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SUSTAINABILITY JOURNEY HOW WE ARE GOVERNED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 225

The summary of the Group CEO’s remuneration package is
as follows:
Oversight of Financial Reporting

The Board ensures that Shareholders are presented with
a clear, balanced and comprehensive view of the Group’s
Additional Basic Fixed financial performance and prospects through the audited
Benefit Salary Remuneration financial statements, quarterly announcement of financial
Benefits-in-kind results, the Chairman’s Address and the Management
Other Benefits
Allowances Discussion and Analysis (MD&A) on page 266, page 42,
Total page 48 and page 76, respectively in this Annual Integrated
Remuneration Report as well as corporate announcements on significant
developments affecting the Company in accordance with
Variable Performance
Remuneration Bonus the Listing Requirements. The Directors considered the
compliance with all applicable financial reporting standards,
provision of the Companies Act, 2016 and relevant provision
of laws and regulations in Malaysia.
The AGRC updates the Board on the matters deliberated in its
PRINCIPLE B: EFFECTIVE AUDIT AND RISK meetings. Details on the summary of work carried out during
MANAGEMENT the year is set out in the AGRC Report on page 229 of this
Annual Integrated Report.

Audit, Governance and Risk Committee
Corporate Governance Matters
The Board has established an Audit, Governance and
Risk Committee (AGRC) to provide robust oversight on We are committed to excellence in corporate governance,
financial reporting, external and internal audit processes, transparency and accountability. All those are vital in supporting
and related party transactions. The AGRC members possess our business in executing its strategy and in generating
the requisite financial literacy and business knowledge that long-term shareholder value. Below are the initiatives taken
support the sound understanding of matters under their in place:
purview.

The AGRC has unrestricted access to both the internal and Governance
external auditors, who report functionally and directly to
the AGRC. The AGRC has established transparent • Establishment of MSM Domestic Sales Policy,
arrangements to maintain an appropriate relationship with Conflict of Interest Policy and Referral Policy
the Company’s external auditor. The external auditor
has provided assurance that its personnel are and have • Revision of MSM Governance of Policies
been independent throughout the conduct of the audit and Procedures Policy, Group Trading Policy,
in accordance to the terms of relevant professional and Related Party Transactions (RPT) and Recurrent
regulatory requirements. Related Party Transactions (RRPT) Policy,
Receivables Policy, Credit Control & Sales
Payment Term Policy, Group Procurement
Policy, Code of Business Conduct & Ethics