Internal Audit Function
The Board acknowledges its primary responsibility for the
Group’s system of internal controls and risk management.
The effectiveness of the system of internal controls and
risk management of the Group is reviewed by the Audit
Committee. A more detailed discussion is set out in the
Statement on Risk Management and Internal Control as
well as the Audit Committee Report on pages 184 to 189
of this Annual Report.
The Internal Audit function is undertaken in-house, headed
by a General Manager who is a certified auditor and is
assisted by 13 experienced Internal Auditors of various
disciplines. In 2015, the Group spent around RM1.27
million on the Internal Audit function in terms of employee
remuneration and benefits.
7. ENSURE TIMELY AND HIGH QUALITY
DISCLOSURE
Corporate Disclosure Policy
The Company has in place policies and procedures for
compliance with the MMLR and ensures that all material
information are announced immediately to Bursa Malaysia
Securities Berhad as required.
The Compliance Department was set up in January 2014
and is tasked with monitoring all compliance matters that
require disclosure in accordance with the requirements of
MMLR.
Leverage on Information Technology
The corporate website at
is
maintained to disseminate information and create greater
awareness of the Group activities, performance and other
relevant information for the benefit of all stakeholders
and general public.
The Group also has a dedicated website for Investor
Relations where all information relating to quarterly result
announcements, Annual Reports, changes to shareholding
and press releases are published concurrently with Bursa
Malaysia website. This website also sends out alerts to
investors for any announcement made in relation to the
Company.
8. STRENGTHEN RELATIONSHIP WITH THE
SHAREHOLDERS
Shareholder Participation at the AGM
At each AGM, the Chairman presents the progress and
performance of the Company, in addition to encouraging
shareholders to participate in the question-and-answer
session. The President and Managing Director, the
Chairman of the Audit Committee and other Board
Members are available to respond to shareholders’
questions during the meeting. Where appropriate, the
Chairman will undertake to provide a written answer to
any significant question that cannot be readily answered
at the meeting. Apart from the Board Chairman and
President and Managing Director, shareholders or
stakeholders may convey any concerns that they may
have to Zainah Mustafa, the Independent Non-Executive
Director who is also the Chairman of the Audit Committee.
Each item of special business included in the notice of
the meeting will be accompanied by detailed explanations.
Separate resolutions are proposed for substantially
different issues at the meeting and the Chairman declares
the number of proxy votes received both for and against
each resolution. The Company also provides shareholders
with a summary of the discussions at the AGM by
publishing the minutes on the website.
Encourage Poll Voting
The Board encourages poll voting for the specific
resolutions which require a poll vote, for example
reappointment of Directors whom are above the age of
70 years old and also the Related Party Transactions.
During the AGM, the Chairman will inform the shareholders
prior to the discussion of such specific resolutions.
The recurrent related party transactions for the financial
year ended 31 December 2015 are set out in the notes
to the financial statements on pages 319 to 320 of the
Annual Report.
At the 22nd Annual General Meeting held on 28 May
2015, the Company obtained the shareholders’ mandate
to allow the Group to enter into recurrent related party
transactions as set out in the Notes of the Compliance
Information on pages from 210 to 211. As required by
the MMLR and the Company’s Articles of Association, a
Director who has an interest in a transaction shall abstain
182
Statement on
Corporate Governance
