DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

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36 Unison in Diversity 6. RELATIONS WITH SHAREHOLDERS AND <strong>IN</strong>VESTORS The Group values dialogue with shareholders and investors as a means of positive interaction and effective communication which enables the Board to convey information about the Group’s performance, corporate strategy and other matters that affect shareholders’ interests and build stronger relationships with the investment community. The Board is committed to providing timely and accurate disclosure of all material information about the Group to the shareholders and investors. Information is disseminated through various disclosures and announcements made to Bursa Malaysia and media releases and the Annual Report. The timely release of financial results on a quarterly basis provides shareholders with an overview of the Group’s performance and operations. Shareholders and investors can obtain pertinent information on the Group’s various activities by accessing its website at www.deleum.com. The website has a dedicated online investor relations portal providing information about the Group including financials, Annual Report, announcements, media releases and share prices. The portal also has an e-mail alerts service where shareholders and anyone who is interested may register to receive newly posted Company announcements and news updates on the Company via e-mail. The AGM is the principal forum for dialogue and interaction among shareholders, Board and Management and for receiving constructive feedback from shareholders. Shareholders who are unable to attend are allowed to appoint proxies to attend and vote on their behalf. At each AGM, a presentation is given by the Group Managing Director on the overview of the Group’s business activities, financial highlights and future outlook to shareholders. Shareholders are encouraged to participate in the question and answer sessions at the AGM. The Company will convene its Fifth AGM on 27 April 2010 during which shareholders will have the opportunity to direct their questions on the Group’s performance and prospects to the Board. The Company holds briefings and discussions with analysts and fund managers and interviews with the media representatives as appropriate. This medium of communication is an integral part of the Company’s relations with the investing public. Presentations based on permissible disclosures are made to explain the Group’s performance and major development plans. However, price sensitive information about the Group is not discussed in these exchanges until after the prescribed announcements to Bursa Malaysia have been made. 7. ACCOUNTABILITY AND AUDIT 7.1 Financial Reporting The Board is responsible to present a balanced, clear and comprehensive assessment of the Group’s financial position, performance and prospects through the quarterly and annual financial statements released to the shareholders. It also ensures that the financial statements of the Group gives a true and fair view of the state of affairs of the Group. The Board is assisted by the Audit Committee to oversee the Group’s financial reporting process and the quality of its financial reporting and also to ensure that the financial statements are drawn up following appropriate accounting policies and in accordance with the provisions of the Companies Act, 1965 and the Malaysian Accounting Standards Board (“MASB”) Approved Accounting Standards in Malaysia for Entities Other than Private Entities. The accounting policies once adopted, are consistently applied and supported by reasonable judgments and estimates.
7. ACCOUNTABILITY AND AUDIT (continued) Deleum Berhad Annual Report 2009 37 7.2 Internal Control The Board has overall responsibility for maintaining a sound and effective internal control system of the Group, covering matters relating to operations, compliance and risk management to safeguard shareholders’ investment and the Group’s assets, save and except for associate companies. The Statement of Internal Control set out on pages 38 and 39 of this Annual Report provides an overview of the state of internal controls of the Group. 7.3 Relationship with the Auditors The Company’s external auditors continue to report to the Company on their findings which are reported in the Company’s financial reports with respect to each year of audit on the statutory financial statements. The Audit Committee and the Board have established formal and transparent arrangements to maintain appropriate relationships with the Company’s external auditors from whom professional advice on financial reporting is sought. During the financial year, the Audit Committee met twice with the external auditors without the presence of the executive Board members and employees of the Company. 7.4 Statement of Directors’ Responsibility The Board is satisfied that in preparing the Financial Statements of the Group for the year ended 31 December 2009, the directors have:- • Adopted the appropriate accounting policies and applied them consistently; • Ensured compliance with MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities, and any material departures have been disclosed and explained in the financial statements; • Made estimates and judgments which are reasonable and prudent; and • Ensured the financial statements have been prepared on a going concern basis. 7.5 Compliance Statement The Board is of the opinion that it has, in all material aspects, complied with the principles and best practices outlined in the Malaysian Code on Corporate Governance for the financial year ended 31 December 2009.
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