Application of MCCG 2021 With the revised MCCG 2021, MSM has four (4) departures for financial year 2021 (FY2021). The details on how the Company had applied each practice as set out in the MCCG during the FY2021 can be found in the Company’s Corporate Governance Report 2021 (CG Report 2021) which is available on the Company’s corporate website. The summary of explanations on the departures are in the table below: Departed Practice Summary Explanation for Departure Practice 4.4 Performance evaluations of the board and senior management include a review of the performance of the board and senior management in addressing the company’s material sustainability risks and opportunities There was no material sustainability risks and opportunities element in the Senior Management performance indicator Practice 5.9 The board comprises at least 30% women directors There was no indication of 30% or any percentage for women director in the Board Nomination and Election Policy and Procedures of MSM. As at 31 December 2021, MSM Board comprised of seven (7) male Directors and two (2) female Directors (22% female representation) Practice 5.10 The board discloses in its annual report the company’s policy on gender diversity for the board and senior management There was no policy on gender diversity for Senior Management. The application on gender diversity for Senior Management is premised on merit based selection and appointment along a fair and equitable consideration and deliberation for qualification, experience, skills, intelligence and empathy Practice 9.2 The Audit Committee has a policy that requires a former partner of the external audit firm of the listed company to observe a cooling-off period of at least three years before being appointed as a member of the Audit Committee The existing AGRC’s Terms of Reference and External Auditor Policy stated that a former key audit partner must observe a cooling-off period of at least two years before being appointed as a member of the AGRC. Currently, there is no former key audit partner sitting on the AGRC CORPORATE GOVERNANCE OVERVIEW STATEMENT WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOWWE OPERATE MSM Malaysia Holdings Berhad ANNUAL INTEGRATED REPORT 2021 212
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