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Annual Report 2013
• 24 •
Pursuant to Para 15.15 of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements, the Board of Directors
(“the Board”) is required to prepare an Audit Committee Report for inclusion in this Annual Report.
Audit Committee Members
The Audit Committee comprises the followings members:
Dr Arjunan Subramaniam - Chairman
Independent Non-Executive Director
Lau Nai Pek
- Independent Non-Executive Director
Chai Woon Chew
- Non-Independent Non-Executive Director
During the financial year ended 31 December 2013, the Audit Committee held four (4) meetings and carried out its duties as set
out in the Terms of Reference. Details of the members and their attendance are as follows:
Terms of Reference
1.
Objective
The primary objective of the Audit Committee is to assist the Board in the effective discharge of its fiduciary responsibilities
for corporate governance, financial reporting and internal control.
2.
Composition
(a)
The Audit Committee must comprise of not less than three (3) members and all members must be Non-Executive
Directors, with majority as independent directors being directors independent of management free of any
relationship that in the opinion of the Board would interfere with the exercise of independent judgment on Audit
Committee Members.
(b)
The Chairman of the Audit Committee shall be an Independent Director. In the absence of the Chairman, other
members shall amongst themselves elect a Chairman.
(c)
At least one (1) member of the Audit Committee:
i)
must be a member of the Malaysian Institute of Accountants; or
ii)
if he is not a member of the Malaysian Institute of Accountants, he must have at least three (3) years’
working experience and:
I)
he must have passed the examinations specified in Part I of the First Schedule of the Accountants
Act, 1967; or
II)
he must be a member of one of the associations of accountants specified in Part II of the First
Schedule of the Accountants Act, 1967; or
iii)
fulfils such other requirements as prescribed or approved by the Exchange.
(d)
Alternate Director is not allowed to become a member of the Audit Committee.
(e)
If the number of members is reduced to below three (3) by reason of resignation, death or for any other reason
ceases to be a member with the result that the number of members is reduced to below three (3), the Board shall
within three (3) months of the event, appoint such number of new members as may be required to fulfill the
minimum requirement.
AUDIT COMMITTEE REPORT
Name
Designation
No. of Meetings
Attendance of Meeting
Dr Arjunan Subramaniam
Independent
4
4
Non-Executive Director
(Chairman)
Lau Nai Pek
Independent
4
4
Non-Executive Director
Chai Woon Chew
Non-Independent
4
4
Non-Executive Director