Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 43 CORPORATE GOVERNANCE OVERVIEW STATEMENT The Board of Directors (“Board”) of Frontken Corporation Berhad (“Company”) implements high standard of corporate governance in the Company for the purpose of safeguarding the interest of its stakeholders including the Company’s assets. In applying corporate governance best practices, the Board is mindful that the same should reflect transparency, accountability, ethical culture, sustainability and financial performance of the Group. As such, the Board has embedded in the Group, a culture aimed at delivering a balance between conformance requirements and the need to deliver long-term strategic imperatives through performance, without compromising on personal or corporate ethics and integrity. This Statement, which is issued pursuant to Paragraph 15.25(1) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), provides an overview of the Company’s application of the 3 Principles set out in the Malaysian Code on Corporate Governance (“MCCG”) for the financial year under review and up to the date of this report. Specific details on how the Company has applied each of the 48 Practices set out in the MCCG are disclosed in the Corporate Governance Report, which is available for viewing on the Company’s website at www.frontken.com. PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS I. BOARD RESPONSIBILITIES The Board is collectively responsible to the Company’s shareholders for the long-term success of the Group in terms of strategic direction, values and governance. The Board is led by experienced and knowledgeable Directors who provide the Company with the core competencies and the leadership necessary for the Group to meet its business objectives. The Directors are aware of their responsibility to take decisions objectively which promote the success of the Group for the benefits of its stakeholders. The role and responsibilities of the Board, which are delineated in the Board Charter is available on the Company’s website at www.frontken.com and are summarised as follows: • Set the strategic direction of the Group and monitor the implementation of strategies by Management; • Oversee the conduct of the Company’s business; • Identify principal risks and ensure the implementation of appropriate internal controls and mitigation measures; • Succession planning; • Oversee the development and implementation of shareholders’ communications policy for the Company; and • Review the adequacy and integrity of the management information and internal control system of the Company. The Board Charter was brought up for review at the last Board of Directors’ Meeting in July 2021 to bring it to be in line with the Principles and Practices of the MCCG 2021. In discharging its stewardship role effectively, the Board has delegated and conferred some of its authority and powers to its Committees, namely the Audit Committee, Nomination Committee (“NC”) and Remuneration Committee (“RC”) (“Board Committees”). The Board Committees are entrusted with responsibilities to oversee specific aspects of the Company’s affairs according to their respective terms of reference, approved by the Board, and to report to the Board their findings and recommendations. The decision to act on such recommendation lies solely with the Board.
RkJQdWJsaXNoZXIy NDgzMzc=