CORPORATE GOVERNANCE REPORT 138 Annual Report 2025 The Company appointed RSM, as the Internal Auditors (“IA”) to perform internal audit reviews and highlight all significant matters to Management and the AC on an annual basis on various selected internal control areas. 9.2 Adequacy and Effectiveness of Internal Controls The Board, with the concurrence of the Audit Committee, is of the view that the Company’s internal controls (including financial, operational, compliance and information technology controls) and risk management systems were adequate and effective for FY2025. The bases for the Board’s view are as follows: (a) Assurance has been received from the CEO and the CFO; (b) An internal audit has been done by the IA and significant matters highlighted to the AC and Management were appropriately addressed; (c) Management regularly evaluates, monitors and reports to the AC and the RMC on material risks; (d) Discussions were held between the AC and auditors in the absence of Management to review and address any potential concerns; (e) An enterprise risk management framework was in place to identify, manage and mitigate significant risks, including climate-related risks and opportunities; and (f) Risk appetite statements with tolerance limits have been approved by the Board to contain risks within acceptable levels and are monitored on a yearly basis. The AC is responsible for making the necessary recommendations to the Board regarding the adequacy and effectiveness of the risk management and internal control systems of the Company. In this regard, the AC is assisted by the enterprise risk reports from the RMC. For FY2025, the Board has obtained the following assurance: (a) From the CEO and the CFO that the financial records have been properly maintained and the financial statements give a true and fair view of the Company’s operations and finances; and (b) From the CEO and other key management personnel who are responsible, regarding the adequacy and effectiveness of the Company’s risk management and internal control systems. The Board has relied on the independent external auditors’ report as set out in this Annual Report as assurance that the consolidated financial statements give a true and fair view of the Group’s financial position and performance. In relation to sustainability, the Group, as a young company, aspires to do good in the communities it operates in, be it to have minimal impact on the environment in its operations, or in helping the underprivileged. Please refer to the Sustainability Report section on pages 56 to 110 of this Annual Report for more details.
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