KENANGA ANNUAL REPORT 2023

87 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION CORPORATE GOVERNANCE OVERVIEW STATEMENT To review and/ or refresh the compositions of the Boards and the Board Committees of KIBB and its subsidiaries to ensure a well-balanced expertise and experience, as well as diversity of skill sets amongst the Board members, and effective Board and Board Committee succession plan. To review the succession plan for the Senior Management to enhance the measures which have been put in place to provide for the orderly succession of Senior Management. To conduct an industry benchmarking of the Board Remuneration to be undertaken by an independent third (3rd) party/ consultant. To enhance the Board processes in terms of the turnaround time for dissemination of Board papers and for Group Company Secretarial Department of KIBB to embark on an exercise to review and simplify the current template/ format of meeting papers for the Board and Board Committees. Based on the assessment and the feedback received from members of the Board, as well as Board Committees, the GNC had recommended certain identified action plans towards enhancing the governance and processes of the Board and Board Committees, which were approved by the Board for implementation, which amongst others included the action plans stated below. Independent Professional Advice The Directors (either individually or as a group) have access to independent professional advice, at the expense of the Company, as well as separate and independent access to Senior Management and the Company Secretary at any point in time. Directorships in Other Companies A Director must not have competing time commitments that may impair his/ her ability to discharge his/ her duties effectively. Directors are required to notify the Board before accepting any new directorship in a public company incorporated in Malaysia and all its subsidiaries incorporated in Malaysia or otherwise, as well as new external professional appointment. The notification should include an indication of time that will be spent on the new appointment. PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT The AC of KIBB comprises solely of INEDs and is chaired by an INED who is not the Chairman of the Board. This is in line with the Step Up Practice 9.4 of the revised MCCG. Details on the AC’s composition, as well as its members’ attendance at the AC meetings during the FYE 2023 are provided on page 74 of this Annual Report and Section B of the CG Report which are available on KIBB’s website at https://www.kenanga. com.my/investor-relations/AGM2024. The AC is established to provide independent oversight on the Group’s internal and external audit functions, internal controls and ensuring checks and balances within the Group. The functions and responsibilities of the AC are set out in its Terms of Reference which is available on KIBB’s website at https://www.kenanga.com.my/investor-relations/corporate-governance/. Audit Committee

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