Corporate Governance Overview Statement ASSURANCE The assurance work involved a balanced approach to governance, risk, and control at both the corporate centre and business operational levels. The audit focus for 2024 includes the following areas: • F or the plantation upstream business division, the primary audit areas included crop recovery and security, fertiliser management, replanting management, and inventory management. Additionally, the GIA emphasised sustainability-related aspects, such as labour and environmental management. • I n the non-plantation upstream business division, the key audit scopes included sales and procurement, trading activities, inventory management, and production and maintenance management. • F or data analytics, test scripts were further developed to analyse data directly extracted from FGV’s information technology (IT) systems. These projects served as an audit tool, improving audit coverage more efficiently. • A review of recurrent related party transactions was conducted to advise the AC on the Group’s compliance with the Related Party Transactions and Recurrent Related Party Transactions Policy. • F or IT Management and operations, audit coverage included IT general controls, application functionality and security assessment, ransomware review, and cybersecurity evaluations. • A separate team at GIA was dedicated for a public listed subsidiary, MSM Holdings Berhad, to review the effectiveness of internal controls within the Group, covering key operations such as production and maintenance management, trading activities, and sales management. • In addition to the assurance coverage, GIA actively monitors the implementation of management’s action plans to ensure the timely resolution of audit findings and issues while effectively addressing identified risks and control gaps. INVESTIGATION & SPECIAL REVIEWS The GIA conducted investigations and special reviews based on the requests and information from the Whistleblowing Committee, Management, the AC, and the Board. The outcomes were reported to the Whistleblowing Committee, Management, the AC and the Board respectively. The recommendations and resolutions arising from the work tabled were communicated to Management for necessary implementation action. Group Internal Audit’s investigations and special review work in 2024 identified improvements in the following areas: KEY FOCUS AREAS AND PRIORITIES FOR FY2025 In alignment with the strategic priorities of FGV, the key focus areas in 2025 are as follows:- PERFORMANCE REVIEW During the financial year, the Board evaluated the AC’s performance and how well the AC met the requirements of its ToR, including the term of office and the performance of the AC and each of its members. This performance assessment was part of the annual BEE, which relates to the assessment of Board Committees. The AC Report was prepared in accordance with the resolution of the Board of Directors approved on 25 March 2025. CONSULTING The GIA played an active role in advising the Group on various matters. In 2024, consulting and advisory services were provided through the following platforms and activities: a A dvisory in the remediation process of the WRO by the U.S CBP in 2024 as a permanent invitee of the WRO Task Force and SSC. b Providing feedback and suggestions on the revision of the Group Grievance Management Policy. c Facilitated the development of the Group Grievance Management Standard Operating Procedures. d Advisory on the progress of developing a Group Compliance Management Framework. e Facilitated several Group LoA and policy revisions. f Sharing knowledge about data analytics for the implementation of continuous monitoring. g A GM Question and Answer administrator team member. h GEWE Committee member. i Reporting Committee member. PRINCIPLE B Human Resource Management Operation Management Trading Activities Fixed Asset Management Procurement Management Contract Management Human Resource Operations Yield performance Mechanisation management SUMMARY OF WORK DONE BY GROUP INTERNAL AUDIT IN 2024 218 FGV Holdings Berhad | Annual Integrated Report 2024
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