MSM Malaysia Holdings Berhad Annual Report 2020

NOMINATION AND REMUNERATION COMMITTEE REPORT Senior Management Changes to the Senior Management personnel took place during the FYE 2020 until the date of this report: Senior Management Changes Type Effective Date Syed Feizal Syed Mohammad Group Chief Executive Officer Appointed 1 February 2021 Hasni Ahmad Group Chief Operating Officer Redesignated/ Appointed 1 February 2021 Fakhrunniam Othman Acting Group Chief Executive Officer Resigned 1 February 2021 Dato’ Khairil Anuar Aziz Group Chief Executive Officer Cessation of office 5 October 2020 Mohd Shaffie Said Group Chief Operating Officer Cessation of office 5 October 2020 In September 2020, the former Group Chief Executive Officer (“GCEO”), Dato’ Khairil Anuar Aziz (“Dato’ Khairil”) and former Group Chief Operating Officer (“GCOO”), Mohd Shaffie Said (“Mohd Shaffie”) have been required to explain on certain irregularities relating to inventories pertaining to an adjustment to write-off inventories amounting to RM36.6 million in MSM Sugar Refinery (Johor) Sdn Bhd’s (“MSM Johor”) 2019 Financial Statements. In the interim, the Board appointed Fakhrunniam Othman (”Fakhrunniam”) and Hasni Ahmad (“Hasni”) as Officer-In-Charge to perform the functions of the MSM GCEO and GCOO. During the interim, the Board also established a Board Executive Committee, comprising of Datuk Syed, Datuk Hapiz and Dato’ Haris Fadzilah Hassan to guide and assist Fakhrunniam and Hasni accordingly. In October 2020, the Board had undertaken due process to allow the former GCEO and GCOO to clarify on the irregularities pertaining to the adjustment to write-off inventories amounting to RM36.6 million in MSM Johor in the 2019 Financial Statements and has assessed the clarification provided by both parties and finds them unacceptable. With that, Dato’ Khairil and Mohd Shaffie ceased office with effect from 5 October 2020. Due to the cessation, Fakhrunniam and Hasni were appointed as the Acting GCEO and Acting GCOO of the Company, respectively with effect from 8 October 2020. Consequently, in November 2020, the Board Executive Committee which was established earlier in September 2020 to guide and assist Fakhrunniam and Hasni was dissolved. The search firm selection for the purpose of talent sourcing for the posts of GCEO and GCOO presented seven (7) candidates for the position of GCEO and six (6) candidates for the position of GCOO. NRC shortlisted five (5) candidates for the GCEO position including the Acting GCEO and four (4) candidates for the GCOO position including the Acting GCOO for interview. All the NRC members conducted interviews over three (3) days in December 2020 and recommended to the Board for the appointments. In February 2021, Syed Feizal Syed Mohammad (“Syed Feizal”) and Hasni were appointed as the GCEO and GCOO respectively. With the appointment of Syed Feizal, Fakhrunniam ceased to be the Acting GCEO on the same day. MSM MALAYSIA HOLDINGS BERHAD Annual Repor t 2020 102 CHAIRMAN’S STATEMENT DELIVERING VALUE MSM OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS GROUP FINANCIAL REPORT