41 CORPORATE GOVERNANCE ENRA GROUP BERHAD ANNUAL REPORT 2023 f. Digital Marketing The COVID-19 pandemic had curtailed all public meetings, public engagement, roadshows and exhibitions, and the like. Our property development subsidiary, QHomes, had to quickly adapt to this new norm by adopting digitalised means for their marketing and sales strategies, among which included: i. virtual meetings via various virtual meeting platforms; ii. digitalised marketing instruments such as flyers and brochures; iii. virtual gallery; and iv. social media platforms (i.e., Facebook and Instagram). The digital marketing activities we embarked on during the pandemic continue to remain an effective tool today. Achieving a delicate balance between capital expenditure, user experience and capability, and operational efficiency is an ongoing pursuit that needs to be done carefully. Properly allocating capital expenditure to technology investments ensures the organisation stays technologically competitive while also considering that the financial impact. We believe we have attained a reasonable balance such that our IT infrastructure and systems work smoothly throughout the financial year. With regards to the IT technology currently in place, and with the recommendations from the audit, we believe we have a reliable and value for money technologies that meet the 5S set in our target for this MSM. We also believe that our cybersecurity is adequate and stable, and we constantly put them through regular reviews for improvements. The technology we adopted for our development arm, QHomes meanwhile, is proven technology with well understood risks. In other words, we are confident that we are well within the targets previously stated in TABLE 4. 4. Financial and project governance (Governance) Our Group Finance (“GF”) is very clear about our vision and mission. GF has an effective organisation structure and a dedicated management team who are qualified with relevant business and technical experience. There are finance policies, standards and procedures in place for the department to operate and are periodically updated to reflect and enhance operational efficiency. ENRA has also put in place the Limit of Authority Policy where the transactional approval for GF is highly centralised at the Executive Director and Chief Financial Officer levels. In addition, there is assurance provided by both internal and external audits in financial control and reporting review. Meetings with the EXCO are the key monitoring process of all Group departments and subsidiaries. There are Bi-weekly Group Management Committee (“GMC”) Meetings where comprehensive information is provided to Management for monitoring and Monthly Performance Review (“MPR”) meetings on performance against strategic plans covering all key financial, operational, oil & gas and property venture indicators. Detailed budgeting processes are implemented in ENRA requiring all business units to review their budgets periodically. The budgets are discussed and approved by the President & Group Chief Executive Officer and subsequently the Board. The Group Chief Financial Officer provides the Board with quarterly financial information. This effective reporting system exposes any significant variances. a. Rights of minority shareholders and institutional shareholders We always exercise due care to ensure that the rights of minority shareholders and institutional shareholders are adequately protected and our actions are not detrimental to their interests. This is in line with our corporate values as a responsible corporate entity. The Board understands its fiduciary duties which comprise of duty of care (diligent and conscientious), duty of candour (open, honest and frank) and duty of loyalty (to good principles and codes). Sustainability Report (Cont’d)
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