125 ANNUAL INTEGRATED REPORT 2021 HOW WE ARE GOVERNED REINFORCING SUSTAINABILITY ADDITIONAL INFORMATION How We Are Governed Effective Audit and Risk Management AUDIT COMMITTEE REPORT Dato’ Mohd Rafik Shah Mohamad Chairman Members Dato’ Shahrol Anuwar Sarman Dato’ Nonee Ashirin Dato’ Mohd Radzi Nik Fazila Nik Mohamed Shihabuddin The Audit Committee (AC) comprises exclusively of Non-Executive Directors, a majority of whom are Independent Non-Executive Directors. None of the AC members were former partners of the external auditors of the Company. With respect to the MCCG, FGV has not adopted Step Up Practice 9.4 for AC composition to comprise solely of Independent Non-Executive Directors as Dato’ Shahrol Anuwar Sarman is a Non-Independent Non-Executive Director. The Board views the participation of Dato’ Shahrol Anuwar is beneficial to the AC basing on his experience and knowledge relating to Government treasury. The AC Chairman is a qualified Chartered Accountant from the Malaysian Institute of Accountants (MIA) and is a fellow of the Association of Chartered Certified Accountants (ACCA), UK. Puan Nik Fazila is also a qualified Chartered Accountant from the Malaysian Institute of Certified Public Accountants (MICPA) and the MIA. All AC members are financially literate and are able to analyse and interpret Financial Statements to effectively discharge their duties and responsibilities. The AC, therefore, meets the requirements of paragraph 15.09(1)(c) of the Listing Requirements which stipulates that at least one member of the AC must be a qualified accountant. The AC held 12 meetings and the GCEO, the GCFO, the Chief Internal Auditor and various Management attended the meetings upon invitation by the AC. The AC also held various private sessions with the external auditors. The purpose of the AC is to assist the Board in fulfilling the following key responsibilities: • Ensuring the integrity of financial information • Assessing the risks and control environment • Overseeing and reviewing the Group’s management of financial risk processes, accounting and financial reporting practices • Reviewing the Group’s accounting function, financial reporting and the system of internal controls • Evaluating the internal and external audit processes and outcome to ensure independence of both the external and internal audit functions • Reviewing conflict of interest situations and related party transactions • Undertake any investigations within its ToR or as instructed by the Board • Undertake any such other functions as may be determined by the Board from time to time The existence of the AC does not diminish the Board’s ultimate statutory and fiduciary responsibility for decision making relating to the functions and duties of the AC. The composition of the AC for FY2021, including the name, designation together with the number of AC meetings held during FY2021 and details of attendance of each AC member can be found on page 85 of this Report. Further details of the AC’s ToR are published on our website at www.fgvholdings.com.
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