Bursa Malaysia Annual Report 2014

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GOVERNANCE
Bursa Malaysia • Annual Report 2014 67
CORPORATE GOVERNANCE STATEMENT
• Building a Stronger Organisation through Talent & Culture, 15
October 2014 (Attended by Mr. Pushpanathan S.A. Kanagarayar)
• Anti-Money Laundering/Counter Financing of Terrorism, 28
October 2014 (Attended by Datuk Karownakaran @ Karunakaran
Ramasamy)
• Global Financial Leadership Conference, 17-18 November 2014
(Attended by Tun Mohamed Dzaiddin Haji Abdullah, and Dato’
Tajuddin Atan)
• Goods and Services Tax: Implication on Director’s Fee, 4 December
2014 (Attended by Mr. Chay Wai Leong)
• The Companies Bill: The Significant Changes for Directors, 22
December 2014 (Attended by Dato’ Zuraidah Atan)
Financial and Capital Markets
• 5th Securities Commission-Oxford Centre for Islamic Studies
Roundtable: “Harnessing Waqf into a Bankable Social Financing
and Investment”, 21-22 March 2014 (Attended by Tun Mohamed
Dzaiddin Haji Abdullah)
• FIDE Forum: Economic & Financial Services Sector - Trends and
Challenges Moving Forward, 24 March 2014 (Attended by Tun
Mohamed Dzaiddin Haji Abdullah)
• 1st Annual Gold & Precious Metals – Price Outlook Symposium:
"Will Gold Still Glitter in 2014?", 28 June 2014 (Attended by Dato’
Zuraidah Atan)
• Crude and Petroleum Commodity Hedging Program, 7 July 2014
(Attended by Dato’ Zuraidah Atan)
• Towards a Sustainable Financial System, 21 August 2014 (Attended
by Mr. Pushpanathan S.A. Kanagarayar)
• 54th General Assembly of the World Federation of Exchanges, 27
October 2014-1 November 2014 (Attended by Dato’ Tajuddin Atan)
An off-site development session was held on 30 October 2014 for the
Listing Committee to deliberate its enforcement policies and the impact
with regard to key breaches, and related issues and challenges. The
Market Participants Committee held its off-site development session
on 18 November 2014 to inform members of updates regarding Bursa
Malaysia’s supervision approach and observations, common areas of
breach, proposed enforcement actions and policies, and related issues
and challenges.The Appeals Committee had its first off-site development
session on 3 December 2014 to deliberate on enforcement updates,
false trading and market manipulation, having regard to the overview of
the regulatory function and direction.
In 2014, induction programmes for the newly appointed Board
Regulatory Committee members were arranged and attended by
relevant Management teams to brief them on the regulatory role of the
Group.
5. UPHOLD INTEGRITY IN FINANCIAL REPORTING
5.1 Compliance with applicable financial reporting standards
The Board ensures that shareholders are provided with a balanced and
meaningful evaluation of the Company’s financial performance, including
its position and future prospects through the issuance of Annual Audited
Financial Statements and quarterly financial reports, and through
corporate announcements on significant developments affecting the
Company in accordance with MMLR.
The AC Chairman Mr. Pushpanathan a/l S.A. Kanagarayar15 , a member of
three professional accounting organisations, together with AC members,
all of whom are financially literate, reviewed the Company’s financial
statements in the presence of both external and internal auditors prior
to recommending them for approval by the Board and issuance to
stakeholders.
The Chief Financial Officer (CFO) formally presented to the AC and the
Board details of revenues and expenditures in the form of charts for
review of quarter-to-quarter and year-to-date financial performance
against budget. The Chairman’s Message, the CEO’s Message, and
the Management Discussion and Analysis of this Annual Report all
provide additional analysis and commentary on the Group’s financial
performance.
As part of the governance process in reviewing the quarterly and
yearly financial statements by the AC, the CFO provided assurance
to the AC on a quarterly basis that appropriate accounting policies
had been adopted and applied consistently; that the going concern
basis applied in the Condensed Consolidated Financial Statements
(CCFS) and Annual Financial Statements was appropriate; that prudent
judgements and reasonable estimates had been made in accordance
with the requirements set out in the Malaysian Financial Reporting
Standards (MFRSs); that adequate processes and controls were in place
for effective and efficient financial reporting and disclosures under the
MFRSs, International Financial Reporting Standards and MMLR; and
that the CCFS and Annual Financial Statements did not contain material
misstatement and gave a true and fair view of the financial position of
the Group and the respective companies within the Group for 2014.
In addition to the above, the Head of GIA also undertook an independent
assessment of the internal control system on a quarterly basis and
assured the AC that no material issue or major deficiency had been noted
which would pose a high risk to the overall system of internal control
under review.
15 Mr. Pushpanathan a/l S.A. Kanagarayar’s profile is set out in the Board of Directors’ Profile of this Annual Report