in all material aspects. Where areas of improvement have been identified, rectification steps have been taken for enhancement. The Board is of the view that the risk management and internal control system in place for the year under review and up to the date of approval of this statement for inclusion into the annual report, is adequate and effective to safeguard shareholders’ investment, the interests of customers, regulators and employees, and the Group’s assets. REVIEW OF THE STATEMENT BY EXTERNAL AUDITOR As required by Paragraph 15.23 of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the external auditors have reviewed this Statement on Risk Management and Internal Control. Their limited assurance review was performed in accordance with Audit and Assurance Practice Guide (AAPG) 3 issued by the MalaysianInstitute of Accountants. AAPG 3 does not require the external auditors to form an opinion on the adequacy and effectiveness of the risk management and internal control systems of the Group. This statement is made in accordance with the resolution of the Board of Directors dated 27 February 2024. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL TENAGA NASIONAL BERHAD Integrated Annual Report 2023 192 ADDITIONAL COMPLIANCE INFORMATION (1) UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSALS No proceeds were raised as the Company did not undertake any corporate proposals in the Financial Year ended 31 December 2023. (2) MATERIAL CONTRACTS There were no material contracts entered into by the Company and its subsidiaries involving the interests of the Directors or Major Shareholders, either still subsisting at the end of the Financial Year or, if not then subsisting, entered into since the end of the previous Financial Year. (3) RELATED PARTY TRANSACTIONS The Group has established appropriate procedures to ensure it complies with the MMLR with regards to related party transactions. All related party transactions are reviewed by the Group Internal Audit Department, following which a