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The principal objectives of the Audit Committee (the “Committee”) is to assist the Board of Directors (the “Board”) in their responsibilities in discharging its statutory duties and responsibilities relating to the risk management, internal controls, and accounting and reporting practices of Greater Bay Holdings Berhad (the “Company” and including its subsidiaries, the “Group”).


The Board shall elect three (3) Committee members from amongst themselves and the Committee shall be composed of exclusively non-executive directors, with a majority being independent directors.

The Chairman of the Committee shall be elected from amongst members of the Committee and shall be an independent director. The Chairman of the Committee must be approved by the Board. In the absence of the Chairman of the Committee, members of the Committee present shall elect a Chairman for the meeting. The quorum for a meeting of the Committee shall be two members. The Secretary of the Committee shall be the Company Secretary of the Company, whom shall be responsible to prepare and circulate the minutes of the Committee promptly to the members of the Committee and to table the same to the Board for notation.

A former key audit partner, as defined under the Malaysian Code on Corporate Governance, shall observe a cooling-off period of at least three (3) years before her or she may be appointed as a member of the Committee. The Committee shall have at least one (1) member who is a member of the Malaysian Institute of Accountants or who fulfils such other requirements as prescribed in the Listing Requirements of Bursa Malaysia Securities Berhad. The Board shall fill any vacancies, with respect to this Constitution, within three (3) months. The Board of Directors shall review the term of office and performance of the Audit Committee and each of its members at least once in every three years.


The Committee shall meet four (4) times annually, or more frequently, if deemed necessary, to carry out the duties and responsibilities in Paragraph (D).


The Committee shall be responsible for the following:


The Committee shall have the authority: