Page 55 - Annual Report 2021

basis. Additional special meetings conflict of interest • accounting practices and internal
are conducted should circumstances The Board and its Committees have audit;
warrant such meetings be held, disclosed to the Board/ Committee • annual and interim reports;
to approve corporate proposals, (through the Company Secretary) any • internal financial controls;
strategic business plans and actual or potential conflict of interest in • or any other related matter(s).
direction, or any other matters that directorship or shareholdings and duly
require the Board’s decision. For restricted/abstained themselves from The Committee shall submit any
matters requiring urgent Board’s voting where relevant. matters of concern in the UMH Group’s
decision and approvals during accounting practices, financial control,
the intervals between Board group company secretary and reporting covering:
meetings, circular resolutions are The Group Company Secretary is
submitted to the Directors together suitably qualified and competent • consistency in the implementation
with all relevant information to support the Board in providing of accounting standards across the
and explanation required for an sound governance advice, ensuring Group;
informed decision to be made. adherence to rules and procedures • report and recommendation on
and advocating adoption of corporate beneficial accounting methods;
Board assessment governance best practices. • any occurrence of significant
UMH adopts Board assessments as adjustments resulting from audits.
part of its on-going commitment auDit anD risK cOMMittEE
to upholding the highest standards The Audit and Risk Committee (“ARC”) The Committee shall comment on
of corporate governance in line has been established as a committee the annual consolidated report on
with the recommendation of of the Board with the primary objective financial statements, the accounting
Malaysian Code on Corporate of assisting the Board to: policies, practices and effectiveness of
Governance. The Board had the internal controls procedures and
approved the implementation • Oversee the Group’s financial policies, and recommend to the Board
of an internal assessment on reporting, risk management and whether or not to adopt the annual
Directors/Committees of the internal control procedures working financial statements.
Board in ensuring that their roles with its internal and external
and responsibilities are executed auditors. internal control and risk
effectively. • Discharge its statutory and fiduciary Management
responsibilities of overseeing the The Committee shall have oversight of
conduct of Meetings financial risk processes and the following areas:
At each meeting, the Chairman of accounting and financial reporting • Oversee and monitor development
the Board and the respective Board practices within the UMH Group. and annual review of a policy and
Committees brief and outline the • Review the quality of the UMH plan for risk management.
agendas for the meetings. The Group’s accounting function, financial • Oversee continuous assessment of
Board members deliberate on the reporting and internal control risk management and ensure
viability of business proposals • Enhance the independence of the management conformance.
and the principal risks that may have external and internal audit functions • Monitor and review the principal
a significant impact on the Group’s by providing direction and oversight risks and consider the risk appetites
business or on its financial position, as of these functions. to achieve the Company’s targets
well as the mitigating factors. • Ensure that an effective ethics and and objectives.
integrity programme is implemented • Review the internal auditor’s reports
access to information and advice across the Group and monitor against management’s report and
The Board and its Committees have compliance with established policies assess adequacy and effectiveness
unrestricted access to the advice and and procedures. of the systems for reporting, internal
services of the officers and employees controls, and risk management.
of UMH and may engage independent Financial statements • Review the annual financial report
third parties as deemed necessary, in The Committee shall monitor the and accounts on the Company
discharging their duties and fulfilling integrity of the UMH Group’s financial internal controls and risk management
their obligations, at the expense of the statements. These include oversight of framework prior to submission to
Group. the: the Board for endorsement.

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