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The Board takes cognisance of the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”), and is
committed, where possible, having regard to the size and ownership of the Company, to achieving and sustaining
high standards of corporate governance and compliance with the MCCG 2012 best practice recommendations.
This statement describes how best the Company and its subsidiaries have applied the principles and adopted the
best practices as laid down in the MCCG 2012 throughout the financial year.
GOVERNANCE FRAMEWORK
The governance framework provides an overview of the corporate governance processes and responsibilities
within the Group.
1.
BOARD OF DIRECTORS
1.1 Roles and Responsibilities
The Board is generally entrusted with the overall governance of the Company, the responsibility
to exercise reasonable and proper care of the Company’s resources for the best interests of its
shareholders as well as to safeguard the Company’s assets. It meets regularly to set the Group’s
overall strategic direction, to review the financial and operational performance and to provide oversight
to ensure that the Group is effectively controlled and resourced. The Board has adopted a schedule of
matters specifically reserved for its approval, which include among others:
•
annual financial statements and quarterly financial results;
•
the Company’s strategic and operating plans;
•
annual budget;
•
new appointments to the Board;
•
dividend recommendation;
•
larger capital expenditure, restructuring, acquisitions and disposals of significant assets and
investment proposals;
•
related party transactions; and
•
the overall system of internal control and risk management.
In summary, the Board’s activities during the financial year comprised the following:
▪
reviewed and approved the Group’s budget for the financial year 2016/17 and business strategies/
plans for financial years 2017/18 to 2020/21.
STAKEHOLDERS
BOARD OF DIRECTORS OF KUMPULAN FIMA BERHAD
NOMINATION
COMMITTEE
GROUP
MANAGING
DIRECTOR
REMUNERATION
COMMITTEE
OPTIONS
COMMITTEE
HEAD OF
DIVISIONS
RISK
MANAGEMENT
COMMITTEE
AUDIT
COMMITTEE
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KUMPULAN FIMA BERHAD
(11817-V) |
Annual Report
2016