Page 145 - Full Book_24.4.2021

In Retrospect

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The Will to Suceed

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areaS OF FOCuS MatterS COnSIDereD
Financial reporting • On 29 January 2020, the BAEC endorsed and recommended to the Board the audited financial
statements of BHB Group for the financial year ended 31 December 2019 for approval. Achieving a Leading Repute

The review of the consolidated audited financial statements of BHB Group were based on the
following: |
(1) Assurance from the Management and the External Auditors that the financial statements
disclosures were in compliance with relevant statutory requirements and the Malaysian
Financial Reporting Standards;
(2) Reasonableness of accounting policies and estimates applied; Paving the Way for a Sustainable Future
(3) Reporting on-going concerns;
(4) Highlight on key accounting development including MFRS 16 and MFRS 17; and
(5) Pertinent audit matters highlighted by the External Auditors.

• Reviewed the unaudited quarterly financial result of BHB Group and the draft announcement
before recommending them for the Board’s approval for submission to Bank Negara Malaysia, 139
Bursa Securities as well as Securities Commission. The recommendations were made upon
deliberation comprising the following:
(1) Key audit matters; and
(2) The condensed consolidated interim financial statement has been prepared in accordance
with the Malaysian Reporting Standard 134, Paragraph 9.22 of the MMLR and International
Accounting Standard 34.

• Recommended the proposed interim single tier dividend for the financial year ending 31 December Adhering to the Best Governance Practices
2020. The BAEC reviewed and received assurance from the Management, based on the solvency
test conducted, that the distribution of interim single tier dividend was in accordance with the
provisions made under the Act, 2016.
related party • On 30 April 2020, the BAEC reviewed all related party/recurrent related party transactions |
transactions entered into by BHB Group for the financial year ended 31 December 2019 and the Circular to
Shareholder with regard to the proposed renewal of Shareholders’ mandate for existing related
party transactions of a revenue or trading nature. The same was recommended to the Board that
BHB Group complied with the MMLR. Laying the Foundation for Financial Growth
• Reviewed the disclosure on the related party transactions and related party balances of BHB
Group on quarterly basis i.e., 29 January 2020, 30 April 2020, 27 July 2020 and 28 October 2020
and in compliance with the MMLR.
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annual reporting • Reviewed and endorsed the BAEC’s overview report, Statement of Risk Management and Internal
Additional Information & Disclosure Summary
Control and contents of other disclosures pursuant to the MMLR for the Board’s approval.

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24 th AGM Information