2019 UEM Edgenta Annual Report

134 135 UEM EDGENTA AT A GLANCE MESSAGE FROM OUR LEADERSHIP STRATEGIC FOCUS OPERATIONAL REVIEW SUSTAINABILITY EFFORTS CORPORATE GOVERNANCE INTRODUCTION FINANCIAL REVIEW ADDITIONAL INFORMATION UEM Edgenta Berhad Annual Report 2019 DIRECTORS’ BENEFITS (CONT’D.) During the financial year, the directors and officers of the Company are covered under the Directors and Officers Liability Insurance (“D&O Insurance”) in respect of liabilities arising from acts committed in their respective capacity as, inter alia, the directors and officers of the Company subject to the terms of the D&O Insurance policy, procured by UEM Group Berhad, for all its group companies. The apportioned insurance premium for the Company was RM52,328. DIRECTORS’ INTEREST According to the register of directors’ shareholdings, the interests of a director in office at the end of the financial year in shares in the Company and its related corporations during the financial year were as follows: Number of ordinary shares As at 1 January 2019 Acquired Disposed As at 31 December 2019 Direct interest: UEM Edgenta Berhad Dato’ Azmir Merican bin Azmi Merican 70,000 60,000 - 130,000 None of the other directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year. HOLDING COMPANIES The Company regards UEM Group Berhad and Khazanah Nasional Berhad, both incorporated in Malaysia, as its immediate and ultimate holding companies respectively. OTHER STATUTORY INFORMATION (a) Before the income statements, statements of comprehensive income and statements of financial position of the Group and of the Company were made out, the directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the directors are not aware of any circumstances which would render: (i) the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and (ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading. (c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate. (d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading. OTHER STATUTORY INFORMATION (CONT’D.) (e) At the date of this report, there does not exist: (i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or (ii) any contingent liability in respect of the Group or of the Company which has arisen since the end of the financial year. (f) In the opinion of the directors: (i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall due; and (ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made. AUDITORS The auditors, Ernst & Young PLT, have expressed their willingness to continue in office. Auditors’ remuneration is as follows: Group RM’000 Company RM’000 Ernst & Young PLT 891 148 Other component auditors 356 - 1,247 148 To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young PLT, as part of the terms of its audit engagement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young PLT for the financial year ended 31 December 2019. Signed on behalf of the Board in accordance with a resolution of the directors dated 23 March 2020. Tan Sri Dr. Azmil Khalili bin Dato’ Khalid Dato’ Azmir Merican bin Azmi Merican Directors’ Report Directors’ Report