Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 55 Corporate Governance Overview Statement (Cont’d) PRINCIPLE A - BOARD LEADERSHIP AND EFFECTIVENESS (cont’d) I. BOARD RESPONSIBILITIES (CONT’D) Board Committees and Management (Cont’d) b) Nomination and Remuneration Committee (“NRC”) The NRC is to assist the Board in its responsibilities in evaluating new nominees to the Board, Chief Executive, Chief Financial, Chief Operating and other key management personnel as determined by the Company and in assessing the remuneration packages of the Directors and key management personnel of the Group to ensure that compensation is competitive, reflective of market conditions and consistent with the Company’s performance and practices. The NRC shall also assess the Directors of the Company on an ongoing basis, the effectiveness of each individual Director and the Board as a whole and various Board Committees. c) Risk Management Committee (“RMC”) The objective of the RMC is to assist the Board in overseeing risk management framework, policies and procedures in order to manage the overall key risk exposures of the Group. d) Employees’ Share Option Scheme Committee (“ESOSC”) The primary objective of the ESOSC is to assist the Board in implementation and administering of the ESOS in accordance with the provisions of the ESOS By-Laws. The Terms of Reference of the above Board Committees set out among others the objectives, composition, rights and authority, duties and responsibilities of these committees, which are available for reference on the Company’s website at www.datasonic.com.my . The details of the AC, NRC, RMC and ESOSC members are set out in the Corporate Information section of this Annual Report. The Managing Director and Deputy Managing Director (“Executive Committee”) are responsible for the day-to- day management of the business and operations of the Group. The Executive Committee is supported by the Management Committee and Strategic Management Office (“SMO”) in implementation of the Board’s policies and to make proposals and recommendations for the strategic directions and growth of the Group. SMO leads resources planning and project management, so as to be alignedwith the Group’s strategic initiatives and to administer Enterprise Risk Management activities at the Management/Risk Owners and Staff level, including finding resolutions for the key operational issues. Corporate strategies, key business prospects/ proposals and significant operational issues deliberated at the SMO meetings were reported to the Executive Committee. The Board reviewed and discussed reports submitted by theManaging Director on the progress of the operations, business prospects, issues and challenges related to the projects, compliance management, financial performance and issues affecting the corporate image of the Group during the quarterly Board and Special Board meetings. During the year, the Board reviewed and assessed various local and overseas investment proposals as part of the Group’s strategic plan for expansion into local and foreign markets. The Board is also regularly kept informed by the Executive Directors and the Management on the Group’s operations, the latest laws and regulations and current issues.