Board Meetings and Dates of Convening
Governance Framework Board Committees
The Board of Asyad Shipping has established an Audit and Risk Committee (ARC). This committee operates under defined Terms of Reference outlining the roles, responsibilities, and authority of its chairperson and members to ensure effective governance and oversight.
Board Meeting Number
Date of Board Meeting
1 (1/2024)
14 March 2024
01
Audit and Risk Committee (ARC)
2 (2/2024)
22 April 2024
The Audit and Risk Committee consists of three (3) members, the majority of whom are independent. In 2024, the committee, among other responsibilities, oversaw the following matters: • Review and recommendation of the company’s Manual of Authority. • Review and update business policies, new and existing. • Monitor the effectiveness of internal control systems. • Discuss key audit matters, audit plans, and reports. • Review statutory audit outcomes and external auditors ' reports. • Oversight of the internal audit function, including its independence, performance, resource adequacy, and resolution of findings. • Oversight of the company’s Enterprise Risk Management (ERM) framework, including reports on strategic, financial, operational, and compliance risks, as well as related mitigation plans. • Review and recommendation of the company’s risk appetite.
3 (3/2024)
23 June 2024
4 (4/2024)
9 July 2024
5 (5/2024)
30 September 2024
6 (6/2024)
9 December 2024
Audit Committee Meetings During the Year, Ending 31 December 2024
Member Name
No. of Attended Meeting
1 Mr. Peder Sondergaard
(3/4)
2 Mr. Muhsin Abdul Majeed Raja
(4/4)
3 Mr. David Ivor Stockley
(4/4)
42 | Asyad Shipping Annual Report 2024
Asyad Shipping Annual Report 2024 | 43
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