Page 60 - EXIM_AR2021

58 ENHANCING EXIM BANK MALAYSIA
GOVERNANCE

STATEMENT OF

CORPORATE GOVERNANCE

(iii) To review and approve the scope of the 8. Review third-party opinions on the design and effectiveness
External Auditor’s audit plan, monitor and assess of the Bank’s internal control framework.
the effectiveness of the external audit carried out
including meeting with External Auditor without the 9. Review and endorse the status and progress of
presence of Management at least annually; Management’s responses and corrective measures on
issues raised in the Composite Risk Rating (“CRR”) letter
(iv) To ensure Management is taking the necessary from BNM before the same is tabled to the Board for
corrective actions as per Management’s responses approval.
in a timely manner to address the external audit
findings as per the Management Letters; 10. Review the Bank’s compliance to all relevant regulations
including Anti-Money Laundering and Counter Financing of
(v) To monitor and assess the independence of the Terrorism (“AML/CFT”) measures.
External Auditor including recommending to the
Board for approval the provision of non-audit services 11. Deliberate investigation reports in relation to whistleblowing
by the External Auditor; cases and decide on actions to be taken in accordance with
the Bank’s Whistle Blowing Policy.
(vi) To ensure that the financial statements are prepared
in a timely and accurate manner with emphasis on, 12. Carry out such other responsibilities as may be
among others, significant matters highlighted in delegated to BAC by the Board from time to time.
the financial statements and significant judgments
made by Management that include the adequacy 13. Authority:
of allowances against contingencies and impaired (i) The BAC in discharging its duties has explicit
assets; authority to investigate any matters within its Terms
(vii) To ensure that there are proper checks and balances of Reference.
in place so that the provision of non-audit services (ii) BAC shall have full authority to seek/obtain
does not interfere with the exercise of independent information from any employee of the Bank and to
judgment of the External Auditor; and commission any investigations or reports, which
(viii) To maintain regular, timely, open and honest it deems necessary to facilitate its duties and
communications with the External Auditor and obligations.
requiring the External Auditor to report to the BAC on (iii) BAC shall have the authority to obtain external
significant matters. or independent professional advice or expertise,
6. Related Party Transactions (“RPT”) and/or Connected if necessary, with expenses related thereto to be
Party Transactions (“CPT”): borne by the Bank.
(i) To review RPT and/or CPT and to seek the Board’s (iv) BAC is able to convene meetings with the Internal/
approval for such transactions apart from all External Auditors without the presence of the P/CEO
financing facilities with connected parties which are or the Management.
reviewed and deliberated by both the MCC and BCC (v) At least on annual basis, BAC shall meet with the CIA
for recommendation to the Board in line with the and/or External Auditor without the presence of the
Bank’s Guidelines on Connected Parties Transactions Management.
Version 1.0 (2017).
The BAC held thirteen (13) meetings during the financial
(ii) To monitor and ensure compliance with the Bank’s year 31 December 2021. Members of the BAC and details
Conflict of Interest Policy. of the meeting attended by the members are stated on

7. Review the accuracy and adequacy of the Chairman’s page 61 of this Annual Report.
Statement in the Directors’ Report, Corporate Governance
Disclosure, interim financial reports and preliminary
announcements in relation to the preparation of the
financial statements.