123 INTEGRATED ANNUAL REPORT 2025 GOVERNANCE | CORPORATE GOVERNANCE OVERVIEW STATEMENT SUMMARY OF BOARD FOCUS FOR FY2025 During the year, the Board focused on a number of strategic matters and received regular updates. Topic Board activity Key decisions/outcomes Strategy • Participated in Board Strategy Session. • Reviewed the Group’s capital requirements, medium- and long-term strategies, and opportunities to enhance shareholders’ value. • Reviewed the Group’s business, project proposals, and financing requirements. A two-day offsite session was convened to evaluate the Group’s strategic direction and long-term priorities. The Board received an overview of the business, projected investments and opportunities. Throughout this intensive session, the Board actively steered and scrutinised the Group’s strategic direction, reviewing both budget and business plans before their approval to ensure alignment with its trajectory. Secured strategic investments and raised funds through various sources, including private placement to support Group’s growth. Implemented the Dividend Reinvestment Plan (“DRP“), enabling shareholders to reinvest part or all of their cash dividends into new ordinary shares in the Company. The disposal of non-core businesses to allow the Company to focus on its FPSO and energy transition segments. Financial • Reviewed quarterly and full-year results, associated announcements and applicable dividend payments. • Reviewed the Group’s Strategic Business Plan and Annual Operating Budget. • Reviewed Related Party Transactions, register of Recurrent Related Party Transactions and shares purchased pursuant to the renewal of share buy-back authority. • Conducted a mid-term review of the Group’s performance. Approved quarterly and full-year results and associated announcements, and considered and approved interim and final dividend payments to shareholders. Evaluated the progress and opportunities of the Group’s projects, alongside the operational and financial performance of each business. Governance • Reviewed policies and procedures and LoA of the Group. • Received regular updates, such as emerging changes to regulations, listing requirements and updates/guidance from the relevant authorities. Endorsed policies and procedures to enhance the Group’s operational efficiency, including the enhancement of the Conflict of Interest Policy & Procedure to improve conflict management within the Group. People • Reviewed Senior Management succession planning. • Reviewed 2024 Restricted Share Unit (“RSU”) Award. Approved changes to Senior Management’s composition and succession planning, with several members taking on additional roles to enhance leadership, streamline decisionmaking, and ensure continuity. Awarded the 2024 RSU Award to eligible executive directors and employees of the Group. Audit, Risk and Internal Control • Reviewed the Group and businesses’ key risk profiles. • Reviewed IA plans, reports and budget, and External Audit Reports. • Reviewed Group compliance updates. • Reviewed and approved Business Continuity Management (“BCM”) Policy Statement & Framework. • Received updates on cybersecurity risks. • Received recommendation on the reappointment of external auditors. • Reviewed Directors’ conflict of interest situations. Considered effectiveness of the risk management and internal control system. Deep dive analysis of the Group’s key risks and risk appetite, providing valuable insights into strategic decisions. Received insights and observations on compliance matters, ensuring adherence to regulations and policies, and reducing legal and operational risks. Received updates on the BCM programme implementation ensuring the Group is prepared for potential disruptions, safeguarding people, assets, and continuity of operations. Reviewed the Cybersecurity Roadmap to enhance the security posture of the Group. Reappointment of external auditors submitted to shareholders for approval. Approved the approach and recommendations of the AC regarding the resolution of conflicts of interest situations.
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