CORPORATE GOVERNANCE OVERVIEW STATEMENT Cont’d PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS cont’d I. Board Responsibilities cont’d The Board delegates the day-to-day management of the Group to the Group Chief Executive Officer (“Group CEO”), Executive Directors and Management but reserves for its consideration pertinent significant matters. In discharging its stewardship role effectively, the Board delegates certain responsibilities to the following Board Committees and Management Committees:- Board Committees (a) Audit Committee (“AC”) (b) Nomination and Corporate Governance Committee (“NCGC”) (c) Remuneration Committee (“RC”) (d) Risk Management Committee (“RMC”) Management Committees (a) Sustainability Committee (“SC”) (b) Investment Committee (“IC”) The Chairman of the relevant committees report to the Board on key issues deliberated at their respective meetings. The Board acknowledges that while these Board Committees have the authority to examine issues and make recommendations to the Board, the ultimate responsibility for all matters lies with the Board. All Board Committees are actively engaged and act as oversight committees. They contemplate and recommend matters under their purview for the Board’s deliberation and approval. Group CEO, Executive Directors and Management is responsible for the day-to-day management of the Group pursuant to the powers delegated by the Board, subject to compliance with the applicable laws and regulations. During FYE 2022, the Board adopted the following new policies: - Directors’ Fit and Proper Policy - Tax Policy These documents define the Group’s commitments towards issues relevant to good corporate governance and are periodically reviewed to ensure relevance and applicability. ANNUAL REPORT 2022 42
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