Effective Stewardship Through Good Governance Effective Stewardship Through Good Governance Press Metal Aluminium Holdings Berhad 60 61 Integrated Annual Report 2023 PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (CONT’D) II. Board Composition (cont’d) Board Size, Composition and Diversity (cont’d) The Board is satisfied with the current composition as this size is optimal and would enable effective oversight and delegation of responsibilities. The summary of the Board composition as of 31 December 2023 is set out below: MCCG Practice 5.2 (At least half of the Board comprises Independent Directors) 5 Executive Directors (50%) 5 Independent Non-Executive Directors (50%) MCCG Step-Up 5.4 (The Board has a policy which limits the tenure of its Independent Directors to 9 years without further extension) Less than 3 years (2) Between 3 years to 6 years (2) More than 6 years and up to 9 years (1) MCCG Practice 5.9 (The Board comprises at least 30% female Directors) (70%) Male (30%) Female Age 50 to 59 years old (1) 60 to 69 years old (7) 70 years old and above (2) Nationality Malaysian (10) The Board recognises that diversity, in its broadest sense, which comprises individuals with a broad range of backgrounds, skills, experience, expertise and perspectives is a key driver of an effective Board. The Board is composed of members with experience and expertise in strategy, accounting, finance, legal, regulatory, banking and economics, engineering and business management, which allows for informed deliberation, diverse insights for decision-making at the Board level as well as meeting corporate objectives. The Board supports gender diversity as part of the agenda in achieving boardroom diversity as the Board acknowledges and embraces that a wide range of perspectives is critical to effective corporate governance and strategic decisionmaking in the fast-changing business environment. The Board composition currently comprises three (3) women Directors, representing 30% of the Board. The female representation in the managerial role stands at 30.5% with appointments being subject to formal, rigorous, and transparent procedures and decided on merit against a defined job specification and criteria. The Board is committed to supporting the work of the Group to look for new and innovative ways to promote a diverse and inclusive workforce at every level of the organisation. Corporate Governance Overview Statement PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (CONT’D) II. Board Composition (cont’d) Board Size, Composition and Diversity (cont’d) A granular view of the Board composition during the financial year under review is illustrated below: Accounting Legal & Regulatory Finance & Financial Management Strategic Business Management Banking & Economic Engineering Directors' Core Competencies AGE COMPOSITION NATURE OF DIRECTORSHIP BOARD DIVERSITY 60-69 years Executive Directors Male Directors Female Directors Independent Non-Executive Directors 70 years and above 50-59 years 20% 10% 70% 50% 50% 70% 30% Corporate Governance Overview Statement
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