Affin Bank Berhad | Annual Report 2020

The GBAC is authorised by the Board to:- a. Investigate any activity or matter within its Terms of Reference; b. Be able to obtain external legal or other independent professional advice or other necessary resources to perform its duties; c. Have full and unrestricted access to any information pertaining to the Group; d. Maintain direct communication channels with the External Auditors, GIA and all employees within the Group; e. Be able to convene meetings with the External Auditors and GIA; excluding the attendance of the members of Management Committee at least twice a year; and f. Report to the Regulatory Bodies on matters duly reported by it to the Board which have not been satisfactorily resolved resulting in a breach of any regulatory requirements. TERMS OF REFERENCE a. The notice of meeting shall be served to the GBAC members at least seven (7) days before the meeting. The agendas and GBAC papers are to be circulated at least five (5) days before each meeting; b. The Group Chief Internal Auditor (GCIA) is invited to attend all meetings of the GBAC; c. The Committee may invite other Board members, members of Management, External Auditors or any employees as applicable to participate in the GBAC meetings as necessary to carry out the Committee’s responsibilities; and d. All the original Minutes of GBAC meetings are in the custody of the Company Secretary and shall be signed by the Chairman of the meeting at which the proceedings are held or by the Chairman of the next succeeding meeting. The signed minutes shall be conclusive evidence without any further proof of the facts thereon stated. Minutes of each meeting shall be distributed to the GBAC members and all other members of the Board. 04. ATTENDANCE OF MEETINGS a. The GBAC shall meet at least six (6) times in a financial year with the objective of reviewing the internal audit reports and AFFIN Bank Group’s financial reporting. The interval between meetings shall not exceed four (4) months. The GBAC complements this through regular meetings with the Senior Management and both the Internal and External Auditors to review the AFFIN Bank Group’s overall state of governance and internal controls; b. To ensure that critical issues are highlighted to all Board members in a timely manner, where possible, the GBAC meetings are convened before the Board meetings. The GBAC, through its Chairman, shall report to the Board after each meeting, where issues can be further deliberated, if necessary; and c. Besides the minimum of six (6) GBAC meetings in a year, additional meetings shall be scheduled whenever deemed necessary by the GBAC’s Chairman or the majority of the Committee members. 05. FREQUENCY OF MEETINGS 0 6 . AUTHORITY 210 GROUP BOARD AUDIT COMMITTEE REPORT ORGANISATION EXECUTIVE SUMMARY CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION