FGV Annual Report 2018

REINFORCED OUR STANDARDS OF GOVERNANCE 01 02 05 03 07 06 04 08 09 79 ANNUAL INTEGRATED REPORT 2018 GOVERNANCE AT FGV: ACCOUNTABILITY AUDIT COMMITTEE REPORT Reviewed Recurrent Related Party Transactions Monitoring of the Group a. Reviewed the Quarterly Report on the recurrent related party transactions of the Group and took note that the related party transactions were within the mandate from the Shareholders. b. Reviewed the Recurrent Related Party Transactions Circular to seek mandate from Shareholders at the 2018 Annual General Meeting. c. Reviewed the internal audit report on the annual recurrent related party transactions review. Reviewed Statements Included in the Company’s Annual Integrated Report 2017 a. Reviewed the Report on the Audit Committee, the Statement on Risk Management and Internal Control, the CGOS, the Management Discussion & Analysis, the Chairman’s Statement and the GP/CEO’s Message to be included in the Annual Integrated Report 2017 and recommended the same to the Board for approval. The Statement on Risk Management and Internal Control was reviewed reflecting on the reports of the external and internal auditors on the risks and control environment of the Group and related matters that have been brought to the Audit Committee and the Board during the financial year. KEY MATTERS REPORTED TO THE BOARD The Audit Committee’s Chairman updated the Board on matters deemed to be of major importance deliberated at the Audit Committee meetings and its recommendations. The copies of confirmed minutes of each of the Audit Committee meetings were also circulated to the Board for noting at the next practicable Board meeting. Amongst the significant matters considered by the Audit Committee during the year 2018 were as follows: Significant Matters How these Matters were Addressed by the Audit Committee • Reviewed the assessment of impairment and provision exposure of various assets and investments by the external auditor based on applicable financial reporting standards. • Reviewed and recommended the quarterly results and the year-end Financial Statements of the Group to the Board, focusing particularly on changes in financial reporting standards, significant and unusual events and adjustments. • Reviewed and provided guidance on the way forward for the Internal Audit Reports tabled. • Made recommendation on the Group’s financial policies and authorities for the Board’s approval. • Reviewed Group’s cash and borrowing positions, and cashflow forecast. • Reviewed conflict of interest situations and related party transactions including recurrent related party transactions. Impairment and Provisions Financial Reporting Key Observations from Group Internal Audit Reports and Investigations Group Financial Policies Group Cash and Borrowing Positions Related Party Transactions