CORPORATE GOVERNANCE OVERVIEW STATEMENT CORPORATE GOVERNANCE OVERVIEW STATEMENT The Board of Directors (“Board”) of Press Metal Aluminium Holdings Berhad (“Press Metal” or “the Company”) recognises the importance of conducting good corporate governance and constantly strives to ensure that good corporate practices are carried out throughout the Company and its subsidiaries (“the Group”) as it is fundamental in fulfilling its responsibilities, which include protecting and enhancing shareholders’ value as well as the financial performance of the Company. This Corporate Governance Overview Statement (“CGOS”) provides a summary of the Company’s corporate governance practices during the financial year ended 31 December 2022 (“FYE 2022”) with reference to the following three (3) principles set out in the Malaysian Code on Corporate Governance 2021 (“MCCG”): Principle A: Board leadership and effectiveness; Principle B: Effective audit and risk management; and Principle C: Integrity in corporate reporting and meaningful relationship with stakeholders This CGOS is prepared pursuant to Paragraph 15.25 (1) of Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), with guidance being drawn from Practice Note 9 of the MMLR and the Corporate Governance Guide (4th Edition) issued by Bursa Securities. This CGOS is to be read together with the Corporate Governance Report 2022 (“CG Report”) of the Company which is available on the Company’s website at www.pressmetal.com under “Shareholders Meeting” section. The CG Report provides a detailed explanation of the Company’s application of the practices as set out in the MCCG during the financial year under review. Corporate Governance Approach The Board is committed to ensure that the Group is upholding sound corporate governance and promotes ethical standards in the Group. Over the course of more than 3 decades since the Group’s inception, good corporate governance practices have been steadily embedded in its lexicon based on the premise that a sound corporate governance framework is essential to form the bedrock of responsible and responsive decision making. The Group’s overall approach to corporate governance is to: • promote sustainability as Environmental, Social and Governance (“ESG”) issues become material to the ability of the Group to create sustainable value and uphold the confidence of stakeholders; • promote individual accountability, particularly at the leadership level (i.e. Board and Senior Management) as they represent the core and conscience of the Group; • drive the application of good governance practices in tandem with the value creation process of the Group; • demonstrate openness and accountability in the way the Group conducts its business and engages with and reports to stakeholders; • enhancing oversight on risk management of the Group; • embedding organisation-wide anti-bribery culture and awareness amongst staff and relevant stakeholders such as business partners; and • interweave governance, economic, environment and social considerations into its business operation in line of becoming economic resilient, sustainable and responsible corporate citizen. The Board regularly reviews the Group’s corporate governance practices and procedures to ensure they reflect market dynamics, the evolving expectations of stakeholders and best practices whilst simultaneously addressing the needs of the Group. In its effort to achieve its corporate governance aspirations, Press Metal has benchmarked its practices against the relevant promulgations and best practices. ANNUAL REPORT 2022 40
RkJQdWJsaXNoZXIy NDgzMzc=