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218 MSM MALAYSIA HOLDINGS BERHAD WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOW WE OPERATE
ANNUAL INTEGRATED REPORT 2021

CORPORATE GOVERNANCE

OVERVIEW STATEMENT

Summary of Board Key Activities in FY2021

Below are among the key matters considered by the Board throughout the 16 meetings held during FY2021:

Board Structure Financial

• Accepted the Resignation of Non-Independent • Reviewed and approved the 2021 quarterly results and
Non-Executive Director of MSM Malaysia Holdings the Audited Financial Statements for the financial year
Berhad 2020
• Reviewed/recommended/approved/accepted the • Assessed and approved the reappointment of
Appointment/Reappointment/Re-election of Directors external auditor in accordance with MSM External
• Reviewed the report of Board Effectiveness Auditor Policy
Assessment for year 2019/2020 (BEA 2019/2020) and • Reviewed the Quarterly report on:
considered the Key Areas of Improvement based on - Group Recurrent Related Party Transactions
the outcome of BEA 2019/2020 - Group’s Capital Expenditure
• Reviewed the Performance Assessment of the Audit, - Recoverability and Trade Receivables
Governance and Risk Committee and its members - Financial Covenants
• Reviewed and analysed the Board Annual Assessment - Cashflow Projection
on the Independence of the Independent Directors • Reviewed and approved policies:
- Raw Sugar Pricing Proposal for FY2023
- Revised MSM Receivable Policy
- Credit Control & Sales Payment Terms Policy
- MSM Conflict of Interest Policy
Remuneration and Human Resources - MSM Referral Policy
- Code of Business Conduct of Employees
• Reviewed and considered the Business Plan and
• Reviewed and selected the candidates recommended Budget 2022 for MSM and its Group of Companies
by NRC for the position of Group CEO and Group • Reviewed the proposal in relation to MSM Group’s
COO of MSM Malaysia Holdings Berhad Climate Actions through Science Based Target
• Reviewed and considered the proposal for the renewal Initiatives and Net Zero Ambition
of contract of the Chief Financial Officer • Reviewed and approved the capital expenditure
• Reviewed the proposed Formation and Changes to the (CAPEX) projects for 2021 and its implementation
Organisational Structure of MSM Malaysia Holdings
Berhad
• Reviewed and approved the formation of Group Health,
Safety, Environment, Security and Quality Division in
MSM Group of Companies Company and Group Operation
• Reviewed and approved the Proposed MSM Group
Scorecard 2021 • Monitor the implementation of CAPEX projects and
• Reviewed and approved the Proposed Financial Year utilisation of funds at MSM Prai Bhd and MSM Sugar
2021 Annual Increment for MSM Group of Companies Refinery (Johor) Sdn Bhd
• Reviewed the Proposed Formation of Group Digital • Reviewed and approved the appointment of
Department in MSM Malaysia Holdings Berhad consultants to dispose MSM Perlis Sdn Bhd’s
• Proposed Payment of One-Off Financial Assistance assets and reallocate some assets to MSM Prai Bhd
2021 During Pandemic Period to the Eligible and MSM Sugar Refinery (Johor) Sdn Bhd
Employees of MSM Group of Companies • Reviewed the proposal to dispose MSM Group
• Reviewed the remuneration structure of Non-Executive non-core assets
Directors of MSM Malaysia Holdings Berhad