MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) 108 CORPORATE GOVERNANCE OVERVIEW (CONT’D) PRINCIPAL A: BOARD LEADERSHIP AND EFFECTIVENESS (CONT’D) I. BOARD RESPONSIBILITIES (CONT’D) The Board has a formal schedule of matters reserved for deliberation as set out below, to ensure good governance is in place for the Group:- a) Conflict of interest issues in relation to a substantial shareholder or a Director including approving related party transactions b) Material acquisition and disposal of assets not in the ordinary course of business including significant capital expenditures c) Strategic investments, mergers and acquisitions and corporate exercises d) Limits of authority e) Treasury policies f) Risk management policies g) Key human resource issues h) Business plans II. BOARD COMPOSITION The Board recognises the benefits of having a diverse Board to ensure that the mix and profiles of the Board members in terms of age, ethnicity and gender provide the necessary range of perspectives, experience and expertise required to achieve effective stewardship and management. The Board believes that a truly diverse and inclusive Board will leverage on different thoughts, perspectives, cultural and geographical backgrounds, age, ethnicity and gender to ensure that the Group has a competitive advantage. In evaluating the suitability of individual Board members, the Nomination Committee (“NC”) takes into account several factors, including skills, knowledge, expertise, experience, professionalism and time commitment to effectively discharge his or her role as a Director, contribution, background, character, integrity and competence. In the case of candidates for the position of Independent Non-Executive Directors, the NC will evaluate the candidates’ ability to discharge their responsibilities and bring in their independent judgement, provide constructive challenge, strategic guidance, offer specialist advice and impartiality. The Board evaluates each individual in the context of the Board as a whole. The ultimate objective is to recommend a team which can best perpetuate the success of the Group’s businesses and represent shareholders’ interests through the exercise of sound judgement. The Board has no specific policy in place on setting targets on female candidates to be appointed to the Board. During the year, i.e. 9 July 2021, the Company has appointed one female director on Board and the total number of female Directors is now stood at two (2) which represents 29% of women representation on the board. With the current composition, the Board was of the view that its members have the necessary knowledge, experience, diverse range of skills and competence to enable them to discharge their duties and responsibilities effectively. Moving forward, the Board, being in line with the national target of having 30% women on the boards of listed issuers, will maintain a register of potential directors which includes high-calibre female candidates to be appointed when the need arises. III. REMUNERATION The Board has in place a Directors and Senior Management’s Remuneration Policy which is clear and transparent, designed to support and drive business strategy and long-term objectives of the Group. In this regard, the Remuneration Committee (“RC”) is responsible to formulate and review the remuneration policies for the Directors of the Group to ensure the same remains competitive, appropriate, and in line with the prevailing market practices. The Board carries out a remuneration review for its employees including that of Senior Management, with the view to ensure that the Group continues to retain and attract the right talents in the industry. The proposed salary structure, which duly considered by the RC, is subsequently brought to the Board to be approved for implementation. Further details on how the Board operates effectively and discharges its collective responsibility for the long-term sustainable success of the Group can be obtained in the Corporate Governance Statement set out on pages 111 to 127of this Annual Report.
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