CORPORATE GOVERNANCE REPORT
STOCK CODE | : | 0028 |
COMPANY NAME | : | Scope Industries Berhad |
FINANCIAL YEAR | : | June 30, 2022 |
OUTLINE:
SECTION A - DISCLOSURE ON MALAYSIAN CODE ON CORPORATE GOVERNANCE
Disclosures in this section are pursuant to Paragraph 15.25 of Bursa Malaysia Listing Requirements.
SECTION B - DISCLOSURES ON CORPORATE GOVERNANCE PRACTICES PERSUANT CORPORATE GOVERNANCE GUIDELINES ISSUED BY BANK NEGARA MALAYSIA
Disclosures in this section are pursuant to Appendix 4 (Corporate Governance Disclosures) of the Corporate Governance Guidelines issued by Bank Negara Malaysia. This section is only applicable for financial institutions or any other institutions that are listed on the Exchange that are required to comply with the above Guidelines.
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SECTION A - DISCLOSURE ON MALAYSIAN CODE ON CORPORATE GOVERNANCE
Disclosures in this section are pursuant to Paragraph 15.25 of Bursa Malaysia Listing Requirements.
Intended Outcome
Every company is headed by a board, which assumes responsibility for the company's leadership and is collectively responsible for meeting the objectives and goals of the company.
Practice 1.1
The board should set the company's strategic aims, ensure that the necessary resources are in place for the company to meet its objectives and review management performance. The board should set the company's values and standards, and ensure that its obligations to its shareholders and other stakeholders are understood and met.
Application | : | Applied |
Explanation on | : | The Board plays an active role in directing the management in an |
application of the | ||
effective and responsible manner. The Directors, collectively and | ||
practice | ||
individually, have a legal and fiduciary duty to act in the best | ||
interest of the Company and to effectively represent and | ||
promote the interests of the shareholders and stakeholders. | ||
The Board recognises the key role it plays in charting the strategic | ||
direction of the Company and has assumed the following | ||
principal responsibilities in discharging its fiduciary and | ||
leadership functions:- | ||
• Reviewing and adopting strategic plans for the Group which | ||
will enhance the future growth of the Group while addressing | ||
sustainability of the Group's business; | ||
• Overseeing the conduct of the Group's businesses to evaluate | ||
whether the business are being properly managed; | ||
• Identifying principal risks of the business and ensuring the | ||
implementation of appropriate systems to manage these | ||
risks; | ||
• Reviewing the adequacy and integrity of the Group's internal | ||
control systems and management information systems; and | ||
• To consider and implement plans for effective appointments | ||
to senior management positions and Board members which | ||
includes appropriate and adequate training and ensuring | ||
orderly succession of senior management. | ||
To assist in the discharge of its stewardship role, the Board has | ||
established Board Committees, namely the Audit Committee, | ||
Nomination Committee and Remuneration Committee, to |
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examine specific issues within their respective terms of reference as approved by the Board and report to the Board with their recommendations. The ultimate responsibility for decision making, however, lies with the Board.
Explanation for | : |
departure |
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure:
Timeframe:
3
Intended Outcome
Every company is headed by a board, which assumes responsibility for the company's leadership and is collectively responsible for meeting the objectives and goals of the company.
Practice 1.2
A Chairman of the board who is responsible for instilling good corporate governance practices, leadership and effectiveness of the board is appointed.
Application | : | Applied |
Explanation on | : | The Chairman of the Board of Directors is the Executive Director, |
application of the | ||
Mr. Lee Min Huat. His profile is outlined under the Profile of | ||
practice | ||
Directors in the Annual Report 2022. | ||
Mr. Lee leads governance activities on the Board in order to | ||
create a conducive condition geared towards building and | ||
growing Directors' effectiveness and ensure that appropriate | ||
issues are discussed by the Board in a timely manner. Essentially, | ||
Chairman ensures that no member dominates discussion so that | ||
appropriate discussions take place and that relevant opinions | ||
among members is forthcoming. | ||
The Chairman also ensures that every Board resolution is put to | ||
vote with the will of majority to prevail. He also chair the general | ||
meetings and ensure that the conduct of the same in order by | ||
ensuring proper flow of resolutions tabled at the meeting and | ||
managing communication from the shareholders. He encourages | ||
active participation from shareholders during the questions and | ||
answers session. | ||
The roles and responsibilities of the Chairman of the Board are | ||
stated in the Board Charter, which is published on the Company's | ||
website at www.scope.com.my. | ||
Explanation for | : | |
departure | ||
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure:
Timeframe:
4
Intended Outcome
Every company is headed by a board, which assumes responsibility for the company's leadership and is collectively responsible for meeting the objectives and goals of the company.
Practice 1.3
The positions of Chairman and CEO are held by different individuals.
Application | : | Applied |
Explanation on | : | The Board has always made the distinction that the position of |
application of the | ||
the Chairman and the Managing Director does not reside with the | ||
practice | ||
same person as such division further provides for organisational | ||
check and balance for better governance. | ||
There is a clear and separate division of responsibility in the roles | ||
and duties of the Chairman and the Managing Director. The | ||
Managing Director is Mr. Lim Chiow Hoo. | ||
The Managing Director leads the management and is responsible | ||
for the day-to-day operational management of the Group. | ||
Explanation for | : | |
departure | ||
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure:
Timeframe:
5
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Disclaimer
Scope Industries Bhd published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 08:39:03 UTC.