Bursa Malaysia Annual Report 2014

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GOVERNANCE
Bursa Malaysia • Annual Report 2014 68
CORPORATE GOVERNANCE STATEMENT
5.2 Assessment of suitability and independence of external auditors
The AC at its meeting held on 26 January 2015 undertook an annual
assessment of the suitability and independence of the external auditors
in accordance with the Board’s Auditor Independence Policy which was
adopted in 2006. In its assessment, the AC considered several factors,
which included adequacy of experience and resources of the firm and
the professional staff assigned to the audit, independence of Messrs.
Ernst & Young (EY) and the level of non-audit services to be rendered by
EY to the Company for the financial year 2015.
Being satisfied with EY’s performance, technical competency and audit
independence as well as fulfilment of criteria as set out in the Auditor
Independence Policy, the AC recommended the appointment of EY as
external auditors for the financial year ending 31 December 2015, with
the rotation of audit engagement partner. The Board at its meeting
held on 29 January 2015 approved the AC’s recommendation for the
shareholders’ approval to be sought at the 38th AGM on the appointment
of EY as external auditors of the Company for the financial year 2015.
6. RECOGNISE AND MANAGE RISKS
6.1 Sound framework to manage risks
The RMC oversees the ERM framework of the Group and reviews the risk
management policies formulated by Management and makes relevant
recommendations to the Board for approval.
The Company continues to maintain and review its internal control
procedures to ensure, as far as possible, the protection of its assets and
its shareholders’ investments.
6.2 Internal audit function
The Board has established an internal audit function within the Company,
which is led by the Head of GIA who reports directly to the AC.
Details of the Company’s internal control system and framework are set
out in the Statement on Internal Control and Risk Management and AC
Report of this Annual Report.
7. ENSURE TIMELY AND HIGH QUALITY DISCLOSURE
7.1 Corporate Disclosure Policy
The Company has in place a Policies and Procedures for Compliance
with the Listing Requirements, which sets the policies and standard
operating procedures for employees (including the CEO) to facilitate
and ensure compliance by Bursa Malaysia as a PLC. It also serves to
enhance awareness of corporate disclosure requirements among
employees. Clear roles and responsibilities of Directors, Management
and employees are provided together with the levels of authority to be
accorded to ‘designated person(s)’16 , spokespersons and committees
in the handling and disclosure of material information. The persons
responsible for preparing the disclosure will conduct due diligence and
proper verification, and coordinate the timely disclosure of material
information to the investing public.
The Company has put in place an internal policy on confidentiality to
ensure that confidential information is handled properly by Directors,
employees and other relevant parties to avoid leakage and improper
use of such information. The Board is mindful that information which is
expected to be material must be announced immediately.
7.2 Leverage on information technology for effective dissemination of
information
Bursa Malaysia’s website includes a Corporate section which provides
all relevant information on the Company, and it is accessible to the
public. This Corporate section enhances the Investor Relations function
by including all announcements made by Bursa Malaysia, share price
information, annual reports and the corporate and governance structure
of Bursa Malaysia. Notices of general meetings, minutes of general
meetings, slide presentations made at such meetings and webcasts are
also made available on the Bursa Malaysia website for the benefit of
shareholders unable to attend meetings.
The Company has utilised information technology to more broadly and
effectively disseminate information with regard to the dates scheduled
for release of its quarterly results. After the end of every quarter, the
Company Secretary will announce these dates in advance via Bursa
LINK.
The quarterly financial results are announced via Bursa LINK immediately
after the Board’s approval between 12.30 p.m. and 1.30 p.m. on the
same day and analyst/media briefings are conducted for second and
fourth quarterly financial results. This is important in ensuring equal and
fair access to information by the investing public.
16 Name and contact information are available at , Contact Us-Contact Details