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SUSTAINABILITY EFFECTIVE CORPORATE FINANCIAL ADDITIONAL DETAILS OF THE ANNUAL
REPORT LEADERSHIP GOVERNANCE STATEMENTS INFORMATION GENERAL MEETING

Monitoring The Group has also developed several programmes, in
sync with its continual improvement culture, to ensure
Financial and Operational Review adequate supply of skilled and knowledgeable workforce
who are then groomed to take on leadership positions.
Financial and Operational Review is a mechanism adopted
to measure MSM Group’s actual performance against its This is a key focus towards strong, sustainable and
business plan, previous year’s performance and the annual balanced growth. The programmes are holistic in nature,
budget. aiming to enhance both professional and behavioural
competencies by incorporating elements such as integrity,
This review is undertaken on a regular basis by an Executive governance as well as the Group’s core values.
Committee comprising senior management of the MSM
Group. INTERNAL AUDIT FUNCTION 119

The Group Chief Executive Officer, Group Chief Operating The Board acknowledges the importance of the internal
Officer and Chief Financial Officer present the MSM audit function. The Internal Audit Function is to provide
Group Quarterly Financial Information and the Operational internal audit services to assist the Audit, Governance
Performance analysis to the Audit, Governance and Risk and Risk Committee (AGRC) and Board in reviewing the
Committee prior to Board approval and subsequent release effectiveness, adequacy and integrity of the Group’s
to Bursa Malaysia. systems of internal control in managing risks. The audit
assignments are conducted in accordance with the internal
Annual Business Plan and Budget
audit plan approved by the AGRC.
Business Planning, which is coordinated and aligned to
specific objectives, is essential to direct the activities and REVIEW OF STATEMENT BY ExTERNAL AUDITORS MSM MALAYSIA HOLDINGS BERHAD Annual Report 2020
initiatives of each Subsidiary and Head Office towards
meeting the Group’s short term and long-term objectives. The External Auditors have reviewed this Statement of
With this view, the Group emphasises on a comprehensive Risk Management and Internal Control as per Paragraph
annual budgeting process to ensure that the Group’s 15.23 of the Bursa Malaysia Securities Berhad Main Market
business plans are in line with the Board approved MSM Listing Requirements. Their limited assurance review was
Strategic Plan. performed in accordance with Audit and Assurance Practice
Guideline (“APPG”) 3 issues issued by Malaysian Institute
Competency of Accountants. AAPG3 does not require external auditors
to form an opinion on the adequacy and effectiveness of the
MSM views its employees as invaluable assets. The Group is
committed to its employees and professional development risk management and internal control systems of the Group.
at all levels.
STATEMENT BY THE BOARD
In achieving the next level of productivity, excellent service,
and performance, MSM has developed SWIIT Values Based on the processes and measures undertaken by the
(S for Sense of belonging, W for winning attitude, I for Board and its Committees during the financial year and
Integrity, I for Innovation and T for Teamwork) which bring assurance provided by the Group Chief Executive Officer
meaningful purpose, practical strategies and goals together and Chief Financial Officer, the Board is of the view that the
to make the organisation aspirations more credible and risk management framework and internal control system
achievable. as described in this Statement is sound and effective to
safeguard the shareholders’ investment and MSM Group’s
assets.
This Statement is made in accordance to the resolution of
the Board dated 25 March 2021.