Chairman Datuk Bazlan Osman Senior Independent Non-Executive Director Members Nuraini Ismail Independent Non-Executive Director Dato’ Prof. Dr. Noor Inayah Ya’akub Independent Non-Executive Director The BAEC is a Committee of the Board that supports the Board in ensuring there is a reliable and transparent financial reporting process and internal control system within the Group. The BAEC also oversees the effectiveness of the internal and external auditors of the Group. The BAEC is a Committee that has been delegated by the Board and therefore has the explicit authority to look into any situation that falls within the scope of its mandate. It has complete Management’s access, support, and discretion to invite any Director to attend its meetings. In addition, the BAEC has complete and unrestricted access to information and can, if necessary, seek independent professional advice. The detailed roles and responsibilities of the BAEC are set out in its Terms of Reference, which was last reviewed on 9 October 2023 and is available on Bank Islam’s website at www.bankislam.com. The BAEC of Bank Islam is dedicated to fulfilling its responsibilities in ensuring sound corporate governance procedures and offering independent oversight of the Group’s financial reporting and internal control system. This report gives the readers a glimpse into the BAEC’s activities during the financial year under review. MEETINGS During the financial year under review, eight (8) BAEC meetings were held. This satisfies the BAEC Terms of Reference, which requires the BAEC to meet at least four (4) times a year. The Group Chief Executive Officer (GCEO), the Group Chief Internal Auditor (GCIA), the Group Chief Compliance Officer/ Group Chief Integrity & Governance Officer, the Group Chief Operating Officer/Group Chief Sustainability Officer, the Group Chief Human Resources Officer and the Group Chief Legal Officer & Company Secretary, who is also the Secretary to the BAEC, attend the BAEC meetings. In addition to that, the Group Chief Financial Officer and any Management representatives are invited to the meeting, where required, to present and facilitate the deliberation on any specific issues arising from the relevant reports presented. MEMBERSHIP BAEC comprises three (3) members, all of whom are Independent Non-Executive Directors. This is in accordance with Practice 9.4 of the Malaysian Code on Corporate Governance 2021 (MCCG 2021). BAEC’s Chairman, Datuk Bazlan Osman is a member of the Malaysian Institute of Accountants (MIA) and a Fellow of the Association of Chartered Certified Accountants (ACCA). The presence of a member of the BAEC who is a member of the MIA is to comply with Paragraph 15.09(1)(c)(i) of the Main Market Listing Requirements (Listing Requirements) of Bursa Malaysia Securities Berhad (Bursa Securities) which stipulates that at least one (1) member of Audit Committee (AC) must be a member of the MIA. Datuk Bazlan Osman is a Senior Independent Non-Executive Director and he is not the Chairman of the Board. This is consistent with the requirements in Practice 1.4 of the MCCG. ROLES AND RESPONSIBILITIES The BAEC is committed to carry out its duties in ensuring that the Group has in place an internal control system that is reliable, transparent, and independently monitor the performance of the internal and external audit functions. 237 www . b a n k i s l am. c om 01 02 03 04 05 06 07 ACCOUNTABILITY 08 09 Board Audit & Examination Committee (BAEC) Report
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