FGV Annual Report 2015

127 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 Statement on Corporate Governance 2. Risk Management In relation to the risk management, to undertake the following: a. To direct and oversee the formulation of the Group’s overall enterprise risk management framework and strategies, including policies, procedures, systems, capability and parameters to identify, assess and manage risks to ensure their relevance and appropriateness to the Group’s position and business. b. To advise and report to the Board, the overall risk appetite, tolerance and strategy on managing business risks. c. To report to the Board, key business risks and seeks its approval on the management of key business risks that are aligned to the Group’s risk appetite. d. To monitor the effectiveness and progress of management of key business risks and accordingly report to the Board the status of the key business risks. e. To recommend to the Board, the approval of and/or amendments to the Group risk management framework and strategies, including policies, procedures, systems, capability and parameters, as relevant. 3. Governance and Risk Reporting to the Shareholders and relevant authorities To review any reporting of matters relating to the Group’s governance ethics, and risk management to the Shareholders and relevant authorities, including in the Company’s Annual Integrated Report. a. To review any reporting of matters relating to the Group’s governance ethics, and risk management to the Shareholders and relevant authorities, including in the Company’s Annual Integrated Report. b. To direct and oversee the formulation of the Group’s programmes and policies to support the implementation of the Group’s governance framework and endorse the blueprints and policies for the Board’s approval. c. To review reports on the status and availability of related procedures by the Group’s operations and subsidiaries to implement the Group’s policies. d. To monitor the status and progress of formulation and implementation of the related governance framework, blueprints and policies; and accordingly report to the Board the status. e. To recommend to the Board the approval of and/or amendments to the Group governance framework, blueprints and policies. f. The Committee will ensure proper follow up is undertaken on the Audit Committee’s observations and decisions in relation to the sufficiency or effectiveness of the Group’s overall enterprise governance, ethics and risk management framework, strategies, policies, procedures and systems. g. The Committee shall undertake any such other functions as may be determined by the Board from time to time. GROUP GOVERNANCE DIVISION On 24 April 2013 the Board had approved the establishment of the Governance and Risk Management Division with the objective of assisting the Board in managing the Boards’ responsibilities on risk management, governance and controls. The Governance and Risk Management Division was separated into two divisions on 25 August 2014 as the Group Governance Division (GGD) and the Group Risk Management Division respectively. The roles of GGD are divided into two main focus areas: 1. To facilitate the implementation of the MCCG 2012 and undertake the following roles: (i) Formulating a Corporate Governance Blueprint for the Group with a view of meeting the principles from the MCCG 2012. (ii) Implement or where required, coordinate implementation of the approved Corporate Governance Blueprint. (iii) Formulating policies and procedures as the risk management mechanism for the Group and to meet the corporate governance requirements. (iv) Maintain the relevance of the Group’s Governance Framework through rigorous update of the related policies and procedures. (v) Create and maintain awareness of the Group’s Governance Framework, policies and procedures. 2. To assist management in creating organisational environment which encourages ethics and integrity based culture and to identify and evaluate factors which affect the integrity of the organisation and recommend and implement courses of action which safeguard the organisation’s integrity.