5) Work Done and Issues Addressed Describe the work done by each committee and the significant issues addressed during the year. Name of Committee Executive Audit
Nomination
Remuneration Others (specify)Risk Management
6)
Work Done
Issues Addressed
The Audit Com meets quarterly to review/ monitor the effectiveness/ adequacy of Internal Control system + work plans. Pre‐screens/shortlists all candidates nominated as Director/Officers and ensure all their qualifications are in accordance with Corp. Gov. Manual and regulatory requirements. The Committee did not convene during the year
Ensured adequacy of internal control systems, added strong control measures, compliance with all regulatory requirements Certified that elected Board members and officers possessed qualifications required and stated in the Corporate Governance Manual. NA
The Committee did not convene during the year.
NA
Committee Program Provide a list of programs that each committee plans to undertake to address relevant issues in the improvement or enforcement of effective governance for the coming year. Name of Committee Executive Audit
Nomination Remuneration Others (specify) Risk Management
Planned Programs NA (1) Timely completion of scheduled work plans; and (2) implement appropriate control systems None None Adopt an Enterprise Risk Management System and Risk Charter
Issues to be Addressed NA
NA NA Absence of risk management activity.
F. RISK MANAGEMENT SYSTEM 1) Disclose the following: (a) Overall risk management philosophy of the company; The Company’s overall risk management philosophy is based on the fact that it be able to develop appropriate strategies for preventing losses and minimize the impact of losses when it occurs. Accordingly, the Company delegated said task to the Risk Management Committee which is composed of at least three (3) members of the Board of Directors who shall possess adequate knowledge and expertise in dealing with Corporation’s risk exposure. The said risk management committee shall be responsible for assessing and managing the various risks facing the Company while the Board ensures that a system is in place; that the key risks are identified and transparent; that the system is robust, independent and fully aligned with the overall strategy; and that the Company develops and supports a true risk management culture. (b) A statement that the directors have reviewed the effectiveness of the risk management system and commenting on the adequacy thereof;
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