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230 MSM MALAYSIA HOLDINGS BERHAD WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOW WE OPERATE
ANNUAL INTEGRATED REPORT 2021

AUDIT, GOVERNANCE AND

RISK COMMITTEE REPORT

The AGRC discharges its responsibilities through a The existence of the Committee does not diminish the
series of scheduled meetings during the year. The AGRC Board’s ultimate statutory and fiduciary responsibilities for
conducted a total of thirteen (13) meetings including eight (8) decision-making relating to the functions and duties of the
unscheduled meetings which were held on 29 March 2021, Committee.
5 April 2021, 26 April 2021, 7 July 2021, 9 September 2021,
12 October 2021, 19 November 2021 and 8 December 2021. SUMMARY OF WORKS

The Company Secretary and Chief Internal Auditor The salient matters that the AGRC considered during
act as the Committee’s Secretaries in all the meetings. the financial year 2021 in discharging their duties and
The meetings were attended by Group Chief Executive responsibilities through the 13 meetings held and
Officer (Group CEO), Chief Financial Officer (CFO), various private sessions with the external and internal
Group Chief Operating Officer (Group COO), Head of auditors are as follows:
Corporate Governance & Risk Management together with
the members of Senior Management and the external
auditor, upon invitation, to brief the Committee on related
matters. Financial Reporting

The AGRC meetings were conducted in accordance with the
requisite quorum of two (2) members as stipulated in the a. Quarterly Financial Results
Term of Reference (TOR) of AGRC.
At the AGRC meetings held on 17 February 2021,
All AGRC meeting minutes, including meeting papers, 17 May 2021, 13 August 2021 and 11 November 2021,
on matters deliberated by the Committee in the discharge of the AGRC reviewed and discussed with Management
its functions were properly documented. Minutes of the AGRC the unaudited quarterly financial results, any changes in
were circulated to the members for confirmation. Reports on accounting policies, the going concerns assumptions, and
the proceedings of the Committee meetings were tabled to ensuring that the necessary processes and controls are
the Board quarterly. in compliance with accounting standards and regulatory
requirements before recommended to the Board for
approval.
ROLES OF THE COMMITTEE
The AGRC also reviewed the reports of the external
Key areas under the purview of the AGRC include the auditor from their quarterly financial statement review
financial reporting and performance oversight, internal and significant matters highlighted by the external
audit, external audit, Related Party Transactions (RPT), auditor in the financial statements and significant
Recurrent RPT, governance oversight, ethics and integrity, judgments made by Management.
risk management, internal control environment, sustainability
framework and anti-bribery. Further details on the functions b. Audited Financial Statements
and duties of the AGRC are provided in its TOR which
is available at the Company’s corporate website at On 12 March 2021, the AGRC together with external
www.msmsugar.com. auditor and Management had considered and reviewed
the draft of the audited financial statements for the
The AGRC’s TOR has been established pursuant to the Listing year ended 31 December 2020 together with the
Requirements and was approved by the Board to guide Directors’ and Auditor’s Statement and concluded
the Committee in the discharge of its functions and duties. that the financial report presented a true and fair view
In addition, the TOR also recognises and adopts related of the Company’s financial performance for the year and
better practices and guidance from the MCCG and the was in compliance with regulatory requirements.
Corporate Governance Guide. The TOR of AGRC was approved
by the Board on 24 July 2020.