Page 68 - Demo

66ADVANCING AHEADResponsibilities, Accountabilities and Contributions of the Board and ManagementThe Company is governed by the Board, which is responsible for the leadership and control of the Company. The Board is collectively responsible for promoting the success of the Company by directing and supervising its affairs.The Board%u2019s functions and duties include (without limitation) to the following:%u2022%u0009 ProvidingstrategicdirectionsinthebusinessdevelopmentoftheGroupandscrutinisingtheGroup%u2019sperformanceinachieving its operational and financial goals and objectives%u2022%u0009 Makingallmajordecisions,includingbutnotlimitedtothosedecisionsaffectingthefinancialresults,notifiableandconnected transactions, dividend policies and information disclosure of the Group%u2022%u0009 Conveninggeneralmeetingsandreportingtheworkresultstotheshareholders%u2022%u0009 Devisingpoliciesfor,andreviewingandmonitoringtheimplementationoftheriskmanagementandinternalcontrolsystems and other policies of the Group%u2022%u0009 Overseeingandreviewingtheenvironment,socialandgovernanceissuesoftheGroup%u2022%u0009 Performingthecorporategovernancefunctions(asfurtherexplainedin%u201cCorporateGovernanceFunctions%u201dbelow)%u2022%u0009 Exercisingotherpower,dutiesandfunctionsasconferredbyapplicablelaws,theListingRulesandtheArticlesofAssociation of the CompanyDay-to-day management and execution of the operations of the Group are delegated to the Executive Directors and senior management team of the Company, whose performance are periodically reviewed by the Board. The Board also delegated certain powers to the Audit Committee, the Remuneration Committee and Nomination Committee, the details of which are set out below. The Board may also from time to time delegate any of its powers to committees as appropriate. The Board has established the Investment Strategy Committee consisting of certain directors and senior management to identify business directions and strategies, review and provide to the Board with investment and divestment strategy and prepare the annual budget for submission to the Board for approval.Board CommitteesAudit CommitteeThe Audit Committee of the Company was established by a Board resolution passed on 20 May 2019. The terms of reference are published on the websites of the Company and the Stock Exchange.The main functions and duties of the Audit Committee include:(a)making recommendations to the Board on the appointment, re-appointment and removal of the external auditor;(b)reviewing the Company%u2019s financial information and reporting system; and(c)oversight of the Company%u2019s risk management and internal control systems, including the whistleblowing arrangement for employees, customers and suppliers to raise concerns about possible improprieties in any matter related to the Company.At the date of this annual report, the Audit Committee comprises three Independent Non-executive Directors, namely Mr Brett Harold Krause, Mr Simon James McDonald (Chairman of the Audit Committee with the appropriate accounting and related financial management expertise as required under rule 3.10(2) of the Listing Rules) and Ms Serene Siew Noi Nah.During the Year, the Audit Committee held four meetings in March, July, August and November 2024 for the review of the 2023 annual results and 2024 interim results of the Group respectively, and also including but not limited to review of the risk management and internal control systems and the review of the effectiveness of the Group%u2019s internal audit function.