Reviewed/Evaluated Investments in Subsidiaries and Associated Companies and Made Appropriate Proposals for any New Investments/Divestments • Proposed capital structure and financing of TNB’s wholly-owned subsidiaries • Proposals for Voluntary Winding up of relevant subsidiaries • Investment Executive Committee (IEC) Report • Alignment of Risk Adjusted Rate of Return and Accounting Rate • TNB Post Investment Review (PIR) Assessment of Commercialised Investments FIC TENAGA NASIONAL BERHAD Integrated Annual Report 2023 152 Identifying and managing principal risks affecting the Company Material Matters Reserved for the Board Link to Strategy Matters Considered by the Board The Board, through the BSRC, holds the mandate to oversee the strength of the Group’s sustainability and risk management frameworks and the efficacy of their implementation to realise strategic objectives and sustainability commitments. Throughout the Financial Year,the BSRC convened nine (9) sittings, focusing on various aspects of risk management and internal controls. Deliberations included a review of the Statement on Risk Management and Internal Control, which encapsulates Management’s risk management practices and internal controls, along with discussions on Key Risk Indicators (KRIs) aligned with the BSRC’s and Management’s risk appetite. The BSRC receives support from the Chief Risk Officer and the Risk Management Department (RMD) in fulfilling its duties. The RMD ensures the effective implementation of the TNB Risk Management Framework, aligned with ISO 31000:2018, to facilitate informed decision-making. With the establishment of the Sustainability Division during the Financial Year, tasked with executing TNB’s ESG Sustainability Initiative Strategy, the RMD now reports directly to the BSRC, with administrative reporting to the Chief Sustainability Officer. This integration ensures alignment between risk management and sustainability efforts. A significant event during the year was the TNB T op Management Risk Forum, organised by the RMD