MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 134 A total of RM200,839 was paid as management fees to PETRONAS during the financial year ended 31 December 2017 in respect of Directors’ fees and meetings attendance allowance for Datuk Manharlal Ratilal, Mohamed Firouz Asnan and Mohd Yusri Mohamed Yusof. The remuneration structure for Non-Executive Directors of MISC was reviewed based on the Guidelines and Package for PETRONAS Public Listed Companies Non-Executive Directors’ Remuneration and the proposed revised remuneration structure was adopted with effect from 1 January 2018. The proposed increase in remuneration pursuant to the revised remuneration structure for MISC’s Non-Executive Directors is subject to the approval of the shareholders at the forthcoming AGM of the Company and is as follows :- No Description Chairman Non-Executive Director 1 Monthly Fixed Fees RM20,000/month RM10,000/month 2 Meeting Allowance : • Board Meeting • Board Committee Meeting RM3,500/meeting RM3,500/meeting RM3,500/meeting RM3,500/meeting 3 Other Benefits • Petrol for NEDs • Insurance coverage • Travelling and other claimable benefits. PRINCIPLE B : EFFECTIVE RISK MANAGEMENT AND INTERNAL CONTROL A. Audit and Risk Committee The BARC of MISC was established with the objective of assisting the Board in fulfilling its responsibilities primarily relating to financial management, financial accounting, risk management framework and process and systems of internal control of the Group. The BARC also monitors compliance with established policies and procedures and assess the suitability, objectivity and independence of both external and internal audit function. The Board has deliberated on having a separate Board Risk Committee as recommended by MCCG 2017 and concluded that the current structure of combining the audit, internal control oversight and risk management functions should remain with the BARC. The Terms of Reference of the BARC have been enhanced to reflect the MCCG 2017 best practices. Further details on BARC’s responsibilities and duties implemented are provided in the BARC Report on pages 151 to 156 of this Annual Report. CORPORATE GOVERNANCE OVERVIEW STATEMENT