Therefore, the Board together with Management, takes responsibility for the governance of sustainability in the Group including setting the Group’s sustainability strategies, priorities and targets. The performance evaluation of the Board and Management is also carried out annually to measure how they have performed their respective roles and to promote accountability. To ensure sound governance on sustainability, the Board Strategic and Sustainability Committee oversees the Group’s overall strategy on sustainability and reviews the effectiveness of the strategies and practices in place. Our Sustainability Statement for FY2023 can be found from pages 97 to 169 of this Integrated Annual Report 2023. The Report sets out in detail the scope of our sustainability reporting and sustainability framework that addresses stakeholder expectations across various sustainability issues. Directors’ Indemnity Bank Islam provides and maintains indemnification for its Directors throughout the FY2023 as allowed under the CA 2016 to the extent it is insurable under the Directors and Officers Liability Insurance (D&O) incurred by them in discharging their duties while holding office as Directors and Officers of Bank Islam. REMUNERATION Board of Directors The Board has established a formal and transparent Directors’ Remuneration Framework consisting of Directors’ fees, Board Committee allowances, meeting allowances, Chairman allowance and benefits-in-kind. The Remuneration Framework for Bank Islam’s NEDs are as follows: A. Retainer and Sitting Fees Total Amount (per annum) (RM) BOARD BRC BAEC BNRC BFRC BITC BSSC Chairman 240,000.00 90,000.00 48,000.00 18,000.00 24,000.00 24,000.00 24,000.00 Member 72,000.00 72,000.00 36,000.00 12,000.00 18,000.00 18,000.00 18,000.00 Sitting Fee (per meeting) (RM) Chairman 5,000.00 Member 3,000.00 B. Benefits The benefits payable to Non-Executive Directors comprise allowances, benefits-in-kind and other emoluments payable to them, details of which are as follows:- I) Car Allowance – Chairman – RM10,000.00 per month II) Senior Independent Allowance – RM2,000.00 per month III) Other Benefits Includes benefits that are claimable or otherwise such as leave passage, medical and insurance benefits and other facilities made available by the Company to eligible Non-Executive Directors. 218 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 Corporate Governance Overview Statement
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