GOVERNANCE, ETHICS AND INTEGRITY Corporate integrity is vital in strengthening the Group’s competitiveness by aligning our commercial goals with honesty and transparency in undertaking our business activities. Good governance ensures sustainable long-term performance, creates long-term economic value and growth of the Group. Good corporate governance practices are imperative as they outline the Group’s ethical beliefs and provide a working roadmap for our objectives and activities. In short, good corporate governance is key to the Group value-creation and business excellence. It affects and influences every aspect of our daily operations and management. This is to ensure that the Group’s competitive edge remains undiminished. A framework of ethics underpins our corporate behaviour and further defines our ability to be a resilient and sustainable organisation. The Group’s ethical culture is led by the tone at the top, embraced by and cascaded through the Group, guided by the Board that is committed to value-creating governance. The Board takes ownership of its role in establishing a healthy corporate culture that embeds ethical conduct throughout the organisation. Good governance is a critical component of strong financial institutions. As a listed financial institution, BIMB’s corporate governance practices are regulated by the Main Market Listing Requirements (MMLR) of Bursa Malaysia Securities Berhad (Bursa Malaysia), the Bank Negara Malaysia’s Policy Document on Corporate Governance (BNM CG Policy) and the Malaysian Code on Corporate Governance (MCCG). We are driven by our responsibility to shareholders and are committed to high standards of integrity, accountability and ethics in the conduct of our business and operations. Our business strategies and policies are formulated to steer us into demonstrating responsible, transparent, inclusive and ethical conduct in all our dealings. The Group therefore operates within a clearly defined governance model approved by the Board. It provides the Group with a clear governance structure that guides the governance practices and authority of decision-making across the Group. The financial year under review saw the global economic landscape experienced a slow-paced recovery with high inflation and increased cost of living following the impact of the COVID-19 pandemic. Against this challenging economic backdrop and operating environment, the Board has been resolute in ensuring our fundamentals remain strong, growing our business and maintaining a steady performance. We are pleased to present this Corporate Governance Overview Statement (CG Statement) for the financial year ended 31 December 2022. The CG Statement has made reference to the three (3) key Corporate Governance Principles in the MCCG. This CG Statement is to be read together with the Corporate Governance Report (CG Report) published on BIMB’s website at www.bankislam.com. APPLICATION OF THE PRACTICES ESPOUSED BY THE MCCG BIMB has adopted and applied all Practices as recommended by the MCCG except for two (2) Practices set out below: (1) Practice 8.2 – The board discloses on a named basis the top five (5) senior management’s remuneration component including salary, bonus, benefits in-kind and other emoluments in bands of RM50,000; and (2) Practice 8.3 – Step Up – Companies are encouraged to fully disclose the detailed remuneration of each member of senior management on a named basis. Integrated Report 2022 178 Corporate Governance Overview Statement
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