The YTL PowerSeraya Group is committed to maintaining a
high standard of corporate governance, professionalism & accountability to safeguard the interest of its stakeholders.
YTL PowerSeraya is committed to maintaining a high standard of corporate governance, professionalism and accountability to safeguard the interest of its stakeholders. We believe firmly that integrity, excellence and commitment by our people supported by sound policies, practices and internal controls are the success elements that will create long-term value and returns for shareholder.
Financial Reporting and Internal Controls
The Company maintains internal controls and systems designed to provide reasonable assurance on the integrity and reliability of its financial statements and to adequately safeguard, verify and maintain accountability for its assets. Established procedures in operations and finance ensure that adequate internal controls exist.
The effectiveness of these controls and systems are subjected to periodic reviews by outsourced internal auditors. In addition, the external auditors also review the effectiveness of key controls as part of its audit plan for the year.
Both internal and external auditors have full access to the Audit Committee and all potential weaknesses are reported.
On a quarterly basis, the internal auditor reports its activities and findings to the Audit Committee.
The Board has delegated the authority to formulate, review and approve non-major policies on monitoring and managing risk exposures to the Risk Management Committee. The Risk Management Committee will propose and recommend major risk-related policy decisions to the Board for approval. The principal risks of the Group comprise strategic, credit, market and operational risks. Significant business risks have been identified by the Company and an appropriate risk management plan focussing on the key risks has been developed. To enhance the corporate governance framework by introducing a Group-wide Fraud Risk Management Policy and Framework that will form part of the overall organisation’s Code of Conduct and Code of Ethics.