Annual Report 2012, PDF - Axiata Group Berhad - Investor Relations

BOARD AUDITCOMMITTEE REPORTCOMPOSITION AND MEETINGSIn 2012, the Board Audit Committee (BAC), comprising of the Directors listed below, met five times on 22 February2012, 27 March 2012, 21 May 2012, 29 August 2012 and 28 November 2012. The composition and the attendancerecord of the BAC members are listed below.Name of Director Status of Directorship/Qualifications No. of Meetings AttendedDavid Lau Nai Pek(Chairman of the BAC)Datuk Azzat KamaludinJuan Villalonga NavarroKenneth ShenIndependentNon-Executive DirectorSenior IndependentNon-Executive DirectorIndependentNon-Executive DirectorNon-IndependentNon-Executive Director5 out of 55 out of 52 out of 55 out of 5Financial LiteracyThe BAC is chaired by David Lau Nai Pek, who has morethan 30 years experience with the Royal Dutch ShellGroup, leading financial organisations in various countries.David is also a member of the Malaysian Institute ofAccountants and a member of the New Zealand Instituteof Chartered Accountants.Juan Villalonga was Chairman and Chief Executive Officerof a major provider of telecommunications services inSpain. He was also the former Chief Executive Officer ofmajor banking institutions in Spain.Datuk Azzat Kamaludin has spent many years in theBACs and Boards of major companies in Malaysia andinternationally.SUMMARY OF ACTIVITIES OF THE BACDuring the FY12, the BAC discharged its functions andcarried out its duties as set out in the ToR. Key activitiesundertaken by the BAC include the following:Risks and Controls• The Group’s major business risks and remedial actionswere reported and deliberated at the BAC eachquarter; a summary of which was reported to theBoard. In 2012, all Opcos have been asked to look atthe worst case scenarios and develop the necessarymitigation plans. A summary of the OpCos’ top risksarising from this exercise was then tested against theGroup Risk Profile.Kenneth Shen has more than 25 years experience inglobal investment, corporate finance, and mergers andacquisition gained in New York, Hong Kong, Qatar andMalaysia.106