Reviewed the results and issues arising from the external audit for financial year; and • Reviewed the Statement of Risk Management Report dated 24 August 2015. INTERNAL AUDIT FUNCTIONS The internal audit department of the Company had continued to assist the Audit Committee in discharging its duties and responsibility by undertaking regular and systematic reviews of the system of risk management and internal controls within the Group, and to ensure the compliance with the operating procedures, risk management and internal controls and to provide reasonable assurance that such system continues to operate satisfactorily and effectively. Overview of the Group’s approach in maintaining a sound system of risk management and internal control is stated in the Risk Management an Internal Control Statement on page 21 and 22 of this annual report. This report was made in accordance with a resolution of the Board of Directors dated 12 July 2016. Audit Committee Report No of meetings Name Designation Held Attended The Late Hj Mohd Khalid Bin Idris (Deceased) Chairman / Independent Non-Executive Director 5 5 Tan Meng Poo Member / Senior Independent Non-Executive Director 5 5 Johnson Kandasamy A/L David Nagappan (Member of MIA) Member / Independent Non-Executive Director 5 5
|Annual Report 2016 016 Statement On Corporate Governance The Board is pleased to report to the shareholders the manner in which the Company has applied the principles and complied with the best practices in the Malaysian Code on Corporate Governance 2012 (“MCCG”) throughout the financial year ended 31 March 2016. THE BOARD AND BOARD BALANCE The Company continues to be led and managed by an effective Board comprising a balanced mix of Directors with business, industry and professional knowledge and experience. There are nine (9) members, comprising five (5) Non-Executive Directors (including the Chairman) and four (4) Executive Directors. Out of the five (5) Non-Executive Directors, three (3) are independent representing 33.3% of the Board. The Board has overall responsibility for the performance of the Group, in which shall include strategic planning as to approve the Company’s strategic objectives and to ensure that the financial and other resources are made available to the management to enable them to meet those objectives. The Board closely monitors the business performance of the Group, reviews the adequacy and integrity of Internal Control System, identifies potential risks and ensure appropriate systems are implemented in order to manage the risks and meets its responsibilities to shareholders. Strategic plans are reported by the Management to the Board during its meetings. Management highlights its thought process and reasoning behind the strategies while the Board offers opinions, views and inputs to ensure that such strategies are able to support the Group’s business direction.
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- Summer '16
- managing director, Non-executive director