SECTION 3: OUR GOVERNANCE 128 CORPORATE GOVERNANCE OVERVIEW STATEMENT PRINCIPLE A BOARD LEADERSHIP AND EFFECTIVENESS REMUNERATION COMMITTEE REPORT RC Alice Lee Chia Yee Chairperson (Independent Non-Executive Director) Datin Suryani Binti Ahmad Sarji Member (Independent Non-Executive Director) Appointed on 1 June 2023 Poh Ying Loo Member (Independent Non-Executive Director) Appointed on 1 June 2023 During the financial year ended 31 December 2023, the RC was composed of three INEDs. Acting on behalf of the Board, the RC holds the responsibility of annually determining the remuneration policy for the Board, Group CEO, other Executive Directors and senior management. The Committee has the privilege of accessing internal and external professional advice as needed. Operating on an annual calendar, the RC plans and schedules matters well in advance. Decisions are made within predefined reference terms, with additional meetings convened when necessary. In framing the agenda, the RC conscientiously considers the overall business strategy, the interests of shareholders, employees, other stakeholders and the performance of the Group. The RC’s primary responsibilities are articulated in written terms of reference accessible on the Group’s website or available upon request. Summary of Work During the financial year ended 31 December 2023, the RC reviewed the following key matters in discharging its responsibilities: • Reviewed the Group’s remuneration framework proposed by its head of human resource department. • Recommended the proposed Group’s remuneration framework to the Board for approval. Performance Review Throughout the financial year, the Board conducted an assessment of the RC’s performance. This evaluation aimed to gauge the extent to which the RC adhered to its terms of reference, encompassing considerations such as the term of office and performance of the RC and its individual members. It is important to note that this performance assessment constitutes an integral part of the annual BEA, focusing on evaluating the effectiveness of Board Committees. The RC Report was made in accordance with a resolution of the Board approved on 17 April 2024. FORMALISED ETHICAL STANDARDS Our Group’s ethical standards are firmly established in our Policies on the Code of Conduct and Ethics. These documents articulate the expected standards of behaviour for all Directors and staff within the Group. This comprehensive framework encourages stakeholders to embrace the Group’s values, ensuring compliance with applicable laws and regulations through transparent, honest and ethical business practices. The Board and staff consistently aspire to uphold the highest standards of integrity and behaviour, adhering to best practices in corporate governance. This commitment extends to interactions with customers, suppliers, employees, business partners and the broader community and environment where the Group operates. The Code of Conduct and Ethics is readily accessible through our website, facilitating stakeholders in adopting ethical practices. Furthermore, the Group has implemented a Whistleblowing Policy, offering a platform for the Group’s community to report any form of improper conduct. This policy assures individuals that they can disclose information without fear of punishment or unfair treatment, reinforcing our commitment to a culture of accountability and transparency. Appointed on 1 June 2023
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