GOVERNANCE Sect ion 04 Annual Report 2022 119 INTERNAL AUDIT The Group’s Corporate Assurance Division (“GCAD”) serves as the internal audit function of Ranhill. Independent of the external audit function, GCAD provides independent, regular and systematic reviews of the internal control, risk management and governance processes within the Group. In preserving independence, the Head of GCAD functionally reports to the AC Chairman and administratively to the Chairman & Chief Executive. During the financial year, audit assignments were carried out on major subsidiaries with observation reported and presented to the AC. The total costs incurred for the internal audit function for FY2022 was RM1.47 million. A comprehensive view of the Internal Audit function is provided in the AC’s Report of this Annual Report. PRINCIPLE C - INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. STAKEHOLDER COMMUNICATION The Board has been transparent and accountable to its shareholders and investors and continues to place importance on the need to maintain timely and meaningful communication and relationships with stakeholders. Ranhill’s Corporate Disclosure Policy encourages effective communication with the Company’s shareholders by requiring: • The various disclosures and announcements of full and timely information about Ranhill’s activities in accordance with the disclosure requirements contained in the BMLR and the Companies Act 2016; • All information released to the market to be placed on Ranhill’s website promptly following the release; • The Company’s market announcements to be maintained on Ranhill’s website for at least three years; and that all disclosures, including notices of meetings and other shareholder communications, are drafted clearly and concisely. • Timely dissemination of information including audited quarterly and annual financial results and the annual report. The corporate disclosure policy also sets out the persons authorised and responsible to approve and disclose material information to shareholders and stakeholders. The Board and Senior Management continue to hold briefings with analysts, engage in media relations activities as well community outreach initiatives and more. Ranhill’s website has a “Contact Us” section which gives shareholders the opportunity to submit inquiry with questions or comments directly to the Company, either through Group Corporate Communications or Investor Relations, depending on the nature of the inquiry. While the Company endeavours to provide as much information as possible to its shareholders and stakeholders, the Company is mindful of the legal and regulatory framework governing the release of material and price-sensitive information. Any information that may be regarded as undisclosed material information about the Group will not be given to any single shareholder or shareholder group. EXTERNAL AUDIT The AC is responsible for assessing the capabilities and independence of the external auditors and to make subsequent recommendations to the Board on the appointment, reappointment or termination of the external auditors, as specified in the AC’s TOR. The annual evaluation of external auditors provides the AC with a disciplined approach for maintaining an effective oversight of the external auditors’ performance. The effectiveness, performance and independence of the external auditors namely Messrs. Deloitte PLT is reviewed annually by the AC. If it becomes necessary to replace the external auditors for performance or independence reasons, the responsibility for the selection, appointment and removal of the external auditors has been delegated to the AC by the Board. CORPORATE GOVERNANCE OVERV I EW STATEMENT
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