibilities align with the AC’s commitment to uphold 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 AC also plays a vital role in evaluating both internal and external audit processes, ensuring the independence of these functions. The AC reviews conflicts of interest and potential interest situations along with 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 regarding decisionmaking related to the functions and duties overseen by the AC. For more information on the composition of the AC in 2024, including the names, designations, number of meetings held, and attendance records for each member, please refer to page 193. Furthermore, details about the trainings attended by AC members are available in the CG Report 2024. Further information on the AC’s ToR is available on our website, www.fgvholdings.com. This Report should be read together with the CG Report 2024, also accessible on our website. Audit Committee Report 1 2 Dato’ Shahrol Anuwar Sarman Member (NINED) Appointed on 29 November 2023 3 Nurul Muhaniza Hanafi Member (INED) Appointed on 2 September 2024 Nik Fazila Nik Mohamed Shihabuddin Member (INED) Ceased on 1 July 2024 6 Dato’ Mohd Rafik Shah Mohamad Chairman (Senior INED) Ceased on 20 June 2024 5 Azizan Zakaria Chairman (INED) Appointed on 4 July 2024 4 Mohamad Fadzil Hitam Member (INED) Appointed on 1 March 2025 213 Sec 07 SUSTAINING VALUE THROUGH GOOD GOVERNANCE (CORPORATE GOVERNANCE OVERVIEW STATEMENT)
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