The remuneration packages of Senior Management are based on individual

The remuneration packages of senior management are

This preview shows page 28 - 32 out of 45 pages.

The remuneration packages of Senior Management are based on individual responsibilities, experience, expertise, skills and practice at other companies of similar size. Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below. Measure : Timeframe :
Image of page 28
29 Intended Outcome Stakeholders are able to assess whether the remuneration of directors and senior management is commensurate with their individual performance, taking into consideration the company’s performance. Practice 7.3 - Step Up Companies are encouraged to fully disclose the detailed remuneration of each member of senior management on a named basis. Application : Not Adopted Explanation on adoption of the practice :
Image of page 29
30 Intended Outcome There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s findings and recommendations. The company’s financial statement is a reliable source of information. Practice 8.1 The Chairman of the Audit Committee is not the Chairman of the board. Application : Applied Explanation on application of the practice : The Chairman of the Audit Committee (AC) who is an Independent Non-Executive Director is not the Chairman of the Board. The Chairman of the AC is a member of the Malaysian Institute of Certified Public Accountants (MICPA) and Malaysian Institute of Accountants (MIA). He has had an extensive career as an Audit Partner at KPMG over thirty-three (33) years. He leads the discussions and deliberations of the AC. The AC comprises four members, all of whom are Independent Non- Executive Directors. Mr Eugene Hon Kah Weng was appointed as a member of the AC on 22 November 2018. The AC Chairman and two (2) of the AC members are qualified MIA members with relevant financial experiences in accounting and auditing. Hence, the Board is able to objectively review the AC’s findings and recommendations. Explanation for departure : Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below. Measure : Timeframe :
Image of page 30
31 Intended Outcome There is an effective and independent Audit Committee. The board is able to objectively review the Audit Committee’s findings and recommendations. The company’s financial statement is a reliable source of information. Practice 8.2 The Audit Committee has a policy that requires a former key audit partner to observe a cooling-off period of at least two years before being appointed as a member of the Audit Committee. Application : Applied Explanation on application of the practice : Currently, the AC does not have any former key audit partner as a member of the AC. However, the AC has included the cooling off period of at least two years for a former key audit partner before being appointed as a member of the AC in its revised TOR of the AC in 2018.
Image of page 31
Image of page 32

You've reached the end of your free preview.

Want to read all 45 pages?

  • Spring '15
  • student
  • Non-executive director

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes