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37
FIMA CORPORATION BERHAD
(21185-P) |
Annual Report
2016
The functions of GIA are complementary to, but different from that of external auditors. It undertakes
regular monitoring of the Group’s key controls and procedures, an integral part of the Group’s system
of internal control. An internal audit review highlights major weaknesses in control procedures and
makes recommendations for improvements. GIA also undertakes investigation on behalf of the Audit
Committee and follows up on complaints on matters affecting the Group’s operations.
Details of the Company’s internal control system and framework are set out in the Statement on Risk
Management and Internal Control of this Annual Report.
7.
ENSURE TIMELY AND HIGH QUALITY DISCLOSURE
The Company has in place a Corporate Disclosure Policy to provide the Group with appropriate guidance
to discharge its disclosure obligations and ensure that all communications to the public by the Company are
timely, complete and accurate in accordance with all applicable legal and regulatory requirements. Corporate
disclosure practices are administered and overseen by a Corporate Disclosure Committee.
The Company’s website at
www.fimacorp.comis the key communication channel for the Company to reach
its shareholders and stakeholders and it provides quick access to information about the Group. The website
includes all announcements made by the Company, financial results, annual reports and the corporate and
governance structure of the Company. Notice of AGM, minutes of AGM and slide presentations made at
AGM are also available on the Company’s website.
8.
RELATIONSHIP WITH SHAREHOLDERS
The Board views the Company’s general meetings as a valuable opportunity for shareholders to exchange
views and engage in active dialogue with the Board. Shareholders are encouraged to attend the AGM
whereby they may raise questions and concerns with regards to the Company’s business and performance.
The Board endeavors to ensure that all Board members, senior management and external auditors are in
attendance to respond to the shareholders queries. To ensure transparency, the Board will also share with
the shareholders the Board’s responses to questions raised by the Minority Shareholders Watchdog Group.
COMPLIANCE STATEMENT
The Board is of the view that the Company has, in all material aspects applied the principles and complied with
the recommendations of MCCG 2012, save for the recommendation that the tenure of an independent director
shall not exceed a cumulative term of 9 years where the non-observance has been explained in this Statement.
This Statement is made in accordance with the resolution of the Board dated 3 June 2016.
STATEMENT OF
CORPORATE GOVERNANCE
(contd.)