FGV Annual Report 2015

98 Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 Felda Global Ventures Holdings Bhd (FGV or Company) and its Group of Companies (FGV Group or the Group) applies sound corporate governance frameworks and policies, which the Board of Directors of FGV (the Board) considers pivotal to delivering sustainable growth in the interests of all Shareholders and Stakeholders. FGV’s values-driven culture and code of ethics underpin its governance framework and policies, committing the Group to high standards of business integrity and ethics in all its activities. Statement on Corporate Governance FGV applies the 8 Principles and 26 Recommendations of the Malaysian Code on Corporate Governance 2012 (MCCG 2012). In addition, relevant chapters of the Main Market Listing Requirements (Listing Requirements) of Bursa Malaysia Securities Bhd (Bursa Securities) as well as the adoption of better practices as prescribed in the Corporate Governance Guide 2 nd edition (the Guide). The table highlighting FGV’s compliance with the Principles and Recommendations of MCCG 2012 is set out on pages 359 and 360. The Board considers corporate governance to be a priority and endeavours to go beyond compliance. The application of governance requirements should facilitate, not detract from, the Directors’ ability to execute their responsibilities and duties. FGV’s efforts and commitment to strong governance have been recognised when on 9 December 2014, FGV was announced as the winner of “Industry Excellence 2014 – Plantation” during MSWG-ASEAN Corporate Governance Index Findings & Recognition 2014 – The Malaysian Chapter. FGV was also ranked at number 19 for overall performance and the winner for the Plantation category in the MSWG-ASEAN CG Transparency Index – The Malaysian Chapter. Our Governance Framework Consistent with the Board’s commitment to corporate governance, FGV continuously reviews its governance framework and policies as they form the thrust for good corporate citizenship and sustainability of FGV’s businesses. In line with the Board’s efforts to continuously improve FGV Group’s governance, FGV has reviewed its Governance Framework which resulted in the introduction of a revised Governance Framework. The revised Governance Framework clarifies further the chain of command, delegation of authority, accountability, and decision making process of the Group. It is adapted to accommodate FGV’s internal developments such as the Group’s new business operating model, the revised organisation chart, to name but a few, and to reflect national and international best practices. Our revised Governance Framework is illustrated in the diagram below: ShareholderS BOARD BOARD COMMITTEES StakeholderS Governance of risk Compliance Integrated reporting and disclosure Group PRESIDENT/CHIEF EXECUTIVE OFFICER Executive Committee Audit Committee Investment Committee Nomination and Remuneration Committee Policies and Internal Control Internal audit/ External audit Combined Assurance BUSINESS Clusters, corporate centres, operations and supporting functions Board Governance & Risk Management Committee