Corporate Governance Statement

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(As Annual Report 2015)

THE BOARD IS FULLY COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF CORPORATE GOVERNANCE, PROFESSIONALISM AND INTEGRITY IN DRIVING MSM MALAYSIA HOLDINGS BERHAD (MSM OR THE COMPANY) TO CREATE AND DELIVER LONG TERM SUSTAINABLE SHAREHOLDER VALUE. THE BOARD BELIEVES IN CONDUCTING THE BUSINESS OF MSM OR MSM GROUP IN A PROPERLY GOVERNED MANNER WHICH UPHOLDS THE HIGHEST STANDARD OF CORPORATE GOVERNANCE THROUGHOUT THE GROUP TO ENSURE CONTINUOUS MAXIMATION OF STAKEHOLDERS' VALUE, INCREASE INVESTORS' CONFIDENCE, ENHANCE CUSTOMERS' TRUST AND BUILD A COMPETITIVE ORGANISATION. THE BOARD IS GUIDED BY THE PRINCIPLES AND BEST PRACTISE RECOMMENDATIONS PROMULGATED IN THE 8 PRINCIPLES AND 26 RECOMMENDATIONS OF THE MALAYSIAN CODE ON CORPORATE GOVERNANCE 2012 (THE CODE), RELEVANT CHAPTERS OF THE MAIN MARKET LISTING REQUIREMENTS (MMLR) OF BURSA MALAYSIA SECURITIES BERHAD (BURSA SECURITIES) AS WELL AS THE ADOPTION OF BETTER PRACTICES AS PRESCRIBED IN THE CORPORATE GOVERNANCE GUIDE 2ND EDITION (THE GUIDE) ISSUED BY BURSA SECURITIES.

DUTIES AND RESPONSIBILITIES OF THE BOARD

The Board ensures that the highest standards of corporate governance and corporate conduct are adhered to, in order that MSM achieves strong financial performance for each financial year, and more importantly delivers long-term and sustainable value to stakeholders.

The Board is responsible for formulating and reviewing the Company's strategic plans and key policies, and charting the course of the Company's business operations whilst providing effective oversight of the Management's performance, risk assessment and controls over business operations. The Board ensures that the Group's internal processes, guidelines and systems are reviewed and/or aligned with sound corporate governance practices. Besides carrying out its statutory responsibilities, the Board's principal functions and responsibilities are as follows:

  1. Reviewing and adopting a strategic plan for the Company.
  2. Overseeing the conduct of the Company's business to oversee the performance of management to determine whether the business is being properly managed.
  3. Identifying principal risks and ensuring the implementation of appropriate internal controls and mitigation measures.
  4. Succession planning for senior management positions.
  5. Overseeing the development and implementation of a shareholder communications policy for the company.
  6. Reviewing the adequacy and the integrity of the management information and internal controls system of the Company.
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