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CHAIRMAN’S DELIVERING MSM MANAGEMENT DISCUSSION GROUP FINANCIAL
STATEMENT VALUE OVERVIEW & ANALYSIS REPORT

CORPORATE GOVERNANCE OVERVIEW STATEMENT

Summary of Board Key Activities in FYE 2020

Below are among the key matters considered by the Board throughout the 15 meetings held during FYE 2020:

Board Structure Financial

• Approved for re-appointment/re-election of Directors • Reviewed and approved the 2020 quarterly results
retiring at the 2020 Annual General Meeting (“AGM”), and the Financial Statements for the financial year 2019.
appointment of new director, revised the composition
82 of MSM Board of Directors. • Assessed and approved the re-appointment of external
auditors in accordance with MSM External Auditor
• Approved the appointment of new INEDs and revised Policy.
MSM MALAYSIA HOLDINGS BERHAD Annual Report 2020
the composition of Board Committees of MSM.
• Reviewed the Quarterly report on:
• MSM Group Recurrent Related Party Transactions
• MSM Group’s Capital Expenditure
• Recoverability and Trade Receivables
Remuneration and Human Resource
• Financial Covenants
• Cashflow Projection
• Considered and approved several matters pertaining • Approved the implementation of MSM Group Long
to remuneration and human resource including Term Strategic Initiatives under Strategic Plan
employees’ bonus and yearly increment, remuneration 2019-2021.
package and Key Performance Indicator (KPI) of
Top Management. • Reviewed and approved the Voluntary Partial Early
Settlement to CIMB Islamic Bank Berhad.

• Approved the 3-Year Business Plan (2021-2023) and
Company and Group Operation budget for MSM Malaysia Holdings Berhad Group for
FYE 2021.

• Reviewed and deliberated on the progress on the
disposal of plantation land by MSM Perlis Sdn Bhd
to ensure effectiveness of the operations. Other Key Matters

• Reviewed and approved the cessation of MSM Perlis
Sdn Bhd’s production and on MSM Perlis manpower • Reviewed, deliberated and approved among others,
mobilisation status. reports for disclosure in Annual Report 2019,
policies and procedures and matters related to the
• Reviewed and renewed the contract of Pay-Per-Use 2020 AGM.
Mechanism between MSM Prai Berhad and MSM
Sugar Refinery (Johor) Sdn Bhd with Wilmar Sugar • Reviewed, revised and approved the Board
Pte Ltd. Nomination and Election Policy and Procedures.
The new TOR for AGRC and ITC has been established.
• Emphasised onto the Ramping Up Plan of Johor
refinery plant and status of Test after Completion • Approved the TORs for AGRC and ITC. The revised
(“TAC”) with Sharkara. policy and the new TORs are made available in the
Company’s corporate website at www.msmsugar.com.