AC shall be members of, and appointed by, the Board of Directors (Board or Directors) of IGB REIT Management Sdn Bhd (the Manager of IGB REIT) and shall consist of not less than 3 members, all of whom must be Independent Non-Executive Directors (INEDs). AC Chairman shall not be the Chairman of the Board. No alternate Director shall be appointed to AC. Each member of AC must satisfy the financial literacy requirements as prescribed under Main Market Listing Requirements and at least one of whom shall be a member of the Malaysian Institute of Accountants or fulfils such other requirements as prescribed or approved by Bursa Malaysia Securities Berhad. A former key audit partner may be appointed as AC member provided a cooling-off period of at least 2 years is met.
AC shall be responsible for reviewing financial reporting process, management of risk and system of internal controls, governance processes, and audit processes of the Manager and IGB REIT as well as Manager’s process for monitoring compliance with laws and regulatory requirements in relation to financial matters.
AC shall review annually its terms of reference (ToR) to ensure new facts and circumstances and evolving corporate governance issues are addressed and best practices are incorporated. Any amendment to the ToR must be approved by the Board.
This AC’s ToR is last reviewed and updated on 25 October 2018