CFSL Integrated Report 2021

79 I N T E G R A T E D R E P O R T 2 0 2 1 C O R P O R A T E G O V E R N A N C E Communication with shareholders and stakeholders is mainly done through the Annual Report, Investors’ Briefings, the published unaudited results, the AMS, dividends declarations, press communiqués and the website. The Group interacts with its internal stakeholders, namely its employees via Workplace, a collaborative platform run by Facebook which offers social network features in a corporate environment. Through the platform, employees can communicate with one another via groups. The external stakeholders of the Group namely its customers, suppliers, shareholders, the Government/regulators and the public, are reached via social media platforms such as Facebook and LinkedIn, as well as via advertisements. Throughout the lockdown, the Group ensured that clear and prompt communication was provided to its customers and stakeholders on a regular basis. As and when required, focus groups are held with clients to assess their expectations from the Group. Regular channels of communication are also maintained with the regulators and the Government. In addition, shareholders are invited to the AMS on an annual basis to approve the financial statements and vote on the re-appointment/appointment of Directors and external auditor. The AMS for the year 2021 was held in February 2021. The next AMS of the Company is scheduled in February 2022, and shareholders will receive the notice of the AMS at least 21 days prior to the meeting in accordance with the law. The Annual Report, which also includes the notice of annual meeting, is published in full on the Company’s website. Shareholders also have the option to request a soft copy of the Annual Report. 4. Internal Audit Function Governance and structure During the year under review, the Internal Audit Function performed audit, advisory and investigation engagements for CFSL as per the RiskBased Internal Audit Plan approved by the ACC. Its main role is to provide an independent, objective assurance and consulting activity designed to add value and improve the Company’s operations. The Internal Audit Function is independent of Executive Management and functionally reports to the ACC on a quarterly basis. The Head of Internal Audit presents audit reports to the ACC and discusses key issues contained therein. The Head of Internal Audit has a direct reporting line to the Chairperson of the ACC and holds regular meetings with the Chairperson, further establishing the Internal Audit function’s independence. The ACC approves the Risk-Based Internal Audit plan, ensures that adequate resources are available todeliver on the plan and evaluates the effectiveness of the Internal Audit function. In addition, the ACC monitors the progress in achieving the Risk-Based Internal Audit plan on a quarterly basis. Moreover, in the performance of its duties, the Internal Audit function has unrestricted access to all documents, key personnel and Management staff. There was no limitation of scope placed on the internal auditors in conducting the audits. Internal audits are carried out in accordance with the Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). Internal audit staff also abide by the Code of Ethics established by the IIA and by CFSL.

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