GOVERNANCE 04 Sect ion Ranhi ll Ut i l i t i es Berhad 104 CORPORATE GOVERNANCE OVERVIEW STATEMENT The disclosures are centred on the following key principles of corporate governance based on the Malaysian Code of Corporate Governance 2021 (“MCCG 2021”): Principle A Board leadership and effectiveness Principle B Effective audit and risk management Principle C Integrity in corporate reporting and meaningful relationships with stakeholders This Statement is to be read together with the Corporate Governance Report FY2022 (“CG Report 2022”), which provides details on how the Group has applied each Practice as set out in the MCCG 2021 which is available on the Company’s website at www.ranhill.com.my or through the announcement published on the Bursa website. The Board recognises the importance of the application of the MCCG 2021, effective stewardship and strong corporate values that contribute to the success of the Group. Ranhill is headed by an effective Board that is collectively responsible for its long-term success and ensures that it operates effectively and efficiently. Ranhill has received the following awards for the respective categories in relation to CG disclosures, Annual Report and ESG:- Industry Excellence (Utilities Sector) award for Minority Shareholders Watch Group (“MSWG”)-ASEAN CG Award in 2020 and consistently among the Top 100 winners since 2019. Gold Medal award for Annual Report Competition (“ARC”) Awards International 2022 for Annual Report 2021 under the category Traditional Annual Report for Service Provision Company. Gold Award for the Utilities sector by in The Edge ESG Awards 2022 in collaboration with FTSE Russell and Bursa Malaysia. Principle A - Board Leadership and Effectiveness The Board is collectively responsible for leading and directing the Group. It sets Ranhill corporate purpose, strategy, key policies and objectives, and the values and culture to achieve the long-term sustainability of the business, for the benefit of shareholders, customers, suppliers and the communities in which Ranhill operate. The Board also reviews and monitors the exposure to key business risks, the direction of individual business units, their annual budgets, and their progress compared against agreed key performance indicators (KPIs). In discharging its responsibilities, the Board is supported by its management and board committees. I. BOARD RESPONSIBILITIES Ranhill is committed to a high level of corporate governance which is essential for sustainable long-term performance and value creation of the Group. The Board, being the highest decision-making and stewardship body of the Group, is ultimately responsible to shareholders for the direction, management, performance and long-term success of the Group. The Board’s role is to govern and set the strategic direction of the Company and the Group. Meanwhile, senior management manages the Company and the Group in accordance with the strategic direction and delegation of authority set by the Board. The responsibility of the Board includes overseeing the activities of management in carrying out the delegated duties. The Board delegates specific roles and responsibilities to its Board committees which operate within their defined Terms of References. The Board is pleased to present this Corporate Governance Overview Statement (“CG Overview” or “Statement”) which sets out the principles and features of the Group’s corporate governance framework and practices. This CG Overview provides a summarised narrative of how Ranhill has looked to further strengthen corporate governance practices within the Group.
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