Integrated Annual Report 2024 SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 53 CORPORATE GOVERNANCE OVERVIEW STATEMENT The Board of Press Metal Aluminium Holdings Berhad recognises the importance of conducting good corporate governance and constantly strives to ensure that good corporate governance practices are carried out throughout the Group as it is fundamental in fulfilling its responsibilities, which include protecting and enhancing shareholders’ value as well as the financial performance of the Company. This Corporate Governance Overview Statement (“CGOS”) provides a summary of the Company’s corporate governance practices during the FYE2024 with reference to the following three (3) principles set out in the MCCG 2021: This CGOS is prepared pursuant to Paragraph 15.25 (1) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad, with guidance being drawn from Practice Note 9 of the MMLR and the Corporate Governance Guide (4th Edition) issued by Bursa Securities. This CGOS is to be read together with the Corporate Governance Report 2024 (“CG Report 2024”) of the Company which is available on the Bursa Securities website and the Company’s website at www.pressmetal.com under “Shareholders Meeting” section. The CG Report 2024 provides detailed explanations of the Company’s application of the practices as set out in the MCCG 2021 during the financial year under review. Press Metal is a Large Company (defined as listed on FTSE Bursa Malaysia Top 100 Index or market capitalisation of RM2 billion and above) for FYE2024. The Board is committed to ensure high standards of governance are practised wherein the Company has adopted and complied substantially with the practices of MCCG 2021. CORPORATE GOVERNANCE APPROACH The Board is committed to ensure that the Group is upholding sound corporate governance and promotes ethical standards in the Group. Over the course of almost four (4) decades since the Group’s inception, good corporate governance practices have been steadily embedded in its lexicon with the understanding that a sound corporate governance framework is essential to form the bedrock of responsible and responsive decision making. The Group’s overall approach to corporate governance is to: • Promote sustainability as ESG issues become material to the ability of the Group to create sustainable value and uphold the confidence of stakeholders; • Promote individual accountability, particularly at the leadership level (i.e., Board and Senior Management) as they represent the core and conscience of the Group; • Drive the application of good governance practices in tandem with the value creation process of the Group; • Demonstrate openness and accountability in the way the Group conducts its business and engages with and reports to stakeholders; • Enhance oversight on risk management of the Group; • Embed organisation-wide anti-bribery culture and awareness amongst staff and relevant stakeholders such as business partners; and • Interweave governance, economic, environment and social considerations into its business operation in line of becoming economic resilient, sustainable and responsible corporate citizen. The Board regularly reviews the Group’s corporate governance practices and procedures to ensure they reflect market dynamics, the evolving expectations of stakeholders and best practices whilst simultaneously addressing the needs of the Group. Principle C Integrity in corporate reporting and meaningful relationship with stakeholders Principle B Effective audit and risk management Principle A Board leadership and effectiveness
RkJQdWJsaXNoZXIy NDgzMzc=