113 ANNUAL REPORT 2022 PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS In its deliberation and review of the CG Overview Statement, the Board is satisfied that the practices set out in the MCCG as defined in the MCCG, in all material respects, have been applied to achieve the intended outcomes for the financial year under review except for the practices mentioned below: Practice 5.9 : The board comprises at least 30% women directors. A female Director, Lailatul Azma binti Abdullah was appointed as Independent Non-Executive Director on 16 December 2022. The board will continue to scout for women directors to sit on board in the coming years, taking into account diverse perspectives and insights based on the candidate’s integrity, independence, diversity in terms of age, gender, cultural background and experience, leadership and ability to exercise sound judgement Practice 8.1 : There is detailed disclosure on named basis for the remuneration of individual directors. The remuneration breakdown of individual directors includes fees, salary, bonus, benefits in-kind and other emoluments The remuneration of the directors is paid by the Company and not by the Fund. However, the Board ensures that the remuneration policy takes into account the demands, complexities and performance of the Company as well as skills-set and relevant experiences required. For Independent Directors, the Board ensures that the remuneration does not conflict with their obligation to bring objectivity and independent judgment on matters discussed at the Board meetings. Practice 8.2 : The board discloses on a named basis the top five senior management’s remuneration component including salary, bonus, benefits in-kind and other emoluments in bands of RM50,000. The Board is of the view that such disclosure may not be in the best interest of the Company due to confidentiality and security concerns, for example, vulnerability of these personnel being poached by competitors as well as potential disgruntlement amongst the personnel concerned when they note how much their fellow colleagues are drawing, notwithstanding that the disclosure is in bands of RM50,000 each. The details on the extent of the application of each CG practice as set out in the MCCG including the explanation for nonadoption of or departure from the abovementioned practices, are available in the CG Report for the financial year ended 31 December 2022. CORPORATE GOVERNANCE OVERVIEW STATEMENT
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