Policies and Procedures The process of development and revision of policies and procedures in MSM is governed by the MSM Governance of Policies and Procedures Policy to ensure documents are thoroughly reviewed by the relevant stakeholders, in compliance with the Malaysian laws and regulations and appropriately approved by the authorised authority. The monitoring mechanism is also embedded in the Governance of Policies and Procedures Policy to ensure the documents are still relevant and reflect the current business environment. Policies Policies are designed to manage risks and ensure compliance to related requirements of the Group’s operations and aligned to the FGV Holdings Berhad’s requirement. New policies are formulated as business needs or risks arise and to uphold 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 Financial and Operational Review Financial and Operational Review is a mechanism adopted to measure MSM Group’s actual performance against its business plan, previous year’s performance and the annual budget. This review is undertaken on a regular basis by an Executive Committee comprising senior management of the Group. The Group Chief Executive Officer, Group Chief Operating Officer and Chief Financial Officer present MSM Group’s Quarterly Financial Information and Operational Performance analysis to the Audit, Governance and Risk Committee prior to Board’s approval and subsequent release to Bursa Malaysia. Annual Business Plan and Budget Business Planning, which is coordinated and aligned to specific objectives, is essential to direct the activities and initiatives of each Subsidiary and Head Office towards meeting the Group’s short term and long-term objectives. With this view, the Group emphasises on a comprehensive annual budgeting process to ensure that the Group’s Business Plan are in line with Strategic Plans approved by the Board. 5 March 2021 5 March 2021 14 July 2021 25 August 2021 25 November 2021 25 August 2021 25 November 2021 25 May 2021 25 May 2021 5 March 2021 MSM Governance of Policies and Procedures Policy MSM Group Trading Policy MSM Group Procurement Policy MSM Conflict of Interest Policy MSM Code of Business Conduct & Ethics Policy MSM Referral Policy MSM Related Party Transactions (RPT) and Recurrent Related Party Transactions (RRPT) Policy MSM Receivables Policy MSM Domestic Sales Policy Corporate Governance & Risk Management Raw Sugar Procurement Unit (GCEO Office) Procurement Corporate Governance & Risk Management Human Resources Finance Sales MSM Credit Control & Sales Payment Term Policy STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOWWE OPERATE MSM Malaysia Holdings Berhad ANNUAL INTEGRATED REPORT 2021 262
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