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

STATEMENT ON

RISK MANAGEMENT AND

INTERNAL CONTROL

Policies and Procedures Procurement

The process of development and revision of policies and 14 July 2021
procedures in MSM is governed by the MSM Governance MSM Group Procurement Policy
of Policies and Procedures Policy to ensure documents
are thoroughly reviewed by the relevant stakeholders,
in compliance with the Malaysian laws and regulations Corporate Governance & Risk Management
and appropriately approved by the authorised authority. 25 August 2021
The monitoring mechanism is also embedded in the
Governance of Policies and Procedures Policy to ensure MSM Conflict of Interest Policy
the documents are still relevant and reflect the current 25 August 2021
business environment.
MSM Referral Policy
Policies
Policies are designed to manage risks and ensure compliance Human Resources
to related requirements of the Group’s operations and aligned 25 November 2021
to the FGV Holdings Berhad’s requirement. New policies are
formulated as business needs or risks arise and to uphold MSM Code of Business Conduct & Ethics Policy
proper governance of MSM Group.

The following are the new and revised policies that were
endorsed by AGRC and approved by the Board in 2021: Monitoring
Sales Financial and Operational Review

5 March 2021 Financial and Operational Review is a mechanism adopted
MSM Domestic Sales Policy to measure MSM Group’s actual performance against its
business plan, previous year’s performance and the annual
budget.
Corporate Governance & Risk Management
This review is undertaken on a regular basis by an Executive
5 March 2021
Committee comprising senior management of the Group.
MSM Governance of Policies and Procedures Policy
The Group Chief Executive Officer, Group Chief Operating
Officer and Chief Financial Officer present MSM Group’s
Raw Sugar Procurement Unit (GCEO Office) Quarterly Financial Information and Operational Performance

5 March 2021 analysis to the Audit, Governance and Risk Committee prior to
Board’s approval and subsequent release to Bursa Malaysia.
MSM Group Trading Policy
Annual Business Plan and Budget
Finance
Business Planning, which is coordinated and aligned to
25 November 2021 specific objectives, is essential to direct the activities and
initiatives of each Subsidiary and Head Office towards
MSM Related Party Transactions (RPT) and Recurrent
Related Party Transactions (RRPT) Policy meeting the Group’s short term and long-term objectives.
With this view, the Group emphasises on a comprehensive
25 May 2021 annual budgeting process to ensure that the Group’s
Business Plan are in line with Strategic Plans approved by
MSM Receivables Policy
the Board.
25 May 2021
MSM Credit Control & Sales Payment Term Policy