Yinson Annual Report 2020

167 Annual Report 2020 Annual General Meeting The AGM is the principal communication forum for Shareholders. The Board, Senior Management team, external auditors and internal auditors were present at the 26 th AGM held on 11 July 2019 to respond to queries from Shareholders during the Question and Answer session. The notice of the 26 th AGM dated 31 May 2019 was published in the 2019 Annual Report, advertised in The Star, released to Bursa Securities and uploaded onto the Company’s website. Shareholders are given sufficient time to make the necessary arrangements for appointing proxy(ies) for attending the 26 th AGM. The Company implemented poll voting for resolutions set out in the notice of the 26 th AGM and appointed Coopers Professional Scrutineers Sdn Bhd as the independent scrutineers to observe the polling procedures and verify the poll results. A summary of the minutes of the 26 th AGM including the Question and Answer session, is available on the Company’s website. This CG Overview Statement was made in accordance with a resolution of the Board on 28 April 2020. Other Compliance Information 1. Utilisation of Proceeds Save as disclosed below, there were no proceeds raised from other corporate proposals during FYE 2020. (a) Disposal of 26% equity interest of Yinson Production (West Africa) Pte Ltd to a consortium of Japanese companies. The details of utilisation of proceeds are as follows: Purpose Proposed Utilisation (RM’000) Actual Utilisation (RM’000) Intended Timeframe for Utilisation Capital Expenditure 100,212 100,212 Within 24 months Repayment of borrowings 208,775 208,775 Within 24 months Working Capital Up to 177,459 177,459 Within 24 months Estimated Expenses 2,088 2,088 Within 6 months Total Up to 488,534 488,534 2. Audit and Non-Audit Fees The amount of audit and non-audit fees paid to the Company’s external auditors, PwC and its affiliates for the services rendered to the Group and the Company for FYE 2020 are as follows: Particulars Group RM’000 Company RM’000 Audit fees 1,791 296 Non-Audit fees 2,283 390 Percentage of Non-Audit fees over Audit fees 127.5% 131.8%