Wah Seong Corporation Berhad Annual Report 2021 63 5. BOARD’S EFFECTIVENESS ASSESSMENT The NC conducted an annual assessment of the Board’s effectiveness as a whole and the contribution of each individual Director in respect of the financial year ended 31 December 2021 using a set of customised selfassessment questionnaires to be completed by the Directors. The results of the self-assessment by Directors and the Board’s effectiveness as a whole as compiled by the Group Company Secretary were tabled to the Board for review and deliberation. The Board was satisfied with the results of the annual assessment and that the current size and composition of the Board is appropriate and well-balanced with the right mix of skills with the Board composition comprising individuals of high calibre, credibility and with the necessary skills and qualifications to enable the Board to discharge its responsibility effectively. Assessment was also conducted on the Board Committees’ effectiveness based on a set of questionnaires to be completed in respect of the financial year ended 31 December 2021 and the NC was pleased with the outcome of the said assessment. The NC is satisfied with the existing Board composition with regards to the mix of skills, experience, expertise and independence in meeting the required needs of the Company taking into consideration the gender diversity and ethnicity of the members of the Board. The Board is supported by the core Management team having the relevant and appropriate qualifications, experience and competencies in their respective roles and functions. 6. INDEPENDENCE ASSESSMENT OF THE INDEPENDENT DIRECTORS The NC had conducted an independence assessment of the Independent Directors in respect of the financial year ended 31 December 2021 and the NC was satisfied with the results whereby all the Independent Directors fulfilled the criteria for an Independent Director as prescribed under the MMLR of Bursa Securities. In conjunction with the above assessment, the NC considered and recommended to the Board of Directors the retention of the following Directors at the forthcoming Twenty-Second Annual General Meeting of the Company:- (i) Tan Sri Professor Lin See Yan (ii) Encik Halim Bin Haji Din All whom have served as Independent Non-Executive Directors of the Company for a cumulative term of more than nine (9) years, to continue to act as Independent Non-Executive Directors of the Company. The NC and the Board taking cognisance of Practice 5.3 of the MCCG 2021, will continue to source for suitably qualified, credible and calibre candidates to assume the positions of the existing Independent Non-Executive Directors whom have exceeded the tenure of more than nine (9) years and to fulfill the requirement of at least one (1) woman Director on the Board. 7. REVIEW OF THE AUDIT COMMITTEE Pursuant to Paragraph 15.20 of Chapter 15 of the MMLR of Bursa Securities, the NC had conducted a review on the terms of office and performance of the Audit Committee and each of the members annually and was of the opinion that the Audit Committee and each of the members have carried out their duties in accordance with their Terms of Reference. 8. FINANCIAL LITERACY OF AUDIT COMMITTEE MEMBERS Pursuant to Practice 9.5 of the MCCG 2021, the NC had conducted the financial literacy assessment for each of the Audit Committee members based on a set of questionnaires to be completed in respect of the financial year ended 31 December 2021 and the NC was pleased with the outcome of the assessment. 9. EXTENSION OF THE CONTRACT OF EMPLOYMENT OF THE COMPANY’S MANAGING DIRECTOR/GROUP CHIEF EXECUTIVE OFFICER At the NC Meeting held on 22 November 2021, the Contract of Employment of Mr Chan Cheu Leong, the Company’s Managing Director/Group Chief Executive Officer, was extended for another one (1) year term upon the same terms and conditions and was duly approved by the Board. NOMINATION COMMITTEE
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