Yinson Annual Report 2021

161 ANNUAL REPORT 2021 Intended Outcome 5.0 Stakeholders are able to form an opinion on the overall effectiveness of the board and individual directors. The NRC conducted an annual evaluation on the effectiveness of the Board and Board Committees, evaluation of the individual performances of Directors, as well as reviewed the independence of Independent Directors. Additionally, the attendance of Directors at the Board and Board Committees meetings, time commitments and trainings attended were reviewed and considered. The Board has approved the engagement of an independent consultant, Boardroom Corporate Services Sdn Bhd, to provide Board Evaluation Services for FYE 2020. The aim is to form an objective and candid evaluation of the Board and Board Committees, facilitated through evaluation forms and one-to-one interviews. Results are tabled to the NRC which subsequently reports the findings to the Board. The evaluation of the Board by the independent consultant will be conducted on a periodic basis, or as and when required. Directors’ Evaluation for FYE 2021 was facilitated by our in-house Corporate Secretary Department. An executive summary was generated, and results were tabled at the NRC meeting held on 24 March 2021, which in turn reports the findings and action plans for Board’s approval. None of the Directors exceed five (5) listed companies’ directorships. With the exception of a Director who did not attend two Board meetings (one ad hoc arrangement), all other Directors achieved full attendance for Board Meetings held in FYE 2021. The Board is satisfied with the overall performances of individual Directors, Group CEO, Board and Board Committees for the financial year under review, with improvement seen for the performance of the Board and Board Committees. Overview of Directors’ evaluation Positive highlights t Board configuration and rigour of Board deliberation Board deliberations are conducted with a high level of rigour, professionalism and candour. Board is made up of highly skilled and experienced individuals from the respective areas of finance, accountancy, legal, risk management and oil & gas, which in turn, bring hard-edged skills and vast experiences to the Board. The Chairman of the Board is highly experienced and able to direct discussions on relevant matters while drawing constructive queries from members. t Strategic planning and direction Board is cognisant that unanimous focus on strategy planning forms the bedrock of the Company’s long-term success and places strong emphasis on ensuring that strategic deliberations are thorough, effective and fruitful. Board is highly experienced in developing, reviewing, and re-charting corporate strategies for Yinson’s growth and business sustainability. The Chairman of the Board and the Group CEO play pivotal roles in setting the right ‘tone from the top’. t Corporate governance, ethics and integrity Board has set the right ‘tone from the top’ in striving to maintain the highest standards of governance and integrity in Yinson’s overall culture. Management habitually embrace high transparency when it comes to reporting to the Board. Board is cognisant of the overarching impact of the evolving corporate liability topography and strives to enhance its whistleblowing mechanism. t Financial administration and vigilance Board’s ability to prudently manage Yinson’s financial affairs is an invaluable strength. Board’s continuous success in providing financial oversight to the Company may be attributed to the Board’s composition of high-calibre and experienced individuals who are luminaries in the ambit of accounting, investment, risk management and oil & gas. CORPORATE GOVERNANCE OVERVIEW STATEMENT