118 AL-SALĀM REIT CORPORATE GOVERNANCE OVERVIEW STATEMENT ANNUAL REPORT 2023 CORPORATE GOVERNANCE OVERVIEW STATEMENT 2023 In its deliberation and review of the CG Overview Statement, the Board is satisfied that the practices set out in the Malaysian Code on Corporate Governance (“MCCG”) as defined in the MCCG, in all material respects, have been applied to achieve the intended outcomes for the financial year under review. Introduction This Corporate Governance Overview Statement (“CG Statement”) sets out the principal features of the Group’s corporate governance approach, a summary of corporate governance practices during the year under review as well as key focus areas and future priorities concerning corporate governance. The Board is committed to ensuring that a strong governance framework operates throughout the Group, recognising that good corporate governance is a vital component to support management in their delivery of the Group’s strategic objectives and to operate a sustainable business for the benefit of all stakeholders. The process of identifying, developing, and maintaining high standards of corporate governance is ongoing and dynamic, to reflect changes in the Group and its business, the composition of the Board, and developments in corporate governance. The Board has been guided by the MCCG in its implementation of CG practices while ensuring compliance with the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad, the Guidelines for Listed REITs, Bursa Malaysia Corporate Governance Guide 28 April 2021, and Companies Act 2016. The CG Overview Statement provides a summary of the Company’s CG practices during the financial year, with reference to the following 3 principles, intended outcomes and practices of the MCCG, having considered the Company’s structure, processes, business environment and industry practices: • Principle A: Board Leadership and Effectiveness; • Principle B: Effective Audit and Risk Management; and • Principle C: Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders. To ensure compliance with the most recent applicable Corporate Governance and regulatory obligations, the Board regularly reviews its governance procedures and processes. Throughout the year in review, all the provisions of the MCCG 2021 save for Practices 8.1 (detailed disclosure on a named basis for the remuneration of individual directors. The remuneration breakdown of individual directors includes fees, salary, bonus, benefits-in-kind and other emoluments) and 8.2 (disclosure of senior management’s remuneration). The Corporate Governance Report is available on the Group’s website at www.alsalamreit.com.my as well as via an announcement on the website of Bursa Malaysia. This Corporate Governance Overview Statement should also be read in tandem with the other statements in the Sustainability Statement namely, the Statement on Risk Management and Internal Control, Audit and Risk Committee Report, and Sustainability Statement.
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