PART I – BOARD RESPONSIBILITIES 1. Board Leadership on Objectives and Goals Strategic Aims, Values and Standards The Board is responsible in providing the overall governance, stewardship and oversight for the direction and management of the Group. The Board sets out the strategic directions and objectives, formulating the policies and executing the key strategic action plans of the Group. The Board regularly reviews the Group's business operations, management performance and ensure the necessary resources are in place. Within the Group, the Board and the Senior Management work cohesively to formulate and to execute the Group's business strategy. The respective roles and responsibilities of the Board and management team are clearly set out and understood to ensure accountability and ownership by both parties. The Board is responsible for overseeing and managing the Group as a whole, which includes evaluating and approving the Group's corporate objectives, as well as the goals and targets for management to achieve. The management, including the Executive Director, Group Chief Operation Officer, Group Chief Financial Officer of Destini and Chief Executive Officer of subsidiaries are responsible for managing the day-to-day running of the business activities in accordance with the direction and delegation of the Board. The management meets regularly to discuss and resolve operational issues. The Executive Director briefs the Board on business performance and operations as well as the management initiatives during quarterly Board’s meetings. The Board maintains full and effective control of the Group and has established corporate objectives and role descriptions, including the boundaries of management’s responsibilities. Management is aware of these and is accountable for meeting them. The Board has a formal schedule of matters reserved for its decision, including key areas such as the Group’s overall strategy and direction, investment policy, major capital expenditures, significant financial considerations and review of the Group’s financial and operational performance. The Board is fully aware of the key risks associated with all aspects of the Group’s business and acknowledges that risk is inherent in business decisions. To achieve a proper balance between risks incurred and potential returns to shareholders, the Board ensures that effective systems are in place to monitor and manage these risks, with a focus on the Group’s long-term sustainability. CORPORATE GOVERNANCE OVERVIEW STATEMENT GOVERNANCE INTRODUCTION The Board of Directors ("the Board") acknowledges that the practice of good corporate governance is an essential part in the Company and its subsidiaries ("the Group") continued growth and success. Hence, the Board remains committed to attaining high standards of corporate governance within the Group through its support and application of the principles and best practices set out in the Malaysian Code on Corporate Governance 2021 ("MCCG 2021") to enhance business prosperity and maximise shareholders' value. This Statement sets out the commitment of the Board towards the MCCG 2021 and describes how the Group has applied the principles and complied with the best practice provisions as laid out in the MCCG 2021 throughout the financial period ended 30 June 2024 ("FPE 2024") pursuant Paragraph 15.25 of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad ("Bursa Securities"). The Board will continuously evaluate the Group's corporate governance practices and procedures, and where appropriate will adopt and implement the best practices as enshrined in MCCG to the best interest of the shareholders of the Company. The detailed application for each practice as set out in the MCCG 2021 is disclosed in the Corporate Governance Report which is available at the Company's website at www.destinigroup.com. PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS 50 DESTINI BERHAD ANNUAL REPORT 2024
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