KUMPULAN FIMA ANNUAL REPORT 2017 Background Image
Previous Page  73 / 232 Next Page
Information
Show Menu
Previous Page 73 / 232 Next Page
Page Background

Annual Report 2017

71

statement on

corporate governance

Kumpulan Fima Berhad (“the Company” or “KFima”) continues to be committed to embrace good corporate governance practices,

where possible, having regard to the size and ownership of the Company, to achieving and sustaining high standards of corporate

governance and compliancewith theMalaysian Code on CorporateGovernance 2012 (“MCCG2012”) best practice recommendations.

This statement describes how best the Company and its subsidiaries (herein referred to as “the Group”) 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. Additionally,

Directors, collectively and individually, are obliged to act in good faith and consider the best interests of the Company

and all its shareholders at all times.

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 2017/18 and business strategies/plans for financial

years 2018/19 to 2021/22.

reviewed and approved the quarterly results and the audited financial statements for the financial year ended

31 March 2017.

received the quarterly group performance report from the Group Managing Director on significant changes/

development in the business and the external environment, which affects the operations.

STAKEHOLDERS

board of directors of kumpulan fima berhad

audit committee

nomination &

remuneration committee

group managing

director

head of divisions

risk management committee