BIMB Integrated Annual Report 2017

49 Intended Outcome There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s findings and recommendations. The company’s financial statement is a reliable source of information. Practice 8.1 The Chairman of the Audit Committee is not the Chairman of the board. Application : Applied. Explanation on application of the practice : During the Financial Year Ended 31 December 2017, the AEC was chaired by Datuk Zaiton Mohd Hassan, an Independent Non-Executive Director with more than 30 years of relevant experience. Datuk Zaiton retired w.e.f. 1 February 2018. Subsequently, Puan Noraini Che Dan was re-designated as the Chairman of AEC w.e.f. 2 February 2018. The current Chairman of the AEC, Puan Noraini Che Dan, who is a member of the Malaysian Institute of Accountant (“ MIA ”) as well as the Malaysian Institute of Certified Public Accountants (“ MICPA ”). She is not the Chairman of the Board of Directors. During the Financial Year Ended 31 December 2017, the Chairman of the Board of Directors was Tan Sri Samsudin Osman, who was retired on 31 January 2018. Upon his retirement, Tan Sri Ambrin Buang helms the Board as the Chairman of BHB w.e.f. 2 February 2018. The AEC must not be chaired by the Chairman of the Board and this had been specified in AEC’s Terms of Reference, which is available at www.bimbholdings.com; About Us – Corporate Governance – Board Committees – Audit & Examination Committee