board of directors - Petron

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Relationship with AuditorsThe Board has established a formal and transparent relationship with the auditors of the Company. The role ofthe Board Audit Committee in relation to the internal and external auditors is described on page 19 of thisAnnual Report.Material ContractsThe Company is not and was not a party to any material contracts involving the Directors' or its majorshareholder's interests during the year.Non-Audit FeesThe amount of non-audit fees paid or payable to the external auditors, PricewaterhouseCoopers, by theCompany for the financial year ended December 31, 2001 is RM34,175.00.Other Informationi) Family relationshipNone of the Directors have any family relationship with any other Director and/or major shareholder ofthe Company.ii)Conflict of interestNone of the Directors have any conflict of interest with the Company.iii)Conviction for offencesNone of the Directors have been convicted for any offences (excluding traffic offences) within the past 10years.iv) Sanctions and/or penaltiesNo sanction or penalty has been imposed on the Company, or the Directors or the Management, by therelevant regulatory bodies.This Statement is made in accordance with the Board of Directors' resolution dated February 27, 2002.ANNUAL REPORT & ACCOUNTS 2001ESSO MALAYSIA BERHAD16
BOARD AUDIT COMMITTEE REPORTMEMBERSHIP AND MEETINGSThe Board Audit Committee comprises three independent non-executive Directors and one executive Director,namely:1. Y. A. Bhg. Tun Dato' Seri Haji Omar Yoke Lin Ong, an independent non-executive Director, who has beenelected as the Chairman of the Committee;2. Y. Bhg. Tan Sri Dato' Dr. Syed Jalaludin Syed Salim, an independent non-executive Director;3. Y. Bhg. Tan Sri Abdul Halim Ali, an independent non-executive Director; and4. Mr. James A. Hall, an executive Director, whose alternate is Encik Abu Hassan Seeni Abdul, who is also anexecutive Director.A detailed profile of the Committee members may be found on pages 10 and 11.The appointed secretary to the Committee is currently Mr. Lam Foo Keong, who is also the DownstreamAccounting Manager.The Committee had 4 meetings during the last financial year. The details of attendance of each Committeemember has been tabulated under the Corporate Governance Statements section which may be found on page12. Other Directors and employees of the Company attended some of the Committee meetings by invitation.SUMMARY OF ACTIVITIESDuring the last financial year, the Board Audit Committee carried out its duties as set out in the terms ofreference. The Committee was also briefed by the management and the external auditors on the newaccounting standards and the revamped Listing Requirements of the Kuala Lumpur Stock Exchange that areapplicable to the Company.INTERNAL AUDIT FUNCTIONThe Company has an internal audit function, whose principal responsibility is to independently conductregular and systematic reviews of the Company's system of internal controls. This is to provide reasonableassurance that such systems are operating effectively. The basic framework of the Company's system ofinternal controls is described under the Corporate Governance Statements section which may be found onpage 12. The scope of the internal audit function covers the audit of all Company units and operations.The internal audit function annually reviews audit results and audit plans for the subsequent year withthe Board Audit Committee.ANNUAL REPORT & ACCOUNTS 200117
Page 1 and 2: ESSO MALAYSIA BERHAD(Company No.392
Page 3 and 4: FINANCIAL HIGHLIGHTS2001 2000 %RM M
Page 5 and 6: The Retail business benefited signi
Page 8 and 9: FIVE - YEAR SUMMARY CHARTSREVENUES(
Page 10 and 11: BOARD OF DIRECTORSY. Bhg. Dato’ (
Page 12 and 13: CORPORATE INFO./PROFILE OF DIRECTOR
Page 14 and 15: CORPORATE GOVERNANCEThe Board of Di
Page 16 and 17: Directors' Remuneration (Continued)
Page 20 and 21: TERMS OF REFERENCE OF THE BOARD AUD
Page 22 and 23: REPORT OF THE DIRECTORSThe Director
Page 24 and 25: DIRECTORS' INTERESTS IN SHARES AND
Page 26 and 27: INCOME STATEMENTFOR THE YEAR ENDED
Page 28 and 29: STATEMENT OF CHANGES IN EQUITYFOR T
Page 30 and 31: NOTES TO THE FINANCIAL STATEMENTS1.
Page 32 and 33: 2. SUMMARY OF SIGNIFICANT ACCOUNTIN
Page 34 and 35: 8. PROPERTY, PLANT AND EQUIPMENT (C
Page 36 and 37: 12. RECEIVABLES2001 2000RM'000 RM'0
Page 38 and 39: 18. RESERVES (Continued)The Company
Page 40 and 41: STATEMENT BY DIRECTORS PURSUANT TOS
Page 42 and 43: LIST OF PROPERTIES OWNEDAS AT DECEM
Page 44 and 45: Tenure L.A. Description of Properti
Page 46 and 47: STATEMENT ACCOMPANYING NOTICE OF AN
Page 48 and 49: PENYATA YANG DILAMPIRKAN BERSAMA NO
Page 50 and 51: My instruction to my/our proxy are

board of directors - Petron

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