123 How We Are Governed Financial Statements Shareholders’ Information Additional Information Audit Committee Report 1. COMPOSITION 1.1 The Audit Committee (“AC”) of Kenanga Investment Bank Berhad (“KIBB”) presently comprises solely Independent Non-Executive Directors (“INED”) as follows: 1.2 The composition of the AC is in line with Paragraphs 15.09(1)(a) and 15.09(1)(b) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) which require the AC to comprise no fewer than three (3) members, all of whom must be Non-Executive Directors, with a majority of them being Independent Directors. By having its AC comprising solely independent directors, KIBB had in fact, adopted Step Up Practice 9.4 of the revised Malaysian Code on Corporate Governance issued by the Securities Commission Malaysia (“SC”) on 28 April 2021. Two (2) of the AC members, namely Jeremy Nasrulhaq, currently the Chairman of the AC and Kanagaraj Lorenz, are members of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants respectively, in line with the requirements of the MMLR of Bursa Securities. This strengthens the effectiveness of the AC and facilitates the AC’s succession plan in terms of its membership to ensure full compliance with the relevant regulatory requirements. 1.3 The effectiveness of the AC as a whole, as well as its members individually, is assessed annually in accordance with the Board Evaluation Framework based on a set of criteria covering the areas of composition, processes and procedures, interaction with Management, as well as roles and responsibilities. Based on the assessment conducted in 2021, the Board of Directors (“Board”) is satisfied with the performance of the AC and with the manner in which the AC has discharged its roles and responsibilities as stipulated in its Terms of Reference (“TOR”), which is available at the Company’s corporate website at www.kenanga.com.my. 2. AC MEETINGS HELD DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 2.1 During the Financial Year Ended 31 December 2021, the AC had convened six (6) meetings. The meetings were appropriately structured where members were given the agenda and sufficient notification. The AC meetings were of adequate length to allow the AC to accomplish its agenda with sufficient time to discuss the emerging issues. In view of the travelling restriction imposed and strict adherence to the Standard Operating Procedure (“SOP”) put in place due to the COVID-19 pandemic, all members and invitees had attended the AC meeting via Microsoft TEAMS Video Conferencing. The AC conducted its meeting in an open and constructive communication mode and encouraged focused discussion, questioning and expressions of differing opinions. 2.2 The Group Chief Internal Auditor (“GCIA”) attended all meetings of the AC to present the respective internal audit reports. As and when necessary, the AC would request the attendance of relevant personnel at its meetings to brief the AC on specific issues arising from the internal audit reports. The Group Chief Financial and Operations Officer (“GCFOO”) on the other hand, attended the AC meeting to present the unaudited quarterly financial statements, audited financial statements, as well as other financial reporting related matters for the AC’s deliberation and recommendation to the Board for approval. Jeremy Nasrulhaq Chairman, Senior INED Luk Wai Hong, William Member, INED Kanagaraj Lorenz Member, INED
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