Yinson Annual Report 2020

153 Annual Report 2020 This statement provides the view of Yinson’s Board on corporate governance (“CG”) as set out in the Malaysian Code on Corporate Governance 2017 (“MCCG”). This statement should be read together with the Company’s CG Report. The CG Report provides details on how the Company has applied each Practice as set out in the MCCG during FYE 2020. The Board acknowledges the importance of sound CG practises and believes that this improves long-term success and performance. We are committed to setting the appropriate tone at Board-level and achieving high standards of CG practises, values and business conduct across Yinson. The Board is satisfied that Yinson has complied with the provisions and applications of the main MCCG principles for FYE 2020 with the following exceptions: • Practice 7.2 (The Board discloses on a named-basis the top five (5) senior management’s remuneration) • Practice 11.2 (The Company is encouraged to adopt integrated reporting) Explanations on the application and departure of the Practise, including the related measures and timeframes to apply the departure Practices are provided in the CG Report. Corporate Governance Overview Statement RESOURCES ON YINSON’S CORPORATE WEBSITE The following documents referred to within this statement are found on our Company’s website at www.yinson.com . • CG Report • Board Charter • Terms of References for Board Committees • Code of Conduct and Business Ethics (“COBE”) • Anti-Bribery and Anti-Corruption Policy (“ABAC”) • Whistleblowing Policy and Procedure • Diversity Policy • External Auditors Policy and Procedure • Stakeholder Communication Policy and Procedure • Corporate Disclosure Policy • Summary of the minutes of Annual General Meetings including the Question and Answer session PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS Part I - Board Responsibilities Intended Outcome 1.0 Every company is headed by a board, which assumes responsibility for the company’s leadership and is collectively responsible for meeting the objectives and goals of the company. The Board The Board is responsible for good governance within the Group’s business and the creation of long-term stakeholders’ value. To ensure effective discharge of the Board’s functions and responsibilities, the Board delegates specific responsibilities and functions to various Board Committees and Management-level Committees with reporting structure depicted on the next page. The function, roles and responsibilities of the Board Committees and Management-level Committees are clearly defined in their respective terms of reference, which are reviewed periodically as and when necessary.