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| Corporate Governance Statement |
The following information is derived from the Corporate Governance
Statement published in Tanjong's Annual Report for the year ended 31 January 2010.
The Board of Directors (the “Board”) is committed to maintaining high standards of corporate governance. In this regard, as the Company has a primary listing on the Bursa Securities, it has adopted and applied the Principles and Best Practices contained in the Malaysian Code of Corporate Governance (“Malaysian Code”) as well as the governance standards prescribed under Chapter 15 of the Main Market Listing Requirements of Bursa Securities (“MMLR”). A copy of the Malaysian Code is available on the Company’s website at www.tanjongplc.com. |
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| Financial Reporting |
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The Board aims to convey a balanced and understandable assessment of the Group’s position and prospects in presenting the Quarterly Reports, Annual Reports and other fi nancial reports to the Company’s shareholders and its regulators. The Annual Report incorporates the disclosure requirements outlined in International Financial Reporting Standards as endorsed by the European Union.
A Statement by the Directors of their responsibilities for preparing the financial statements is incorporated in the Directors’ Report.
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| Internal Controls |
The Board has also conducted a review of the effectiveness of the Group’s system of internal control. The scope and results of the review are detailed in the Internal Control Statement for the Group incorporated in the Annual Report. Internal control reports are tabled for the Board’s attention after they are discussed at the Audit Committee meetings.
To further strengthen the Group’s objective of promoting internal good governance and in keeping with recent developments in the regulatory environment, during the year under review, the Board approved a Whistle Blowing Policy, which is aimed at providing a conducive environment for employees to raise concerns about possible improprieties in matters of financial reporting, compliance and other malpractices at the earliest opportunity and in the most appropriate way, and without fear of reprisals where the employee is concerned. |
| Relationship with the Auditors |
External Auditors
The Group maintains a professional and transparent relationship with its External Auditors which comprise representatives from the Malaysian and United Kingdom firms of PricewaterhouseCoopers. In addition to attending two Audit Committee meetings held in the presence of key management, in conjunction with the performance of agreed upon procedures for the 1st and 3rd Quarter results and the audit of the full year results of the Group, the External Auditors have also attended other meetings with the Audit Committee members in the absence of management. Disclosure of the engagement of the External Auditors in the provision of non-audit related services which are tabled at the quarterly Audit Committee meetings for review, in accordance with a formalised framework to monitor such engagements, is set out on page 95. The External Auditors also review and affirm their independence annually at an Audit Committee meeting.
Group Corporate Assurance
The Head of Group Corporate Assurance attends all Audit Committee meetings and the Group Corporate Assurance Charter stipulates that he has a functional reporting responsibility to the Audit Committee Chairman.
Other facets of the relationship between the Auditors and the Audit Committee are elaborated in the Audit Committee Report.
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