TERMS OF REFERENCE OF THE AUDIT COMMITTEE
The Audit Committee shall be appointed by the Directors from amongst their numbers (pursuant to a resolution of the Board of Directors) and shall be composed of not fewer than three (3) members, all of whom shall be non-executive directors with the majority being independent directors.
At least one member of the Audit Committee:
- must be a member of the Malaysian Institute of Accountants; or
- if he/she is not a member of the Malaysian Institute of Accountants, he/she must have at least three (3) years’ working experience and:
- he/she must have passed the examinations specified in Part I of the 1st Schedule of the Accountants Act 1967; or
- he/she must be a member of one of the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act 1967;
- fulfills such other requirements as prescribed or approved by the Bursa Malaysia Securities Berhad (“Bursa Securities”).
The members of the Audit Committee shall elect a chairman from among their members who is an Independent Director.
In the event the elected Chairman is not able to attend a meeting of the Audit Committee, a member of the Audit Committee shall be nominated as Chairman for the meeting. The nominated Chairman shall be an Independent Director.
A member of the Audit Committee who wishes to retire or resign should provide sufficient written notice to the Board of Directors so that a replacement may be appointed before he/she leaves.