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Statement on Corporate Governance (cont’d) D. ACCOUNTABILITY AND AUDIT Financial Reporting It is the Board’s commitment to present a balanced and meaningful assessment of the Group’s financial performance and prospects at the end of the financial year, primarily through the annual financial statements and quarterly announcement of results to Bursa Malaysia as well as the Chairman’s statement and review of operations in the Annual Report. The Board is assisted by the Audit Committee to oversee the Group’s financial reporting process and the quality of its financial reporting. Directors’ responsibility statement in respect of the preparation of the audited financial statements The Board is responsible for ensuring that the financial statements give a true and fair view of the state of affairs of the Group and of the Company as at the end of the financial year and of their operation results and cash flows for the year then ended. In preparing the financial statements, the Directors have ensured that applicable approved Financial Reporting Standards for entities other than private entities issued by the MASB and the provisions of the Companies Act, 1965 have been applied. The Directors also have a responsibility under the Companies Act, 1965 to have in place a system of internal control that will provide reasonable assurance that: - assets of the Company are safeguarded against loss from unauthorised use or disposition; and - all transactions are properly authorised and that they are recorded as necessary to enable the preparation of true and fair financial statements and to give a proper account of the assets. In preparing the financial statements, the Directors have selected and applied consistently suitable accounting policies and made reasonable and prudent judgments and estimates. State of internal controls The Board acknowledges its responsibilities for the Group’s system of internal control covering not only financial controls but also operational and compliance controls as well as risk management. The Statement on Internal Control furnished on pages 65 to 66 of this Annual Report provides an overview about the state of internal controls within the Group during the financial year ended 31 December 2011. Relationship with the Auditors Key features underlying the relationship of the Audit Committee with the Internal and External Auditors are included in the Audit Committee’s terms of reference as detailed on pages 59 to 61 of this Annual Report. A summary of activities of the Audit Committee during the financial year ended 31 December 2011, is set out in the Audit Committee Report on pages 62 to 64 of this Annual Report. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 57
Statement on Corporate Governance (cont’d) D. ACCOUNTABILITY AND AUDIT (cont’d) 58 Corporate social responsibility The Group is committed to sustainable development. Safety, health and environment as well as community responsibilities are integral to the way in which the Group conducts its business. The Group’s commitment to corporate social responsibility extends beyond corporate philanthropy as the Group actively seeks the participation of its employees in such programmes. Details of the activities pertaining to corporate social responsibility can be viewed under pages 45 to 48 of this Annual Report. Compliance statement The Group has complied throughout the financial year ended 31 December 2011, with all the Best Practices of corporate governance set out in Part 2 of the Code. This statement was made in accordance with a resolution of the Board dated 26 March 2012. Building on Success: Developing Resources for the Future
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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