MISC Annual Report 2017

141 Corporate Governance NOMINATION AND REMUNERATION COMMITTEE REPORT E. SUMMARY OF OTHER ACTIVITIES OF THE NRC The NRC also carried out the following activities in discharging its functions and duties : - i. Deliberated on the new requirements of the MCCG 2017, the action plans thereof and recommendations to the Board, which included : • The appointment of Dato’ Sekhar Krishnan as the Senior Independent Director (SID) of the Board. In this regard, the NRC deliberated and agreed on the outline of responsibilities of the SID. • To undertake the requisite amendments to be made to the MISC Board Charter. The amendments to the MISC Board Charter is under progress and will take into account the MCCG 2017, the recent MMLR amendments effective January 2018 and the newly issued Corporate Governance Guide recommendations by Bursa Securities. • The recommended action plans to enhance Board and Individual Directors’ Assessment in 2018. ii. The NRC also deliberated and recommended to the Board the appointment of the following Board members on the relevant Board Committees due to their mix skills and experience : • Datuk Nasarudin Md. Idris – Chairman of NRC and member Board Audit and Risk Committee (BARC) • Lim Beng Choon – member of NRC • Liza Mustapha – member of BARC • Mohd Yusri Mohamed Yusof – member of NRC iii. Deliberated on the MISC proposed salary increment and bonus policy for the FY2017 performance appraisal, taking into account the performance of the Company against the FY2017 Balanced Scorecard. iv. The proposed Balance Scorecard for FY2018 was also deliberated on by the NRC. Specific performance dimensions in the said Scorecard are monitored by measurable KPIs which are then reviewed by the Board and given ratings as appropriate. v. Deliberated on the renewal of contracts of employment for certain members of senior management. vi. With regard to Directors’ training and development, a review was undertaken on the training requirements of Directors. This is an annual exercise where the NRC would gauge the Directors’ training and development needs through their individual feedback. The NRC deliberated on the requisite training programme for FY2017 and agreed to the following topics for Directors’ Training, which included both regulatory/governance aspects and current/emerging issues : • Malaysian Code on Corporate Governance 2017 – Implication and Challenges to the Board of Directors • Corporate Financial Reporting - MFRS 9: Financial Instruments • Understanding and Evaluating Cyber Risk • PETRONAS Global Scenario 2036 Trends This NRC report is made in accordance with the resolution of the Board of Directors of MISC duly passed on 21 February 2018.