CORPORATE GOVERNANCE REPORT
STOCK CODE | : | 6742 |
COMPANY NAME | : YTL Power International 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 of Directors ("Board") of YTL Power International Berhad |
application of the | ("YTL Power" or "Company") remains firmly committed to ensuring an | |
appropriate and sound system of corporate governance throughout the | ||
practice | ||
Company and its subsidiaries ("YTL Power Group" or "Group"). | ||
The YTL Power Group's corporate governance structure is a | ||
fundamental part of the Board's responsibility to protect and enhance | ||
long-term shareholder value and the financial performance of the YTL | ||
Power Group, whilst taking into account the interests of all stakeholders. | ||
YTL Power is led and managed by an experienced Board with a wide | ||
and varied range of expertise to address and manage the complexity and | ||
scale of the YTL Power Group's operations. | ||
This broad spectrum of skills and experience ensures the YTL Power | ||
Group is under the guidance of an accountable and competent Board. | ||
The Directors recognise the key role they play in charting the strategic | ||
direction, development and control of the YTL Power Group. | ||
Key elements of the Board's stewardship responsibilities include: | ||
▪ Ensuring that the strategic plans for the YTL Power Group support | ||
long-term value creation for the benefit of its stakeholders and | ||
include strategies on economic, environmental and social | ||
considerations underpinning sustainability; | ||
▪ Promoting good corporate governance culture within the YTL Power | ||
Group which reinforces ethical, prudent and professional behaviour; | ||
▪ Overseeing the conduct of the YTL Power Group's businesses to | ||
evaluate and assess management performance to determine | ||
whether businesses are being properly managed; | ||
▪ Ensuring there is a framework of prudent and effective internal | ||
control and risk management systems which enable risks to be | ||
identified, assessed and managed; | ||
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- Succession planning for the Board and senior management; Overseeing the development and implementation of a shareholder/stakeholder communications policy;
- Reviewing the adequacy and integrity of the YTL Power Group's management information and internal control systems; and
- Ensuring the integrity of the YTL Power Group's financial and non- financial reporting.
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 Board is led by the Executive Chairman who is responsible for |
application of the | instilling good corporate governance practices, leadership and | |
effectiveness of the Board. | ||
practice | ||
The Executive Chairman is responsible for leadership of the Board in | ||
ensuring the effectiveness of all aspects of its role, and is primarily | ||
responsible for leading the Board in setting the values and standards of | ||
the Company, including good corporate governance practices, the | ||
orderly and effective conduct of the meetings of the Board and | ||
shareholders, leading discussions, encouraging active and open | ||
participation, managing the interface and encouraging constructive | ||
relations between the Board and management ensuring the provision of | ||
accurate, timely and clear information to Directors and effective | ||
communications with stakeholders and facilitating the effective | ||
contribution of Non-Executive Directors. | ||
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 | : | There is a clear balance of power, authority and accountability between |
application of the | the Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, and the | |
Managing Director, Dato' Yeoh Seok Hong, between the running of the | ||
practice | ||
Board and the Company's business respectively. The positions of | ||
Executive Chairman and Managing Director are separate and clearly | ||
defined, and are held by different members of the Board. | ||
The Managing Director is responsible for, amongst others, overseeing | ||
the day-to-day running of the business, developing and implementing | ||
Board policies and strategies, making operational decisions, serving as | ||
the conduit between the Board and the management in ensuring the | ||
success of the Company's governance and management functions, | ||
ensuring effective communication with shareholders and relevant | ||
stakeholders, providing strong leadership, i.e., effectively | ||
communicating the vision, management philosophy and business | ||
strategy to employees, and keeping the Board informed of salient | ||
aspects and issues concerning the Group's operations. | ||
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
YTL Power International Bhd published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 14:11:04 UTC.