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SUSTAINABILITY EFFECTIVE CORPORATE FINANCIAL ADDITIONAL DETAILS OF THE ANNUAL
REPORT LEADERSHIP GOVERNANCE STATEMENTS INFORMATION GENERAL MEETING

The current AGRC comprises of four (4) members, all All AGRC and AC meeting minutes, including meeting
of whom are Independent Non-Executive Directors. papers on matters deliberated by the Committee in the
The composition of the AGRC complies with the Main discharge of its functions were properly documented.
Market Listing Requirement of Bursa Malaysia Securities Reports on the proceedings of the Committee’s meeting
Berhad (“MMLR”) pertaining to AC that stipulates a were tabled to the Board and minutes of AGRC and AC are
minimum of a three-member committee with majority circulated to the Members for confirmation.
being Independent Directors. None of the AGRC member
is a former key audit partner of the Group. ROLES OF THE COMMITTEE
Choy Khai Choon was appointed as the Chairman of AGRC Key areas under the purview of AGRC include the financial
on 10 June 2020, thus satisfying the requirement of a reporting and performance oversight, internal audit, risk, 93
separation of power between the Chairman of the Board managing risk and governance oversight. Further details
and the Chairman of AGRC as prescribed by the Malaysian on the functions and duties of the AGRC are provided in
Code of Corporate Governance 2017 (“MCCG 2017”). Terms of Reference (“TOR”) which are available at the
He is a member of the Malaysia Institute of Accountants Company’s corporate website at http://www.msmsugar.com/
(“MIA”) and also an Honorary Fellow of CPA Australia. our-company/corporate-governance.
The Chairman of the Committee meets the requisite
qualifications as stipulated in Paragraph 15.09(1)(c)(i) of The AGRC’s TOR has been established pursuant to the
the MMLR. MMLR and was approved by the Board to guide the
Committee in the discharge of its functions and duties.
Before the establishment of AGRC, the AC was chaired In addition, the TOR also recognised and adopted related
by Dato’ Rosini Abd Samad who is a member of the MIA. best practices and guidance from the MCCG 2017 and
She is also an Honorary Fellow of CPA Australia and a the Corporate Governance Guide. The AGRC’s TOR was MSM MALAYSIA HOLDINGS BERHAD Annual Report 2020
professional member of the Institute of Internal Auditors approved by the Board on 24 July 2020.
Malaysia.
The existence of the Committee does not diminish the
The Committee discharges its responsibilities through a Board’s ultimate statutory and fiduciary responsibility for
series of scheduled meetings during the year. The AGRC decision-making relating to the functions and duties of the
meetings were continued from the previous approved Committee.
schedule meetings for the AC.

There were three (3) AC meetings held in February, March SUMMARY OF WORKS OF THE AC AND AGRC IN 2020
and May 2020. Upon the establishment of AGRC, two (2)
scheduled meetings were conducted in August 2020 and The summary of works below highlighted both AC and
November 2020 and one (1) unscheduled meeting was held AGRC principal activities in discharging its responsibilities
in September 2020. through the six (6) meetings held and various private
sessions with the external auditors and internal auditors:
The Company Secretary and Chief Internal Auditor of
FGV Holdings Berhad act as the Committee’s Secretaries Financial Reporting
in all the meetings. The meetings were also attended by • Reviewed unaudited quarterly financial results, any
Acting/Group Chief Executive Officer (“Acting/GCEO”), change in accounting policies, the going concern
Chief Financial Officer (“CFO”), Acting/Group Chief assumptions and compliance with accounting standards
Operating Officer (“Acting/Group COO”), Head of Corporate and regulatory requirements for recommendation to
Governance & Risk Management together with the the Board for approval.
members of Senior Management and the external auditor,
upon invitation, to brief the Committee on related issues. • Considered and reviewed the draft of the audited
financial statements for the year ended 31 December
2019 in March 2020 together with the Directors’
and Auditor’s Statement and concluded that the
financial report presented a true and a fair view of the
Company’s financial performance for the year and was
in compliance with regulatory requirements.