Wah Seong Corporation Berhad Annual Report 2020

53 ANNUAL REPORT 2020 6. INDEPENDENCE ASSESSMENT OF THE INDEPENDENT DIRECTORS In line with the Malaysian Code on Corporate Governance 2017 (“MCCG 2017”), the NC had conducted an independence assessment of the Independent Directors in respect of the financial year ended 31 December 2020 and the NC was satisfied with the results whereby all the Independent Directors fulfilled the criteria for an Independent Director as prescribed under the Main Market Listing Requirements of the Bursa Malaysia Securities Berhad. In conjunction with the above assessment, the NC considered and recommended to the Board of Directors the following retentions of Directors at the forthcoming Twenty-First Annual General Meeting of the Company:- (i) Professor Tan Sri Lin See Yan (ii) Encik Halim Bin Haji Din All whom have served as Independent Non-Executive Directors of the Company for a cumulative terms of more than twelve (12) years, to continue to act as Independent Non-Executive Directors of the Company. The NC and the Board taking cognisance of Practice 4.2 of the MCCG 2017 will continue to source for suitably qualified, credible and caliber candidates to assume the positions of the existing Independent Non-Executive Directors whom have exceeded the tenure of twelve (12) years. In the event that the NC and the Board failed to identify suitable candidates to assume the Independent Non-Executive Directorships, the Board will explain the departure from Practice 4.2 of the MCCG 2017 in the Corporate Governance Report which is required to be submitted to Bursa Malaysia Securities Berhad together with the Company’s Annual Report. 7. REVIEW OF THE AUDIT COMMITTEE Pursuant to Paragraph 15.20 of Chapter 15 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the NC had conducted a review of the terms of office and performance of the Audit Committee and each of the members annually and was of the opinion that the Audit Committee and each of the members have carried out their duties in accordance with their Terms of Reference. 8. FINANCIAL LITERACY OF AUDIT COMMITTEE MEMBERS Pursuant to Practice 8.5 of the MCCG 2017, the NC had conducted the financial literacy assessment for each of the Audit Committee members based on a set of questionnaires to be completed in respect of the financial year ended 31 December 2020 and the NC was pleased with the outcome of the assessment. 9. EXTENSION OF THE CONTRACT OF EMPLOYMENT OF THE COMPANY’S MANAGING DIRECTOR/GROUP CHIEF EXECUTIVE OFFICER At the NC Meeting held on 24 November 2020, the Contract of Employment of Mr Chan Cheu Leong (“Mr Chan”), the Company’s Managing Director/Group Chief Executive Officer, was extended for another one (1) year term subject to the terms and conditions to be agreed upon between Mr Chan and the Chairman of the Company and was duly approved by the Board. NOMINATION COMMITTEE