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CHAIRMAN’S DELIVERING MSM MANAGEMENT DISCUSSION GROUP FINANCIAL
STATEMENT VALUE OVERVIEW & ANALYSIS REPORT

AuDIT, GOVERNANCE AND

RISk COMMITTEE REPORT

Audit, Governance and Risk Committee’s (“AGRC” or ”the Committee”) principal role is
to assist the Board in carrying out its oversight responsibilities in relation to financial
reporting, external audit and internal audit processes, conflict of interest and related party
transaction. The AGRC also plays a crucial role in ensuring appropriate challenges and
governance in matters relating to internal control, financial reporting as well as governance,
risk management and ethics programmes of the Group.

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OVERVIEW
MSM MALAYSIA HOLDINGS BERHAD Annual Report 2020
The AGRC was established on 10 June 2020 through a merger of the Audit Committee (“AC”) and Board Governance & Risk
Management Committee (“BGRMC”).

The merging of the AC and BGRMC was based on the following rationale and advantages:
a) To provide consolidation of audit, governance and risk matters in a single committee that will ensure:

• Internal audits are focused on high risk matters;
• Governance improvements are undertaken on gaps identified by internal audit through initiatives to inculcate good
working culture using the right processes and systems;

• Risk assessment takes into account or are reviewed based on the internal audit observations; and
• Mitigation of risks are validated from the internal audit observations to provide assessment of effectiveness of the
mitigation.
b) The combined committee will be able to remove redundancies of both internal audit and risk management reporting on
matters of the past by providing guidance for risk management to apply past data to anticipate risks for MSM.

c) AGRC will be the platform to bring internal audit observations and governance initiatives together for MSM to move
forward more efficiently and effectively in key risk areas.

This report also covers the activities of the AC during the year prior to merger of the Committees on 10 June 2020.

COMPOSITION OF AGRC

The membership and meeting attendance of the AC and AGRC members for 2020 are as follows:
No. of meetings attended during 2020
AC AGRC
Members Type of membership Held Attended Held Attended
Choy Khai Choon Chairman/Independent - - 3 3
(appointed as Chairman w.e.f. 10 June 2020) Non-Executive Director
Dato’ Rosini Abd Samad Member/Independent 3 3 3 3
(re-designated as Member w.e.f. 10 June 2020) Non-Executive Director
Dato’ Muthanna Abdullah Member/Independent - - 3 3
(appointed as Member w.e.f. 10 June 2020) Non-Executive Director
Datuk Lim Thean Shiang Member/Independent 3 3 3 3
(appointed as Member w.e.f. 10 June 2020) Non-Executive Director