94 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) CORPORATE GOVERNANCE OVERVIEW STATEMENT The Board acknowledges the importance of adopting good corporate governance within the Group as a fundamental part of discharging its duties to protect and enhance shareholders’ value and stakeholders’ interest. The Board is fully committed to maintain effective corporate governance practices as recommended in the Malaysian Code on Corporate Governance ("MCCG") throughout the Group. This aligns with the guidelines stipulated in the Main Market Listing Requirements (“MMLR”) of Bursa Securities. As part of this commitment, the Board is pleased to present this Corporate Governance Overview Statement (“CG Statement”), which provides a concise overview of the application of the following 3 key corporate governance principles set out in the MCCG throughout the Group during FYE 2024: Principle A - Board Leadership and Effectiveness; Principle B - Effective Audit and Risk Management; and Principle C - Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders. This CG Statement is prepared pursuant to Paragraph 15.25(1) of the MMLR with guidance from Practice Note 9 of the MMLR. Shareholders are encouraged to read this CG Statement alongside the Company's Corporate Governance Report 2024 (“CG Report”), which provides detailed disclosures on the implementation of each corporate governance practice. The CG Report can be accessed on the Bursa Securities' website or the Company’s website at www.keyfieldoffshore.com/corporate-governance. PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS PART I: BOARD RESPONSIBILITIES 1. Board Leadership The Board assumes full responsibility for the Group’s overall performance and guides the Company in achieving its corporate goals and objectives by providing advice and direction to the Management as well as setting corporate strategies for growth and new business development. In order to ensure effective discharge of its function and duties, the key responsibilities of the Board include, among others, the following: (i) Review and approve corporate plan and strategic initiatives including corporate business restructuring or streamlining, strategic alliances, business plans, major action plans and risk management strategies, ensuring they support long term value creation while considering economic, environment and social factors underpinning sustainability; (ii) Oversee the conduct of the Group’s business operations; (iii) Promote good corporate governance culture within the Group which reinforce ethical, prudent and professional behaviour; (iv) Assess and identify the principal risks, set the risk appetite which the Board expects the Management to operate, and ensure that there is risk management framework in place; (v) Review the adequacy and integrity of the Group’s internal control systems and management information systems; and (vi) Ensure the integrity of the Company’s financial and non-financial reporting.
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