Page 163 - SC SCAR 2023 ENGLISH Flipbook

PART 5 ORGANISATION INFORMATION
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee (ARC) comprises non- executive members of the SC as shown in Table 2, who are appointed by the Board. The purpose, authority and responsibilities of the ARC are set out in the Audit and Risk Committee Charter as approved by the Board. Essentially, the ARC provides oversight of the SC’s governance, risk management and internal control practices.
The ARC has an oversight role over the internal audit function, including reviewing the outcome of audits and approving the annual internal audit plan.
TABLE 2
Board Committees
The ARC reviews the suitability, independence and performance of external auditors and makes recommendations to the independent non-executive Board members for the annual appointment/reappointment of the external auditors. The ARC is also responsible for the review of the external auditors’ proposed audit scope, approach, audit fee and audit outcome, including reviewing all significant matters relating to the financial statements with Management and the external auditors. For the current financial year of 2023, the ARC had convened seven meetings.
Committee
Key responsibility
Members
1. Audit and Risk Committee
Review the effectiveness of the SC’s governance, risk management and internal control systems, and review the annual financial statements.
• Tan Sri Gooi Hoe Soon (Chairman) • Datuk Dr. Zunika Mohamed
• Datin Rashidah Mohd Sies1
• Lynette Yeow Su-Yin2
• Dato’ Alizatul Khair Osman Khairuddin3
2. Issues Committee
Review and decide on primary listings of corporations and business trusts on the Main Market; acquisition of assets which results in a significant change in business direction or policy of a corporation or business trust listed on the Main Market; and secondary or cross listings of foreign corporations or foreign business trusts on the Main Market.
• Dato’ Seri Dr. Awang Adek Hussin (Chairman)
• Tan Sri Gooi Hoe Soon
• Datin Rashidah Mohd Sies1
• Lynette Yeow Su-Yin2
• Dato’ Mohammad Faiz Azmi3
• Dato’ Alizatul Khair Osman Khairuddin3
3. Take-overs and Mergers (TOM)
Committee
Review take-over and merger related applications of a novel and/or complex nature and matters relating to national policy.
• Dato’ Seri Dr. Awang Adek Hussin (Chairman)
• Tan Sri Gooi Hoe Soon4
• Datin Rashidah Mohd Sies1
• Lynette Yeow Su-Yin2
• Dato’ Mohammad Faiz Azmi3
4. Licensing Committee
Review and decide on applications for the grant of a new Capital Markets Services Licence (CMSL), new licensed representatives, appointments of directors, key management or compliance officers that are submitted together with a new CMSL application, and to consider any policy recommendations relating to licensing issues
• Dato’ Seri Dr. Awang Adek Hussin (Chairman)
• Tan Sri Gooi Hoe Soon4
• Datuk Dr. Zunika Mohamed
• Tan Sri Mazlan Mansor
• Dato’ Mohammad Faiz Azmi3
5. Nomination and Remuneration
Committee (NRC)
Assess and formulate the remuneration of the Chairman and Deputy Chief Executive (DCE) and make appropriate recommendations to the Minister of Finance.
• Tan Sri Gooi Hoe Soon (Chairman)4
• Datuk Dr. Zunika Mohamed
• Lynette Yeow Su-Yin2
• Tan Sri Mazlan Mansor (Chairman)5
• Dato’ Alizatul Khair Osman Khairuddin3
6. Sustainability Committee6
Provide oversight on the formulation of the SC’s internal policy positions as well as policy positions to regulate and develop the capital market on sustainability and ESG-related strategies.
• Dato’ Seri Dr. Awang Adek Hussin (Chairman)
• Tan Sri Gooi Hoe Soo
• Datuk Dr. Zunika Mohamed
• Dato’ Mohammad Faiz Azmi3
Note:
1 Completed term as Board Member on 12 January 2024.
2 Completed term as Board Member 10 June 2023.
3 Appointed as Board Member on 15 August 2023.
4 Completed term as Member of TOM, Licensing Committee and NRC on 26 September 2023.
5 Appointed as Chairman of NRC on 26 September 2023.
6 Established on 26 September 2023.
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023 161