ANNUAL REPORT 2025 111 CORPORATE GOVERNANCE REPORT Audit Committee Reviews and discusses the risk management and internal control systems of the Group, with particular regard to their effectiveness. Performs corporate governance functions delegated by the Board. (For details of roles and responsibilities, please refer to the Audit Committee Terms of Reference) Sustainability Committee Reviews sustainability risks and opportunities, and assesses emerging sustainability issues and trends that could impact the business operations and performance of the Group. (For details of roles and responsibilities, please refer to the Sustainability Committee Terms of Reference) Risk Review and Communication Executive Director, the CEO and the CFO Provides leadership on risk and return balance. Monitors the risk profi le of the Group and assesses if signifi cant risks are appropriately mitigated. Ensures that a review of the effectiveness of the risk management and internal control systems of the Group has been conducted, and makes recommendation to the Board, through the Audit Committee, regarding the effectiveness of the systems. Risk and Control Monitoring Group Functions Establishes relevant policies and procedures for Group-wide adoption. Monitors the implementation and eff ectiveness of the risk management practices in core businesses and provides guidance where appropriate. The Sustainability Working Group, comprising the CEO, the CFO, Managing Directors of major business divisions, Heads of Commercial, Operations, Engineering and Human Resources, and selected members of relevant staff of the Trustee-Manager, has been formed to particularly support the Sustainability Committee in discharging its responsibilities. Risk and Control Ownership Independent Assurance Core Businesses Internal Audit Carries out risk management activities and escalates promptly on material issues. Ensures that a risk-aware culture is maintained at all levels of the operations through ongoing policy reinforcement and training. Conducts a review of the eff ectiveness of the risk management and internal control systems and provides management declaration on the review results half-yearly. Provides independent assurance as to the existence and eff ectiveness of the risk management activities and controls in the business operations of the Group. (Please refer to pages 116 to 117 of this annual report for more details) Whilst the risk management and internal control systems of the Group are designed to identify and manage risks that could adversely impact the achievement of the Group’s business objectives, they do not provide absolute assurance against material mis-statement, errors, losses, fraud or non-compliance.
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