Board and Committee Composition
The Directors in office during the 2023 financial year are:
Number of Meetings Convened
The number of Board and Board Committee meetings held during the 2023 financial year is set out below:
Roles and Responsibilities
Board Responsibilities
The Board has the overall responsibility for promoting the sustainable growth and financial soundness of the Company, and for ensuring reasonable standards of fair dealing, without undue influence from any party. This includes a consideration of the long-term implications of the Board’s decisions on the Company and its customers, officers and the general public. In fulfilling this role, the Board must:
- Approve the risk appetite, business plans and other initiatives which would, singularly or cumulatively, have a material impact on the Company’s risk profile;
- Oversee the selection, performance, remuneration and succession plans of the Chief Executive Officer, Control Function heads and other members of Senior Management, such that the Board is satisfied with the collective competence of Senior Management to effectively lead the operations of the Company;
- Oversee the implementation of the Company’s governance framework and Internal Control Framework, and periodically review whether these remain appropriate in light of material changes to the size, nature and complexity of the Company’s operations;
- Promote, together with Senior Management, a sound corporate culture within the Company which reinforces ethical, prudent and professional behaviour;
- Promote sustainability through appropriate environmental, social and governance considerations in the Company’s business strategies;
- Oversee and approve the recovery and resolution as well as business continuity plans for the Company to restore its financial strength, and maintain or preserve critical operations and critical services when it comes under stress; and
- Promote timely and effective communication between the Company and Bank Negara Malaysia (“BNM”) on matters affecting or that may affect the safety and soundness of the Company.
Audit Committee
The primary objective of the Audit Committee is to assist the Board in the discharge of its responsibilities and to ensure the integrity and transparency of the financial reporting process.
Nominating Committee
The primary objective of the Nominating Committee is to establish or to ensure that there is a formal and transparent procedure for the appointment of Directors, Chief Executive Officer and senior officers who report directly to the Chief Executive Officer and to assess the effectiveness of individual Directors, the Board as a whole, Chief Executive Officer and senior officers on an on-going basis.
Remuneration Committee
The primary objective of the Remuneration Committee is to provide a formal and transparent procedure for developing a Remuneration Policy for Directors, Chief Executive Officer and senior officers and ensuring that their compensation is competitive and consistent with the Company’s culture, objectives and strategy.
Risk Management Committee
The primary objective of the Risk Management Committee is to oversee and ensure the effectiveness of Senior Management’s activities in managing the key risk areas of the Company and to ensure that an appropriate risk management framework, strategy and process is in place and functioning effectively.
Attendance
